A reporter needed a sidebar, so I created this checklist for business planning in an economic recovery:
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Sales people—are they making all the calls they can?
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Do you have the inventory needed to serve your most important customers?
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Do you need to ignore peripheral markets to serve your core market?
·
Do you have the cash or financing to purchase materials and pay workers when
orders increase?
·
Can you use the downturn to lower your costs, such as building rental?
·
Can you buy used equipment at a bargain-basement price?
·
Can you acquire a weak competitor?
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Do you have a plan to find additional workers when the economy recovers?
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Do you have a plan to train and integrate into the workforce your new
hires
For more background on these items, see my article "Business Strategy for the Economic Recovery."