Despite this challenge, opportunity remains, and firms that readjust their business strategies to meet new internal demands and shifting customer priorities are at an advantage.

 

Are you doing all you can as a leader to boost your company’s prospects? Here are some opportunities worth considering:

 

Expanding internal knowledge: When budgets are tight, many managers make the mistake of cutting back on professional development activities. Yet, having a team that possesses the right skills at the right time is a critical success factor, making ongoing education imperative. One way to keep costs down is to promote cross training and mentoring within the firm. Also encourage involvement in professional associations. You’ll help keep your staff members’ expertise sharp and relevant to your department’s changing needs.

 

Building bench strength: While your competitors are focused on hiring freezes and layoffs, you can seize this rare opportunity to secure top talent. The poor economy has meant many excellent accounting and finance professionals are in the job market, so you may be able to bring in skilled individuals you may not have access to in better times. Their expertise can not only give your organization a boost during the downturn but also help you grow in the long run.

 

Promoting innovative ideas: Your staff are on the front lines with customers, vendors and other key business contacts, so they are in a strong position to identify areas for improvement. Make sure people know you welcome all ideas. Implement the best suggestions and explain why you can’t with others. You never know who will have a brilliant recommendation, so promote innovation with everyone — from your department administrative professionals to your most senior accounting staff.

 

Gaining more flexibility: Workload demands can fluctuate even in a prosperous economy, but in uncertain times, it can be especially difficult to maintain appropriate staffing levels. By using an effective mix of full-time and temporary professionals, you can add or reduce personnel with ease and avoid layoffs. That means your fixed labor costs can be made partially variable as you adjust workforce levels up or down depending on business needs.

 

Identifying future leaders: While difficult times can put your team to the test, you may find some employees who rise to the occasion and perform at an especially high level during these periods. You can help to bring out their best by offering new responsibilities that promote skills development and keep their jobs stimulating. Meet with your most promising staff regularly to discuss their career goals so you can make adjustments as necessary.

 

Often the steps needed to get ahead in a troubled economy don’t require significant effort or financial investment, but they do demand a keen eye to identify them. Make sure you’re taking a look at all of your group’s activities and business strategies, big and small. The changes you make now can provide lasting benefits that improve the way your team works.

While difficult times can put your team to the test, you may find some employees who rise to the occasion and perform at an especially high level during these periods. You can help to bring out their best by offering new responsibilities that promote skills development and keep their jobs stimulating. Meet with your most promising staff regularly to discuss their career goals so you can make adjustments as necessary.

 

For more ideas about growth strategies today, see 7 Hidden Business Opportunities in a Challenging Economy, available at www.rhi.com/businessopportunities.