How to be a Smart Leader in a Down Economy

As a leader, when times are tough, the pressure is on even more than usual. Employees look to you for guidance, you must watch what you spend because of the state of the economy, but also ensure you can make a profit in your business. There are simple things you can do to handle all of the tasks being thrown at you and the stress that comes along with it.

>Monitor your cash flow: Keep on top of paper work, and monitor your numbers closely, this way, you won’t be caught off guard.

>Categorize your customers: Determine who is costing you money and find a way to change that. Keep those who are profitable only.

>Create strategic alliances: Form partnerships to save money.

>Target your competitors’ customers: If you know one of your competitors isn’t doing well, go to their customers, and pitch your business.

>When the going gets tough, tough leaders get going: Look at this downturn as an opportunity for your business. Be prepared and proactive. Take the lead for your employees and they will feel confident in following you.

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