Top Executives Deal with Tough Economy
Given the volatile economy of late, a new trend in CEO behavior has emerged. According to the 2008 Management Action Programs Inc. (MAP) quarterly survey, many CEOs are refraining from making bold, sudden business moves right now. Instead, many are opting to shift management gears into a “hunkering down and building up the business” position. CEOs are fine-tuning internal operations by bolstering the quality of company culture, internal communications and customer service. These changes help companies stay on track while the economy hovers in uncertainty. Seventy-three percent of the surveyed CEOs said the economy won’t improve for at least 12 months. Due to the effects of the slowdown, CEOs should be more involved with reassuring and supporting employees by updates about company financials, results and strategies.
Five Critical Business Relationships for Entrepreneurs
Smart entrepreneurs never forget their own success is intertwined with a complex network of other people and organizations. All of those relationships must be constantly nurtured. Here are the five most critical relationships to focus on.
• Customers. They are the bread and butter of your company. Learn as much as you can so you can provide them with the services they need.
• Employees. When you find dedicated and passionate employees, do everything in your power to hold onto them – they are the face of your organization.
• Vendors. Think of vendors as honorary employees. You never know when an emergency might arise in which you could use their help.
• Bankers. The best way to nurture this relationship is to make sure you always have enough money in your account to make your monthly loan payments on time.
• Mentors. Find a successful fellow entrepreneur whom you respect and ask him or her to be your mentor. Always show respect and thankfulness for his or her help.
It takes a village to run a company. Never forget that others are critical to your success.