If you anticipate that your business cannot survive the dangerous period at hand, sell it as soon as possible. Once you are in financial crisis, you completely lose the ability to bargain.
Second, in difficult times, we must learn to use the price to change development, concentrate limited resources to fully protect the core business. The simpler the better, the better you can be professional to your advantage in the industry. If you feel that the divested business has a return value, you can wait until the economy recovers.
Third, in the economic climate, we seem to care less about some conventional expenditures and indiscriminate spending, but in special times you have to cut down the costs that are actually unnecessary. We can't afford these toss in difficult times.
Fourth, if there is any good side in the difficult period, it is to put pressure on everyone's work by reducing expenses and reducing personnel. Such pressure is to help to continuously improve efficiency. These strategies, which were difficult to implement during the boom years, have been solved this winter.
5. Using the once-in-a-century financial crisis, we began to concentrate on building our core competitiveness, and we will continue to focus on strengthening the company's core products. Perhaps this time, we have the opportunity to understand what we seem to have been vague in the past. See clearly. There are two simple criteria for measuring your own competitiveness. One is to see if you can grab market share from competitors. The other is to see if you can use the lower cost of your peers to make the company weather the storm.
Sixth, the use of difficult times, you can buy competitors who are in business difficulties at a low price. Many times, better quality assets are the competitive advantage that others can easily obtain by borrowing money and spending money indiscriminately.
7. In difficult times, many suppliers are willing to return to the negotiating table to renegotiate the terms of the contract. This must not be cringed. This may be a better opportunity.
8. Care for the employees and related stakeholders who are close to you. When economic prosperity comes again, your good relationship with the remaining employees will give you double returns.