At Talent Blueprint we have dedicated ourselves to ensuring that our clients prosper, even in tough economic times. Companies involved in the development, production and sale of goods or services already operate under competitive conditions and may be particularly vulnerable in the event of changes in either the North American or global economy. They can maximize their chances for continued prosperity by identifying every available avenue for improving cash flow, reducing costs and streamlining operations.  With a clear vision of what we want and expect from our business, the real challenge is the development and implementation of an effective approach.

But improvements to cash flow, costs, operations and planning in response to economic changes are not simply about becoming lean, that type of approach tends to drive short term results.  Rather, companies may want to seize the opportunity to cement a long-term advantage over competitors with weaker fundamentals or those with less strategic vision. The following are key questions to ask when evaluating your company’s financial strength, as well as business strategies to position it for continued success.  These are the questions that Talent Blueprint helps their clients answer and in return helps provide financial stability.

What is Your Strategic Plan?
A business blueprint or strategic plan is an essential first step in protecting the financial well being of your business.  This is one of the first questions we ask our clients, where are your business plans; unfortunately, the response tends to be less than favorable.
There is no time like the present to design or reevaluate your business plan to ensure it is relevant in a recessionary economy.  In addition, your business plans should provide flexibility to seize potential opportunities and include contingency plans should the unexpected occur. If you reduce activity or spending, it’s a good idea to establish a restart plan that allows you to be on the leading edge of a recovery.  Of course the plan is only as good as its execution, and that is the most critical step in the entire process, the implementation and measurement of the plans effectiveness is what really counts.
In short, focusing on getting your business in shape now during uncertain times can help ensure that your company will be able to not only weather the storm, but also will be poised for future success. 
At Talent Blueprint, we understand the importance of business planning and assist our clients in developing strategies that provide both short term and long term results that are in keeping with our clients goals.

Have you explored additional opportunities to generate revenue?
It goes without saying that during lean times, revenue is a high priority.  It’s important to do what you can to enhance revenue, but even more important to build brand loyalty.  So many companies talk about providing great service, however, those are simply the green fees for being in today’s competitive business landscape, the future lay with loyal customers.
Business wisdom suggests that it costs more to win a customer than it does to keep a customer.  Regardless of size or industry, the business that is best at retaining customers will benefit from lower marketing costs, greater brand value, reduced customer sensitivity to price, and improved financial results
Talent Blueprint’s approach and methodology to building brand loyalty is simple, we measure how your customers evaluate you in the areas of your business that help drive and sustain revenue.  There are key attributes that are measured on a monthly basis, giving you the opportunity to focus on building and improving those areas of your business that will drive customer satisfaction.

Are you managing salary and labor costs?
Take proactive steps to reduce health care costs and manage payroll and benefits expenses, such as restructuring your workforce and hours to minimize benefits expenses.  Other ideas include exploring health and wellness programs to limit increases in health care expenses, and the adoption of health savings accounts.  The National Business Group of Health says employers can achieve a potential return on investment of three-to-one, or $300 for every $100 spent per employee, on implementing preventive services and health improvement programs.

We believe that up to 70 percent of health risks are modifiable and can be reduced with lifestyle behavior changes. “When we help employees reduce risk, the number of benefits claims decrease, in turn helping to keep cost increases down.”

-- Zachary Meyer, MHA, senior vice president, Ceridian Health & Productivity Solutions

Now is also a good time to reevaluate your compensation philosophy.  In spite of the all the articles about new compensation techniques like broad banding and competency-based pay, traditional pay plans are still the most common.  Some of these new approaches have had unexpected long-term consequences, such as increased salary or administration costs.  Even though merit based increases may be the catalyst to drive business results, a 3-4% yearly increase is unlikely to change behavior.
At Talent Blueprint, we believe in taking innovative approaches to compensation, for example, a merit matrix with variable timing.  Average performers might get a 5% increase in 18 months, rather than getting a 3% increase every 12 months. Top performers might still receive an increase every 12 months.  Let us help you identify and determine the best compensation approach to meet your business needs. 

How effectively is your company managing its spending?
Managing spending is always critical to maximizing earnings and is especially important during uncertain economic times. Overall retrenchment in spending may not be in order, but it is a good practice to review all discretionary expenditures and identify those that can be deferred or reduced. Keep in mind the efforts required to complete ongoing projects, then categorize the projects into the following categories: (1) almost finished; (2) strategic, need to continue; (3) important, but defer efforts until stability returns; and (4) likely permanent deferral.
The key to effectively managing spending is making sure your employees and managers understand what it takes for your company to make money, we call that business acumen.  Most employees and even some managers never realize for every dollar they collect, what portion of that dollar is profit.
At Talent Blueprint, we believe that your best line of defense is education and communication.  Our approach is simple, with increased business acumen, your people know how to use their financial and strategic understanding to impact your company’s bottom line and we help them develop those critical skills.