Past experience shows that this simple strategy is very difficult to achieve when your organization faces declining cash flow, reduced budget, and the most common management cost cutting tactic, “staff cuts”.

The following survival tips have been proven time and again by the market leaders.

1. Stay Focused
Stay focused on your core competencies (what you do well). Determine which business units or products are your bread and butter and focus your efforts in that area.

2. Smart Expansion
When evaluating expansion into new markets, only evaluate the portion of the market space that applies to your organization. Do not over estimate potential opportunities based on the entire market.

3. Do Not Release Early
Make sure the product release is at the appropriate time. Do not try and create a market for your product before the customer market is ready.

4. Build On Your Strengths
Expand your business based on your organization and product strengths. Carefully plan your strategy and execute at the appropriate time.

5. Exploit Competitor Weaknesses
Target and exploit your competitors weaknesses.

6. Clean House
Always focus on reducing expenses and the bottom line whether is good times or bad. Always challenge your staff and keep the best performers.

7. Vendor Management
Review all your vendor contracts at least once a year, or better yet, ever quarter. Keep an eye out for unnecessary expenditures and erroneous invoices.

About The Author - Dennis Sommer