What would you do if you were a manager faced with spiralling costs and dwindling profits in a heavily competitive business environment?

Thanks 

I would turn all employees into sales employees and give everyone of them a target to achieve it

During six months I. Will compensate what I lost before 

create an efficient promotion plan.

Customers are always attracted by promotions

Thanks for invitation.

My recommendations are as follows:

1. Look at the business processes, procedures like procurement, warehousing, utilizations of machinery and manpower thoroughly and analyse the cost elements. The cost of production(cost of goods sold) must brought under control

2. Look at the cost of financing charges and and if necessary, reschedule the bank borrowing to reduce financing charges.

3. Explore the market thoroughly and make promotion campaign so that goods are sold a sales plan.

4. Thoroughly review the distribution channel and make an effort to induct new distributors

5.  When National economy slows down due to political  or other issues, shock will be there in organizational health. In such a case, diversify the product/ services range to have more sales.

 

 

Greetings,In short the manager is facing a critical situations.This means I am still standing I am only losing Profits,but I still have the capital/assets. •First I will assess and identify the cause, •Then have a SMART PLAN. •I will correct &improve the area. •I will always maintained positive attitudes to all. •I will Rejuvenates everyone. •I will also limit expenses and instead use alternatives. •I will utilize all the resources that I have. •I will widen my horizons by knowing what are those things or aspects that the other companies have that I don't have.It doesn't mean that I don't have originality but by knowing those I can blend in,I can compete,I can improve. •I will upgrade my product or service. •I will enhance the skills of my employees and have good technology. Thanks.

1.I will create a cost structure that will give me advantage over my rivals

2.I will maintain quality at a particular price.

3.i will retain my customers by good customers service relation.

4.i will make available products,goods and services to my customers all the time and always

5.i will target customers with a particular taste in the market.

 

There are certain steps taken during combat when you encounter an injured solider, but it must be followed in this order:

 

1. Check for breathing (if the solider is dead no use to do anything).

2. Stop the bleeding.

3. Fix a fracture.

4. Treat for shock.

5. Seek additional medical help

 

The same principles apply in this case in a heavy competitive business environment (combat):

 

1. Check for breathing (if the situation is hopeless- cut your losses).

2. Stop the bleeding (find out where the business is bleeding money and stop it immediately).

3. Fix a Fracture (find out where the system is broken and fix it).

4. Treat for Shock (ensure everyone that everything will be okay- Moral support)

5. Seek Additional medical help (hire a special consultant to further help saving the business).

 

I would make the following: 1-Call for an urgeng workshop/meeting to discuss the whole situation with my team. 2-come up with some quick wins to help adjust our situation for the current period. 3-search for the root cause for our losses and work a PDCA plan to solve it. 4-I would study all the alternative ways that usually generates revenues in our field of work,through doing some aggressive research. 5-Work out a marketing campaign to make us stand on our feet again through the most important thing which is boosting our sales.

I'll implement the following steps:

1. Check the current status and possibilities.
2. The key point of every business is marketing and sales. I'll find out the current position of this and look to improve with new methods of approach and improvement of employee mind.
3. I'll try to find out where is the actual problem hidden.
4. If that problem can resolve, I'll try to do that.
5. Encourage all employees to start a war together to achieve a win.
6. If requires, recruit extra experts to give guidelines. 

 

Find out the sectors specifically to minimize the cost with theoretical, practical & logical aspect and also reduce the expenses in the same way. In fact i will share with some of my dedicated colleague who can help me to overcome from that situation keeping strong motivation of the subordinate.

an immediate reevaluation for our strategy would be held at once, advice will be taken into consideration. all the change that must happen will be happening asap 

First, I would look at where the high cost are generated and see if there is a way to decrease cost. If I was a manufacturing company and my profit margins are not as good as they can be, I would see if I can add, dis-continue, find different suppliers that would lower my cost, find more efficient ways for manufacturing etc.  Also, setting up better strategic goal plans and finding out what is the weak point in the industry is major. After making those spending adjustments it is good to see if some of those saving can be beneficial in a different area like marketing. Making sure all staff as beneficial to your firm is really important.