Act Now While The Talent Is Here!

We keep hearing of retrenchments and businesses laying off staff in many different industries in the media every day. This is likely to continue for some time to come. Some say this is the recession we needed to have. This may be true but what this has done has provided a great number of opportunities in a variety of different forms. These opportunities will manifest themselves to those who have their eyes open and to those who are ready to take advantage of them.

We hear all the time of organisations being in the market for targeted acquisitions and strategic asset purchases. These organisations will reap the rewards of such investments in this downturn. Listening to the age old adage “buy low and sell high”, there are plenty of bargains out there, you just need to have your eyes open and cheque books ready.

This business investment analogy is also reflected in staffing and the recruitment of talented people. We have not seen a better time to find quality, qualified staff that will not only have the right attitude and work ethic but an ability to improve profitability through their analysis of cost and revenue.

You may be one of those organisations with a hiring freeze and may have let go of a number of staff in recent months. The entrepreneurial businesses are doing the opposite they are attracting the talent that is available and utilising their skills to help put the business on the right track.

There are a range of strategies which can be deployed to improve cash flow and working capital. You should be looking at outstanding debt levels; reducing your debtors ledger and debtor days will have a massive effect on your bank balance and ability to invest in the future.

A strong Business Analyst or Management Accountant will help identify areas for sales growth and areas for cost reduction. A finance team is seen as a cost centre but the effective teams actually improve the bottom line through revenue creation and cost reduction.

This is the best time to buck the trend and make that investment in your business by employing the talent that is available. You will come out the other side with quality, loyal staff that will help you take advantage of all those opportunities which will come your way.

Don’t wait till it is too late and see the talent pool dry up which is sure to happen towards the end of 2009. Fore more information please call Gareth McClurg on (07) 3229 5750.

How employers can take advantage of the downturn

The current economic conditions are undoubtedly being felt in the workplace today. The media seems to be filled with stories about companies laying off and making staff redundant and job advertisement levels have recently plummeted, which is another indicator that employers are watching their wallets as they brace for the impact of a looming recession.

While many organisations must scale back their workforce or freeze recruitment initiatives to minimise costs and survive, for those firms that are financially stable, now is an excellent time to invest in hiring, retention and training the right staff.

With declining competition among employers for staff and a potential increase in job seekers means that right now could be a great time to hire, with highly skilled and qualified staff softening their salary demands in response to the economic conditions. Similarly you may take advantage of a slowing economy to hire graduates and train them in readiness for a recovery to prevent the chronic skills shortages seen as a result of the 90’s recruitment freezes in accounting, finance and engineering.

Competitors will often seek to imitate successful products, copy pricing or undercut promotional specials, but the quality of your people will help define your business and will be the most difficult aspect of a business for competitors to emulate. Organisations who opt for a ‘lean and mean’ structure as a cost cutting exercise will find that they are left behind by strategic and responsive competitors when opportunities arise.

For further information and advice on how you can take advantage of the economic downturn to improve your competitive advantage contact Kate Klease or Richard Dunks on (07) 3229 5750.