Managing in economic downturn As we all aware, the Thai economy is not in the good shape. The devaluation in the Baht currency plus the economic trend downwards have damaged many businesses in Thailand. This month, I consolidate some thoughts for those who are having a tough time. My idea is start by questioning ourselves “How can we turn a problem into an opportunity?” Retrain your employees The slow down in business creates idle time for your employees. You might consider "On the Job Training" for cross functional staff. This is a good time to learn new skills or knowledge. You can appoint line managers as in-house trainers. This will prepare them for the next boom (if any)!. Document your business process It’s also a good time to document your business process. Make it more visible by using the flow chart format. This has significant benefits to the organization. Firstly, it can be used as a reference document in the future (you can call it Standard Operation Procedure - SOP). Secondly, it is an opportunity for you to look at non-value activity work that you might not need any more. Get closer to your clients During slow downa, most people cut all expenses and focus on the collection of outstanding bills. Not many care about taking good care of their good clients. Some prople make it even worse by driving customers crazy! You should spend sometime to think about how you can help your clients. Do not go to clients and ask what can I do for you. Come up with some ideas. For example; how to improve communication between the contact point of both parties. Then, visit your clients and offer the help. They may not take up your offer, but at least they will remember that yoy were thinking of their interests. Who do you think would want to do business with in future? Work with your suppliers On the other hand, talk with your suppliers. Before meeting them, think of some ideas that might be benefit both parties. Come up with new ideas. For example, ask your supplier to provide training for your people in the area that they are good at, or ask about the possibility of sending your people to attend their training sessions. Try to create an atmosphere of “Partnership". Try to pay your bills on time or if you can; slightly before due date. You will gain a lot of trust and creditability. This will up grade yourselves to be the Preferred Customers. Resource utilization, not cost cutting Most organizations panic or over-react. They cut every baht they can. Usually, people stop spending on Advertising, Training, and Product Development. These are the areas that easily cut with justification since they do not impact immediate revenue. Your competitors will also do the same. However, have a second thought.. Can you sustain this budget and gain long term results? Remember one thing, during bad times, the cost to satisfy your customers or make a noise in the market is lower that usual. Take it if you can! Real professionals, (who have enough money), will focus on the long term. However, be careful about where spending is needed. Post the following questions to all employee desks; Before make any copy, ask yourself do I really need the copy? If the answer is yes, can I recycle the paper by using two sides? Before make a mail, ask yourself do I really need to mail this thing? Before sending a courier, or making a phone call (long distance and international)ask the same question Before you throw away thing, ask yourselves can I recycle this thing? Before I leave the office(even for lunch), do I turn off the light, air-conditioning, electrical appliance? Before working over-time, ask yourself do I really need to do it today? Before doing anything, ask yourself how does it benefit your customers and own organization? All the above questions will help your company save a lot. Please feel free to suggest anything that might be helpful. I hope some idea will stimulate your thought! Kriengsak Niratpattanasai DBS Thai Danu Bank, Bangkok, Thailand

...from Kriengsak Niratappanasai's Thailand Tales

Kriengsak Niratpattanasai Thai Danu Bank Bangkok Thailand

Kriengsak was one of the Asian Business Strategy & Street Intelligence Ezine's earliest columnists and continues to provide some of the most savvy advice on the Net on working in Thailand. His down to earth advice from years of working with falang and locals mixed with local folkstories continues to delight and inform. Click on Kriengsak's picture to learn more about our great friend and colleague.

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