#CostReduction #Mindset

Currently, many businesses are struggling.

The immediate response is simply to #Reducecost and/or #Boostprofits .. to survive, correct?

But no, wait .. we can do better than this.

First and foremost, before embarking on any attempt (whatsoever) to address this #globalcrisis, you must have the fundamentals set up correctly. You need to have the right #mindset in place. As #shorttermstrategies often seem great (at the time), but cause #longtermchallenges. And for any form of serious #costreduction, you will need to have the #longtermvision planted firmly in your mind.

Yes, it is perfectly normal in any #crisissituations, to have decisions taken very quickly #topdown. But now, this needs to be different. You would need support from #bottomup with #employeeengagement, as you cannot afford to waste a single cent or minute of our resources. You will need all effort focused on the same direction. Else you would waste the hard efforts of one department, having the opposite effect on other departments, creating a nett waste of time, money, energy and resources. This is why #costreduction needs to have a company-wide mindset.

Take a step back, and try to understand the mindset of your organization. As the #changeleader, you need to have an #openmind and anticipate the #innerdynamics of the people. You need to stay ahead, listening with intent (and not listening to reply). Trying to balance the #strategic, #tactical, and #operational goals from the various levels in the organization.

According to Peter Senge, “you cannot force commitment, what you can do … you nudge a little here, inspire a little there, and provide a role model.” So, you will need to nudge these ideas into actions. Taking charge with self-confidence, being the ambassador of the envisioned new culture, setting the example ..

So take a look around you. Can you identify who are your supporters, resistors and those who are just watching, waiting, neutral? Try to identify #passivesupport, ones who pledge superficial agreements. The best step forward is to #engage your supporters, and find ways to build #criticalmass.

With no exception, every #changemanagement program comes with #organizationinertia. And this is the same for every Cost Reduction program. There will be resistance, and how you overcome this inertia, will determine your success, for yourself and the organization as well.

There are too many variables to ponder over, and every circumstance is different. This step on creating the right mindset is critical for the start. As this helps open the doors to #creativity and #innovation, which is crucial for any long term #costreduction programs. It’s NOT an easy road but a very challenging one .. both you and your organization will come out much healthier than before.

Yes, do share your thoughts, tag someone or even re-share within your network, as this will help others catch a glimpse into Cost Reduction for their companies, or even add value for themselves ..

Look forward to engaging with you.

Till next week then, when we will discuss #firsttimeright ..