There’s a common saying in economics and politics: “Never waste a good crisis.”
It may not seem like it on the surface, but different types of crises can actually provide a massive growth opportunity for businesses of all sizes, especially if you are willing to think outside the box and challenge the status quo.
Economic downturns, slow seasons, and full-on recessions are unfortunate realities of business. Following the peaks that come with a strong economy, there will inevitably be a decline at some point. They can be hard to predict, and even more difficult for businesses to survive, especially if the decline is sharp and sudden.
The recent global COVID-19 pandemic has thrust global markets into steep decline due to travel restrictions, stay-at-home orders, and overall uncertainty. The pandemic has forced businesses worldwide to spring into quick-response mode in an effort to ensure the health and safety of employees, customers, suppliers, contractors, and the public. These sudden changes, along with market instability has forced companies to make difficult decisions and upended many operations, including:
Regardless of the best efforts of governments and those in the private sector, the unfortunate reality is that it seems as though the pandemic is the start of what is bound to be an economic downturn. While it is difficult to project the timeline and severity of this decline, businesses have already begun preparing for the ‘new normal,’ taking steps to ensure as much business continuity as possible.
While businesses will all have different experiences through the downturn, and some may feel it more than others, it is important to remember that a recession is always followed by a recovery. Decisions made during difficult times may shape the future of your company – for better or worse.
Shelter from the Storm
The news isn’t all bad though. Recessions can be leveraged, and companies can come out of them stronger than ever. Difficult times force businesses to challenge the status quo and find new efficiencies. When every dollar matters and your company’s future is on the line, falling back on the old “we’ve always done it this way” simply doesn’t cut it.
In reality, recessions do not even need to be viewed as a negative, they can be seen as intense periods of opportunity where a business can leverage the strength of their current business as shelter from the storm to , streamline, and improve operating efficiencies.
Take Advantage of Slow Times to Improve Your Business
Opportunistic business owners and operators take advantage of recessions to re-focus and pivot where needed. Business leaders leverage the situation with these 5 tactics:
1. Focus on creative solutions.
2. Abandon business-as-usual thinking.
3. Accelerate change and evolution.
4. Minimize wasteful practices.
5. Embrace out-of-the-box thinking.
Your approach to a recession can make all the difference to the long-term success of your business. While others may sit tight and survive, true leaders use the opportunity to re-invent and find new strengths that will benefit the business now and in the future.
Come Out the Other Side Stronger than Ever
Start simple – question your weaknesses. If you are struggling, you’ll be forced to find creative solutions to keep your business afloat. Even if you are not as negatively affected by a recession as others may be, take any downturn as an opportunity to find maximum efficiencies and look at new ideas without falling behind your competition.
Even the most well-oiled machines have old components that haven’t been inspected in months, years, or ever. During the good times, some lingering inefficiencies are easy to miss, but when things slow down, it’s much easier to identify your business’ true strengths – and weaknesses.
The easiest way to accomplish all this is by finding ways to measure performance. The old business adage “If you can’t measure it, you can’t manage it” is key to navigating your way through any economic downturn. With hard facts and quantitative data, you can make informed decisions that are best for your business rather than relying on intuition and best-guesses.
NOW is the Time to Invest in Tech
A recession may seem like the time to tighten your belt and look for fat to trim, but investing back in your company may be the smarter decision for both the short- and long-term. Often layoffs seem like the quickest and easiest way to save expenses as a recession looms, and sometimes they are simply unavoidable. But even those measures aren’t without their own expenses. When things pick back up, you may find yourself painfully short-handed, dumping precious time and resources into recruiting, training, and overtime until you get your workforce back to where it needs to be.
A better solution (if possible) is to find other cost-saving measures. Investing in operational improvements can pay immediate dividends and set you up for continued success down the road, without the need to replenish your workforce.
A digital transformation can provide the organizational insight and improved analytics that will help you better understand where your money is going, and where things can be tightened up.
Getting through the downturn is just the first benefit. If done properly, your investments into technology and organizational efficiency will continue paying off down the road, setting you up for sustained long-term success.
How Titan GPS Can Help
Finding efficiencies is what we do. No matter what you do, we can help. Our custom solutions help businesses in transport and logistics, oil & gas, public sector and municipalities, home installations, mobile trades, delivery services, construction, landscaping, snow removal, emergency services, agriculture, auto dealers, and virtually everything in between! GPS fleet tracking and monitoring is the type of technology investment that can set your business apart from the competition, and help you find the efficiencies that can get you through those inevitable slow periods.
Titan GPS solutions go far beyond simply tracking the location of your assets. While we do provide the certainty and peace of mind that comes with knowing where your business’ assets are at any given time, we also offer enhanced visibility into operations based on thousands of unique data points.
Invest in Your Business for HUGE Returns
In the past, we’ve taken an in-depth look at how driver behaviour can affect your business’ bottom-line. Even the smallest reductions in speeding, idling, and harsh braking can result in massive cost savings. Less fuel burnt, fewer accidents, and reduced wear-and-tear from aggressive driving all start to add up when you dive into the data provided by the advanced GPS tracking and monitoring solutions offered by Titan GPS.
While the most obvious benefits of GPS tracking and monitoring come when your fleet is full-throttle and providing a wealth of data to comb through, the potential for savings doesn’t stop even in the slow times. Titan GPS helps combat the uncertainties your business may face even when your fleet isn’t turning a wheel.
Simply put, even sitting assets need some attention. Automated maintenance tracking and scheduling ensure your units are ready to roll and in peak condition when the calls start coming back in. And the benefits to sitting assets don’t stop there either. Even in the worst of times, when people are the most desperate, GPS solutions give fleet operators the peace of mind that should an asset go missing, you’re just a few clicks away from swift recovery, limiting downtime and the potential for costly damages.
No Fleet? No Problem!
At Titan GPS, we take pride in anticipating the needs of our customers, and innovating solutions to help them manage their business – no matter what that looks like. Our recently-launched Titan FieldDocs Mobile Application takes what we know best – operational efficiency – and puts it in the palm of your hand.
Modern businesses require modern solutions, and that’s exactly what we’ve come up with in FieldDocs. Whether your crews are social distancing to prevent the spread of COVID-19, looking to reduce paper waste, or just trying to find a better way of handling day-to-day in-field operations, Titan FieldDocs is the innovation you’re looking for.
Designed to digitize operations, FieldDocs is a central database and sharing platform for any and all paperwork, from cataloguing operator’s manuals, safety tickets, and MSDS, to filling out Hazard Assessments and recording In-field Meetings, this easy-to-use app will revolutionize how you conduct business.
Embrace Change to Revolutionize Your Business
With any recession or downturn, there is going to be uncertainty and anxiety for most businesses. While you have the option to hang on for dear life and hope for the best, you can also face the challenge head-on and use the opportunity to re-tool, re-set, and come out stronger than ever before.
Finding the right tools is the first step toward building a better future for your business. At Titan GPS we utilize a consultative approach, working with you to build the right solution for your unique business. We’ll give you everything you need to re-invent your fleet operations and leverage the opportunities within reach so that you can make the most out of this downturn, and roll out the other side a better business.
Contact us now for a customized quote.
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