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Murray is Managing Director of Strachan and Partners, a specialist business advisory consultancy, and Chief Executive of Albyn Ventures, a business investment group. He also holds a number of non-executive Chairman and director positions in a diverse range of companies throughout the UK, many of which he is a shareholder in. He is also Vice Chairman of the Entrepreneurial Exchange in Scotland.

Thursday, 27 January 2011

Coping in the Recession: The Strachan “Ten Point Plan” - Having The Right Attitude & Behaviour

  1. Be rigorous with your Time! You’ve suddenly got even more to do and potentially more urgent and vital, so you need to focus and be ruthless with your time, time wasters and unnecessary (even if nice to do) tasks. Delegate everything that is not in the urgent and vital action list(s). You also need to plan! As they say “If you fail to plan…You plan to fail”
  2. Every pound is a prisoner! Remember, it’s your money or at least a large chunk of it! Do you need to spend it or spend it now? Can you use the resources you already have (Blue Peter style). Insist that all purchases require your authorisation for the foreseeable future whilst cash is tight! Equally do the same with purchase invoices! You’ll be surprised how this tightens things up and changes the culture!
  3. Cut deeper than you think possible! It’s always better to cut deeper and have to rebuild, than have to cut several times!
  4. Inform & involve your staff, suppliers etc so that they understand. As the Chinese proverb goes… “Tell me and I shall forget, Show me and I may remember, Involve me and I will understand” It’s essential that everyone is on board and pulls in the same direction!
  5. Stay Positive Yourself! Avoid &/or eliminate the emotive & opinionative “Doom and Gloomers”. You simply don’t have the time and they can be a great drain on your strength and time.
  6. Deal with the Underperformers! If there was ever a time, now is the time to deal with the underperformers, time waters, the disorganised and less effective. There is no room for passengers!
  7. Think the unthinkable! In these times sometimes conventional solutions just won’t provide the radical solution that may be required! You may have to completely rethink the business model, processes and systems.
  8. You need to dig deep, emotionally and physically! These are tough times, tougher than may have seen before! It’s the old adage, ..only the strong(est) will survive! However, be careful you don’t burn yourself out!
  9. Create some space from outside pressures! You need to ensure that your family and friends understand the challenges you face and the pressure you are under (without scaring them completely), so that they can support you rather than adding to you worries and stress!
  10. Don’t be scared to ask for help! Put the ego to one side! We all need help at times, and we know it, but are often too proud or stubborn! There are a lot of people (e.g. friends, family, associates, contacts, Entrepreneurial Exchange members etc) who will have some knowledge, experience and /or ability and are willing to help! Help yourself by asking! They can only say no! And remember to say thank you!

Murray Strachan

Murray works with executives, funders and shareholders to recover & create value!  You can contact Murray via his website www.murraystrachan.co.uk or follow him on twitter @murraystrachan

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