National survey highlights executive's economic concerns, predictions and management strategies
SHERMAN OAKS, Calif., March 6, 2008 — When it comes to the "recession," many CEOs feel that the nation's economic waters are most definitely rocking their business' "boat." But according to new information, compiled by the 2008 Management Action Programs Inc. (MAP) Quarterly CEO Survey conducted by Vantage Research, nearly 60 percent of the survey participants envision an end in sight – either just after the presidential election or sometime in 2009. What's more, these top executives say the recession's rough ride won't sink their ships. But since the slowdown has the power to damage business and affect everyone "aboard," CEOs are implementing recession-proof strategies to stay the course.
"While CEOs certainly recognize the current, tough economic times, they have also prepared for it by managing costs, offering customers high-quality products and services, and communicating openly with their employees – good, solid business practices," says Allan Hauptfeld, principal of Vantage Research & Consulting (Email) of Valencia, Calif.
Lee Froschheiser, president/CEO of MAP (http://www.mapconsulting.com/), a veteran business-consulting firm that has accelerated sustained growth for over 13,000 companies and 160,000 executives since 1960, says people are often surprised to learn that it's not the risky strategies that help ensure success during an economic slowdown, but rather a return to or reliance upon business fundamentals. Having these in place is the best way to recession-proof a business, he says.
"During prosperous economic times, overall business growth can hide many flaws, including a company's failure to establish and manage the business fundamentals," Froschheiser says. "This lack of focus can cripple or kill a company when the economy goes soft. Strong companies, no matter what the current business climate, keep maniacal focus on all key business indicators (costs, revenues, staffing, etc.). When these companies face an economic downturn, they react much more effectively and are better prepared to ride out revenue shortfalls because they have a good grasp on their overall business fundamentals."
In addition, the survey uncovered other newsworthy topics, including:
-- The three greatest challenges CEOs are facing in business today: 1) revenue growth; 2) hiring talented employees; and 3) cost containment. -- The people behind a product are about as important as the product itself. Customers are only slightly more loyal to a company's products and services than they are to its employees. -- "Cost" isn't driving customer loyalty - even in tough economic times. To attract/retain customers, many CEOs won't slash prices, but will increase service/product quality and personal customer experiences instead.
For more information, visit: http://www.mapconsulting.com/.
About MAP
Management Action Programs Inc. (MAP) offers business leadership training and consulting services to organizations nationwide through its Western U.S. offices. MAP has an active alumni network, providing its supporters online seminars and value-added communications. Email, 888-834-3040; http://www.mapconsulting.com .
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