Academy for Chief Executives Blog Rotating Header Image

10 Top Tips to Survive and Thrive – by Andrew B Morris

    Top Ten Tips to Thrive and Survive

  1. Cash is king. Preserve it and use it wisely.
    A simple method is to measure weekly or monthly cash in and cash out of your business. Make sure your invoicing and cash collection is working effectively.
  2. Supplier management
    Reduce stock, improve supply lines, review all your Direct debits, check that you are getting three quotes for all key services and negotiate the costs you be surprised what you can save.
  3. Regularly review what you do
    Remove unprofitable or outdated activities. Think lean in all that you do.
  4. Confront the tough decisions
    If cuts are needed, don’t prolong the agony. If you need to cut, do it early and do it once. Most managers spend 3-4months in denial making the problem worse. When you do cut go 5% deeper than you need, not 5% light in the hope things will get better. Consider a salary sacrifice scheme across the business to protect jobs.
  5. Communicate regularly and honestly with your workforce
    Don’t let the grapevine do it. Maintain good personal contact with key team members. The last thing you want is your stars looking to leave.
  6. Cherish your customers whilst being prudent
    a) Check your customer exposure. If you have some dominant customers make sure you speak with them regularly and ask how their business is trading. Consider credit insurance because bad debt is last thing you need in a down turn.
    b) Customer relationships in a downturn are key because getting more business from the same customers is the easiest way of improving your sales levels. If appropriate go and see them face to face.
  7. Bank management – if you have problems make sure you keep talking to your bank they have to have confidence in your business so bad figures and no communication is a bad combination.
  8. Remember one of Warren Buffet’s rules When people are greedy, be scared…when people are scared…be greedy.
  9. Remember for all the doom and gloom more businesses set up in a recession and billionaires are made so look for new business opportunities because they are out there
  10. Be targeted in your marketing.
    Know where you want to build and do so steadily and consistently. Measure what you are doing through inputs and outputs for sales and marketing don’t let poor performance drift – this isn’t time for jam tomorrow they need to be bringing home the bacon.

And a bonus tip –

Make full use of your Academy Group and the contacts they have
If you don’t have an Academy Group, find out more at
Just one good idea could pay for your membership.

About the Author

Andrew B Morris

Andrew B Morris

Andrew has been a leading figure in the media and events industry for over 20 years. He launched the innovative Business Design Centre in Islington and was CEO of the National Exhibition Centre (NEC) in Birmingham where he transformed the culture from ‘council’ to ‘commercial’ through a transformative leadership development programme. Today, he is Non Executive Chairman of Brand Events, the international consumer festival organiser, and the annual World Photography Awards in Cannes sponsored by Sony. However, his primary focus is as Chief Executive of the Academy for Chief Executives, which he acquired in January 2011. Find out more about Andrew’s London-based Chief Executive Forum >>

Leave a Reply