Business Survey Results

Denise Harrison
Executive Vice President & COO, CSSP, Inc.

This week we asked our readers to fill out a survey concerning current business conditions and your approach to these conditions. Here are the results of the survey:

• 40% of survey participants expect revenue to decrease by 20% or more
• 20% expect revenue to increase by 20%
• 74% of survey participants cut administrative expenses
• 60% have had staff reductions
• 60% are streamlining their processes.

In addition to what is in the graph you mentioned:

• Salary reduction
• Enhanced efficiency
• Furloughs (sometimes temporary)
• Hiring freeze, no promotions, moving staff around
• Reduce travel

In addition to what is mentioned in the above graph you said:

• Defer compensation
• Bought a competitor
• Increased marketing
• Improve service delivery
• Develop new products
• Divested cycle business unit
• Focus on customer retention

Many of you used strategic planning as an approach to focus on ways to both survive and perhaps thrive during this down turn. The planning process allowed you to focus on market segments where there is higher market attractiveness during the recession. Many of you increased your focus on relationship building rather than product marketing. Specific areas of the planning process that you found particularly helpful in developing your plan this year include:

• Market segment analysis (reassessing which markets to focus on)
• Reconfiguring marketing channels
• Competency analysis (revisiting competitive advantage
• Opportunity Screens (now is the time for innovation)
• Threats (developing plans to mitigate the recession
• Industry Scenario (Analyzing different scenarios and developing contingency plans)
• Use of SWOT analysis to develop short term plans

Overall respondents found the strategic planning process key to the development of a survival strategy. In addition, some used strategy to continue their growth and gain market share during a time when other companies are financially strapped.

Denise Harrison is Vice President at the Center for Simplified Strategic Planning, Inc. She can be reached at