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About "How to Survive recession in the Construction Sector?" topic:
Recession has left the Construction Sector feeling a pinch and getting uneasy over future ramifications, particularly in the Indian context. What are the corrective steps to avoid long term crisis ????
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2 insight , 3 debates , 6 idea contests , 5 question on topic: "How to Survive recession in the Construction Sector?"
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Other knowledge matching "How to Survive recession in the Construction Sector?" topic
Posted by: Akash
Activity: 6 referals , 14 comments, 503 views
Stay Liquid: In down times cash is king. Review credit policies for customers and take credit from suppliers. Increase cash discounts for customers if required. Enhance customer relationships: One to one close relationship with customers is a must. Build relationship with all customers including small customers which you may not have got enough attention during economic boom. Listen to customers, know their situation and accept their demands and complaints wherever possible. Build up their confidence level. Don’t sack employees instead try to build up their confidence level. Sacking employees lowers motivation level of employees and creates an atmosphere of fear and mistrust which is bound to affect work. It also spoils public image of the company in the market. If required implement pay cuts and freeze all pay hikes for all employees. Start pay cuts from the top to create a good image. Review all expenses in all departments. Keep costs as low as possible. Review all...
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