For more than sixty years America’s greatest road racing event, the Indianapolis 500, has started with the famous phrase, “Gentleman, start your engines.” After reading a Wall Street Journal article in which Federal Reserve Chairman Ben Bernanke declared, “the recession is very likely over at this point”, it occurred to me that his words could have the same exciting effect on business as this now famous phrase has on racing fans.
Drawing a parallel to the famous car race is pretty easy as it relates to preparing for an economic rebound. In racing, long before the engines turn over to start the race, the mechanics and race teams have labored for countless hours to make sure the car is in perfect racing form. Only one car will take home the checkered flag; so all the stops are pulled out to make sure the car is ready to make the most of the opportunity. After spending what seems like an eternity in the recession of 2008-09, it may finally be race time for businesses in the U.S. as well. The question is will your business be in top racing form and ready to make the most of the upcoming opportunity?
Here is a pre-race (pre-rebound) checklist that you should consider in the coming weeks:
1) Operations: Many companies have cut back on operating staff, production capability, and put off capital investment in equipment during the recession. It is time to “check the car over” to make sure all elements of the operating areas of your company are up the challenge of an improving economy.
2) Sales: Some companies have even made cuts in sales — reducing staff, delaying training initiatives, and cutting compensation to the sales team. It is time to “check the engine” to make sure it is race ready. The sales team is the engine that drives all companies, and now is the time to ensure yours is “tuned up,” motivated and ready to go.
3) Administrative: One area that has been hit hard during the recession is the vital administrative team that supports the sales and operating areas of the business. I liken these professionals to the race crew that works in the pits to ensure the driver has what he needs to stay competitive throughout the race. Is your “pit crew” fully staffed, energized, and ready to race?
The Indianapolis 500 only comes once a year and the opportunity to get off the starting line quickly after a long recession may not (hopefully) come again for many years. Now is certainly the time to make sure you get a fast start and are positioned to win the race for market share in the strengthening economy. All the indicators are there that “race time” is drawing near. Will you make the most of your opportunity?
Chuck Terry is the Executive Vice President and CSO of Carew International and is regular contributor to Carew’s blog – Executive Insights
Carew International is a leader in sales training and leadership development; specializing in comprehensive, proven training programs for sales, sales management and customer service excellence. For over 30 years, Carew has earned its reputation of delivering increased productivity and profitability to our valued clients world wide.
