An economic downturn is NO TIME to stop thinking strategically and it is NOT an excuse for delaying initiatives. Tomorrow’s market leaders are laying the groundwork today – implementing forward-thinking actions that will drive future growth.
If you are an owner, look after your tenants. Communicate with them and deliver what they need. Don’t bring in new tenants simply as a volume play. Leasing to risky tenants in order to boost short-term occupancy has a low — and in extreme cases, negative — long-term impact.
Always think long term. The key performance differentiator is the value added — or eroded — because of actions taken — or not taken. If you operate in survival mode during a downturn, you’re concentrating only on short-term results. This thinking often leads to actions that deliver little or no value in the long term; in fact, many of these actions have the potential to erode value.
Time is of the essence. The window of opportunity to make important changes — that will affect future performance and viability — is closing. Your initiatives need to be evaluated on their cost — versus their long-term value contribution. It’s important to remember that even though these actions do not yield immediate results, they do have the potential to set the business apart from its competitors.