3 Keys to Reducing Spend on Your Project Control Solution in a Recession
May 2020 | Version 01
3. Retrain, Retool, and Rethink
During a recession, the reality is that employees will have extra time on their hands. Whether that
time is gained from reduced in-person meetings, less travel, or the delay of non-essential projects;
employees will have extra time to train themselves on new technologies. In a normal economic
period, many employees complain about technology switches due to the "time needed to learn
something new".
Well, guess what? Now they have the time.
Recessions provide an opportunity for smart businesses to prune the bad branches per se.
Whether it's a lacking software tool or a stale process, the extra time can be used to optimize parts
of your business that otherwise might not have been touched if it weren't for a recession.
The good news about project control solutions is that most are fairly easy to self-train on.
It doesn't typically require formal training to get properly onboarded.
Here are some questions to get you thinking:
What parts of your business need optimization?
What outdated processes have always been described as "the way we've
always done things"?
What tools do we underutilize and are they essential to our business?
Is there room for appropriate cuts?
What systems or processes aren't working for us? Where can we get better value?
Beyond retraining employees on new technologies, it's important to also rethink how we do
business. Instead of outsourcing an expensive project, why not pioneer it internally? The ability to
conserve cash and eliminate unnecessary expenses during a recession is paramount. There might
be a skills gap initially, but your team will likely have the time to expand their skillset and own a
project they wouldn't normally have the bandwidth to lead.
"RECESSIONS PROVIDE AN
OPPORTUNITY FOR SMART
BUSINESSES TO PRUNE THE BAD
BRANCHES PER SE."
