According to Paul Tuite, PricewaterhouseCoopers "Given the volatility which exists in current markets it makes sense to subject your assessment to stress testing and scenario planning.
Only when you have considered the potential range of future outcomes can you determine the optimum course of action to take. When conditions are difficult, the most successful businesses are the ones that react quickest – taking the tough decisions early and lead rather than follow. Make your key people accountable for targets which are consistent with your revised strategy.
When resources are limited it is critically important to be aware of the profitability of individual customers and products. Profitable customers and products need and deserve investment – not least because they will be at risk of loss to competitors – whilst unprofitable customers and products require detailed analysis to determine whether or not the position can be rectified. It makes no sense to have scarce resources, in the form of financial investment or management time, tied up in delivering products or services at nil or negligible profit unless a rapid improvement can be achieved."
Source: www.dublinchamber.ie