In general, what is the best piece of advice that you would impart to employees, colleagues, or clients when it comes to running your/their business during times when forecasting is difficult due to unpredictable economic conditions?

Managers are often asked to make predictions with imperfect information. You have to be flexible, and be able to make adjustments quickly. Review several different economic scenarios and have a plan for each of those. That way, if your initial predictions are off, you already have a plan in place, so you can respond to the changes without scrambling for potential solutions.
Corinne Baldassano
President
Translucent Media

It is important to remain optimistically realistic. Times now are neither bust nor boom. Therefore every advertising dollar spent needs to be justified. Every advertiser and agency is looking for innovative ideas. Every sale is made because of an emotional connection. There is not a medium that is better positioned to capitalize on the realities of today's economic climate than Radio. We need to continue to market radio as the innovatively efficient medium. Radio still writes less than 8 cents on every dollar spent. Those are reasons to be optimistic and realistic about our future.
Debbie Durben
President
Interep Marketing Group

The RAB recently asked a similar question and my answer was and is, be courageous. Don't be afraid to take risks, to try things a new way, to re-invent your business, to throw out your old business plan and create a new one, to promote people who are smarter and more creative than you and to step back and review your own performance. If you were an outsider or consultant, looking at your business operation, what would your recommendations be?
Lead your business with courage. Lead your team with courage. Be brave and you will win.
Cindy W. Schloss
Regional VP/GM
Clear Channel Radio

Stay the course. OK that's easy to say. But generally, I have found that "knee jerk" reactions to unpredictable conditions upset the long-term strategic plan. A quick fix can easily compound a downturn or turn it into a quick disaster. If your basic annual plan is a good one, it will ebb and flow along with the economic conditions, but ultimately, it will prevail.
Joan E. Gerberding
President
Nassau Media Partners

When times are tough and unpredictable, you have a great opportunity. You are forced to reexamine how you do business. Assemble your staff and challenge them to come up with different paths to your revenue and growth goals. Follow brainstorming protocol---no idea is too crazy, all are welcome. Put them into groups of about 5 to 10 to do their brainstorming, then gather everyone up for group presentation. Pick out what can be implemented and assign responsibility for it. A lot will come out of that session: a) reaffirmation of commitment to the company or realization that it's time to leave, b) prospective new sources of revenue and/or ways to improve productivity and profitability c) reassurance to the staff that they have a hand in their fate and are a vital part of the company and d) it will show you perspectives you probably hadn't considered that may germinate seeds of ideas you'd been harboring or ignoring. It is way too easy to get caught up in the process of fighting off the alligators so you're too busy to figure out how to drain the swamp so they'll go away on their own.
Mary Beth Garber
President
Southern California Broadcasters Assn

These are challenging economic times, but history has proven that all things are cyclical.
Do your homework. Be current on the economic elements that affect your area of responsibility. If you are responsible for revenue at the station / market / regional level, what sectors of your local economy are growing, maintaining, or losing share? Document the conditions that will affect your ability to deliver these numbers. Be sure you have the personnel to deliver these projections. That means numbers and skill level, of either existing sellers or budgeted recruits. Most importantly, have a back-up plan to meet your numbers if your carefully researched projections go south!
Lynn Anderson
Senior Vice President - Training Division
RAB

Involve all applicable staff members in generating back-up plans. Hold creative discussions and get group buy-in as to alternate means to the desired ends. Where can we save money? How can we accomplish this differently? How can we do this better? It’s a given that a smart way to position your product to your customers is to under-promise and over-deliver. You can do the same thing vertically and laterally on the departmental levels within your own part of the company. By having your staffers help you prepare a new plan you in turn are preparing them for a downturn. Good news for all if the new plan isn’t needed.
Amy Waggoner
President/Market Manager
ABC Radio Minneapolis

We have taken a conservative and realistic stance regarding forecasting future revenue and expenses for our radio stations. We have challenged every aspect of operations to be sure we are working with solid fundamentals regarding personnel, marketing, and resources to best serve our customers. Every expense item has to meet the test of whether it is vital to reach our goals. That means we've given up some things that were nice to have but we could eliminate right now, and this is usually very unpopular! Additionally, we constantly remind our sales staff and managers to rely on their training to meet customer needs and provide good ideas for getting results, while avoiding diluting the value of our stations by jumping on the low-price wagon. We think that focusing on the basics will get us through this period and sustain our growth for the long term. Our mantra is "Focus, Focus, Focus."
Caroline Devine
RVP/Market Manager
Cox Radio

Examine recent historical data rather than year over year and filter all expectations through an "integrity check" based upon recent history. Planning needs to be both strategic and tactical with quantifiable measures of performance against a specific timeline. Make certain you are creating a plan that allows strategic adjustment with enough lead time to make impact. In this climate the immediate is equally important to the long term.
Kathy Stinehour
Market Manager
Cumulus Broadcasting Toledo

Do not lose your confidence. In unpredictable times is not easy to anticipate and forecast as accurately as one would like, therefore it is very easy to begin doubting your own abilities. You begin to second-guess yourself. Plus people are under a great deal of pressure which can cause behavior that is not always supportive and positive. It is important to stay focused and clear about the goals you are trying to achieve. Try to keep everything in perspective and don't let other people's frustrations get in your way.
Erica Farber
Publisher/CEO
Radio & Records

I have a big rule about forecasting: Always sandbag ...a little. You never know when calamity/cancellations/crappy competition will strike and catch you off guard. It's usually better to over-deliver than under-deliver.
Kim Guthrie
Regional VP/GM
Cox Radio

The best advice I would impart to employees, colleagues, or clients about running their business during difficult times and unpredictable economic conditions is: Carefully analyze each and every aspect of your business; including all revenue streams and expenses. Prioritize and determine the importance of each to your short-term and long-term goals. Consider consequences. Once liabilities are determined, address immediately either by managing differently, implenting new systems or by cutting losses. Carefully manage all key relationships and drastically improve customer service by asking questions, taking a temperature of where you are with your customers and what you can do better. Last but not least, maximize output and strive for excellence in everything you do.
Mary Ware
Vice President, Director
Katz Urban Dimensions