It isn't going away. This recession or depression, whichever it is, is going to be around for a while. During that "while", thousands of businesses will go under every month. Many of the owners will feel victimized by the times and will not take any responsibility for their plight.
Yet, many businesses will survive. They exist in the same circumstances as the others. Why do they make it?
They make it because they use the downturn as an opportunity- an opportunity to make changes in the business, in the strategy, in the niche...in many areas. They see that within a crisis lies an opportunity or two.
Instead of lying down or going through hand-wringing, every business owner needs to stop and look at what the market needs and what changes need to occur to offer that to consumers. I am not talking about precipitous cutting of prices. I am talking about reaching out to different markets; different uses of products and services; bundling of services for value; strategic alliances with competitors or suppliers or customers. I am talking about using technology, the web, viral marketing.
Now is the time to examine everything you do and why you do it. If there is not a sound business reason, make a change. Get rid of those sacred cows that may be bogging you down or keeping you from seeing innovative approaches. There should be no "givens".
Now is the time to work "on your business". Now is the time to get out and talk to people about what they are doing to survive; it is the time to be open to change.
Doing the right things now may not only save your business now, but it can point you in the right long term direction.
I agree totally with your article.
I was made redundant at the beginning of September from a business that refused to change in the economic climate.
I started my new position and was amazed at home flexible and innovative the company was - I think one key aspect of surviving businesses is the ability to innovate in the downturn.
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Posted by: air max 90 | November 15, 2010 at 08:11 PM
I think one key aspect of surviving businesses is the ability to innovate in the downturn.
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Interesting case study, KD. I think Starbucks is on pretty solid ground on this one.
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