Look at the headlines in the business press at the moment, and if it doesn’t depress you, I’d be amazed.
But look at the stories on the lower part of the inside pages and you’ll see plenty of positive stories. Quietly, people who’ve realised that a recession is a time of opportunity are making their moves.
I encouraged attendees at the recent ‘Marketing Your Way Out Of A Downturn’ seminar to look again at what they might be able to accomplish. ‘Don’t waste a good recession’, I advised.
In times like these, you can make dramatic changes in your business that employees and customers would find harder to accept if they didn’t accept that you are forced to make them. Have you needed to make some policy changes for a while, but not found the right moment? This could be it.
There’ll be a lot of good talent out there, ready for you to selectively bring into your business. That, and other resources, is available at a better price than a year ago.
Have you wanted to grow your business through acquisition? Now might be the time to buy just the desirable parts of those businesses you’ve had your eye on, leaving the rest behind. A year ago, you might have had to swallow the whole thing.
Sam Walton (founder of Wal-Mart) was asked what he thought about the recession of the early eighties. He replied, ‘I thought about it and decided not to take part.’
Choose not to be a victim.
Use this time of opportunity to look again at your business strategy.
With imagination, you could seize market share, create new products and services, streak ahead of your competitors.
The last post in this series will be tomorrow.