How to make lemonade out of the recession!
Deborreh Wallace, Customer Relations Manager at TMAC, shared this piece with me. Deborreh is a fabulous Lemonade Maker! She can react to most situations - much like myself - by absorbing the positive opportunity that is always created by a perceived negative situation. The original publication source and dates for this article are noted at the bottom.
With the economy ruptured and layoffs announced daily, it’s easy to focus on the negative and feel as if you have no control over your life, especially if you or your company has taken a direct hit. But adopting the “victim” mentality is only going to drive you deeper into despair. Instead, I would encourage you to remember the saying, “When life hands you a lemon, make lemonade.” Embrace an attitude adjustment and take steps to both survive the downturn and be prepared for the upswing that will eventually come. Some suggestions with proven value. . .
Your Company’s Recession Strategy
Take advantage of the slowdown to:
1. Invest in R&D. Innovation will propel you to the front of the pack when the economic environment improves. Everyone wants their problem solved. . .find the opportunity to do that, and you’ve created an advantage. (A Eureka Ranch saying is “If you aren’t unique, you’d better be cheap!” Now is the time to find or re-find your unique-ness!)
2. Help suppliers and distributors. Build loyalty by offering your best partners a helping hand. Flexibility in delivery and payment terms can make a world of difference.
3. Recruit talent. Downturns provide great opportunities to snap up high achievers at lower prices, as well as ‘test drive’ freelance talent.
4. Reevaluate marketing. Scrutinize every single part of how you go to market, and determine whether it’s effective, efficient, or producing business value. Customers redefine value when resources are drying up, so rethink product portfolios, revisit pricing, and emphasize market share.
5. Examine your metrics. Are you measuring the right things in a manner that resonates with your CFO - increasing revenue, decreasing costs, shortening project or product delivery times? Did what you’re measuring impact business performance and the company’s goals?
6. Improve processes and operational systems. Now’s the perfect time to tackle items that had been shoved further down the priority list when you were rockin’ and rollin’.
Sources: AMA’s Marketing News Sept. 1, Oct. 1, Oct. 15, 2008
Fortune, Sept. 29, 2008
**Keep in mind that the SBDC for Enterprise Excellence can help you assess your circumstances and refocus your professional energies!
