Because we live in a global, supply chain disrupted world amidst record-breaking prices for food, commodities and oil (and all products dependent on these industries), not only are businesses looking to navigate inflationary pressures, but also deflationary pressures. Inflation can lead to deflation as consumers panic and demand softens.
Businesses can survive and thrive in a recession if they retool their operations well in advance of the economic downturn.
Expand globally - expand your thinking of your customer base to GLOBAL. For example, as China and India expand in purchasing power, your customer base can expand exponentially. If you don't go after it, your competition will. Value add - think about your value add. Even though it's likely [...]
As the global economy is in turmoil, almost all businesses are thinking about how to succeed during this turmoil. In some cases, businesses are struggling to survive and in need of turnaround strategies. In other cases, the business is achieving targets but concerned about future growth. Or, the business [...]
Not only do I continue to see more evidence of the "new normal" business environment discussed in last month's issue but, in my discussions with clients and service providers, it's apparent that embracing and understanding how to thrive in the new normal is critical to success. As a reminder, [...]
The business environment has changed and will not "return to normal"; instead, a "new normal" is emerging. The U.S. and the world economy have been in a recession for at least a year, and the media is starting to discuss a slow recovery. Whether the recovery is weak or [...]
The recession continues to seemingly worsen by the day. Businesses are cutting back. Employees are fearful. Foreclosures are rising. And the cycle continues. So, what is a manager or business to do to break this cycle? Minimize Complexity: One of the keys to success is to minimize unnecessary complexity. [...]
We are in an era of volatility. Who ever thought we'd get used to commonplace bank failures? How about the Dow rising or falling by hundreds of points in a day? Oil gushing into the Gulf? Toyota quality issues? Never! Get used to erratic change as it is the "new normal".
Clearly, one of the keys to thriving in the current recession is to be ahead of the competition in terms of sales: Remember value - don't focus solely on price. Focus on value, defined in terms of value perceived by your customer. Differentiate yourself with customer service - providing [...]
