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 your thinking of your customer base to GLOBAL.
As the global economy is in turmoil, almost all businesses are thinking about how to succeed during this turmoil.
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, [...]
Understanding the "new normal" can be quite valuable, as it doesn't have to be bleak and depressing.
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?
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.
