Recession Power: How Great Companies Rise to the Top, Even in Down Times
Recession Power: How Great Companies Rise to the Top, Even in Down Times
• Do you find yourself obsessing with worry and fear about the potential impact on your business?
• Are you ready to shift from victim mentality and knee-jerk reactions to opportunistic thinking and proactive strategies to profit even in recessionary times?
"Recession" is one of the most distorted, counterproductive words in the English language! Its mere use engenders a strong emotional response - from consumers and businesses alike - ranging from fear and pessimism to total sense of defeat.
Yes, we are in an economic downturn that may get worse before it gets better. However, recessions are neither negative or bad in themselves. Recessions are "contractionary" periods, that forces us to get more conscious about money and our spending, get rid of waste and conserve our resources where most needed. Call it the "yin" and "yang" of economic cycles.
Warning: It Is Your Beliefs About the Recession That Can Be Fatal To Your Business
Our economy and our businesses go through similar expansion and contraction phases. Why so many people - and perhaps you are one of them - sink to despair or paralyzed with fear by the word "recession" is because of your beliefs about recession and the meaning you give to the word.
"Recession IS strictly a matter of perception."
Denise Corcoran
How you perceive and respond to a recession will determine whether your business grows profitably or fights for survival. Below are the top 7 reasons why great companies thrive during a recession and how you can do the same.
Top 7 Reasons Why Great Companies Rise To The Top, Even During Recessionary Times
1. Great companies transform external threats into opportunities.
The Japanese are masters at crisis management and look at situations like recessions as polarities. Ie., neither all good nor all bad, but a mixture of both. The Japanese symbol for crises is a representation of two separate symbols: danger and opportunity. Such a perspective encourages responsiveness - not reactiveness. As a result, the Japanese focus not on the problem, but on new solutions ... not on survivability, but on growth ... not on short-term losses, but long-term prospects.
How are you perceiving the current downturn - as a threat or an opportunity? How have you reacted to past recessions? How might the recession actually be an opportunity for your business?
2. Great companies take advantage of and profit from changing dynamics in the marketplace.
A business can grow and profit during a recession if it understands the underlying dynamics of the marketplace. Crises tend to stimulate change in people. The challenge is to respond to such changes in a timely and direct fashion. To take advantage of these shifts, it is critical to address the 5 "W's."
• WHO .
Who is doing the buying now? Although overall spending may be down, such trends cannot be generalized across all industries and business segments. Buying behavior shifts, changes and refocuses more than it declines. What new markets can you address that are actually on the rise?
• WHAT
What needs and benefits are priorities for your customers at this time? Are there new products or services that might address these shifts or serve as alternatives to satisfy the status quo?
• WHEN
What needs must the customer have satisfied now vs later? What special incentives will motivate the consumer to buy today?
• WHERE
During a downturn, customers often rethink their buying loyalties. From what sources are they currently buying? How can you make your products more accessible to your target market to buy?
• WHY
The "why" addresses customers' underlying motivations for buying. What motivations are driving customers' buying decisions today? What are customers' expectations of the future? How will these expectations affect their buying behavior today?
3. Great companies catalyze seemingly "negative" times into positive moves.
In recessionary times, great companies aggressively look for the "silver lining in the cloud" and mobilize resources to seize those hidden opportunities. They act, not react.
The winners are those who recognize that their future is not determined by external events, but by their response to those events. They stay focused on what they have control over, and respond proactively to those they can't control.
What positive moves can you take instead of reacting to the recession? How might you better utilize your resources to seize hidden growth and profit opportunities?
4. Great companies make room for new growth by "de-cluttering" that which is marginal or ineffective.
During times of growth and expansion, it's easy to get hooked into over-spending, "over-doing" and over-confidence. Sloppy behaviors, attitudes and habits often creep in and get masked. All too often, companies go unconscious about important basics and become oblivious to "waste."
Great companies take advantage of down times to de-clutter "excesses" - ie., any drains on time, money or people resources generating little or no return They scale back to what they do best in order to be at their best. They make room for new growth and profits.
What overhead, projects or activities are draining your company's resources? What products, services or customers are clogging your profit pipeline and need to be shed? What operational "fat" must you trim to become a lean profitable enterprise, especially during this current recession?
5. Great companies build their resilience muscle to thrive in tough times.
In the 21st century, accelerating change, increasing complexity and escalating risks have become the new business reality. To withstand external shocks that can destroy a business, a company must build its resilience capacity.
Resilience, first, is a mindset. Resilience thinking transforms uncertainty into confidence, fear into action and adversity into advantage. On an organizational level, resilience comes from a strong culture based on operational flexibility, employee loyalty and team collaboration.
Great companies don't just rebound from a one-time crisis or setback. They build the capacity to expect the unexpected and continuously reinvent business models and strategies as circumstances change. They build their resilience muscle.
On a scale of 1-10, how resilient is your company right now in bouncing back from crises or setbacks? What next steps can you take today to build a capacity to expect and respond to tomorrow's unexpected?
6. Great companies aggressively position themselves ahead of the competition during economic downturns.
During economic downturns, most companies go on the defensive -- cutting back costs, downsizing marketing efforts and commoditizing products and services - just to survive.
Great companies do just the opposite. In recessionary times, they position themselves to win -- ramping up promotions, accelerating new product introductions, and keeping a visible profile. By taking advantage of the emerging opportunities, they not only differentiate themselves during the downturn but also position themselves for explosive growth after its turnaround.
Is your business taking an offensive or defensive position right now? What 3 aggressive strategies can your business take to keep a visible profile in the marketplace? How might your competitors' defensive reactions become your opportunities for new growth and profits?
7. Great companies find the "learning" and the "grander purpose" hidden within challenging times.
Our greatest challenges are our greatest teachers. Their "grander purpose" is to shift our thinking, behaviors, strategies and actions and ultimately aid us in our future growth.
Companies negatively impacted by a recession never see the grander purpose such times can offer them. Instead, they perceive only the worst, react out of fear and shrink to a victim mentality.
Great companies, on the other hand, see recessions as learning opportunities. They recognize that yesterday's thinking and strategies will not address today's challenges. For these companies, recessions motivate them to get closer to their customers, reassess their direction, and take action in new and creative ways. Their rise to the top is often a by-product of their beliefs, attitudes and responses to such challenging times.
How are yesterday's thinking and strategies holding you back today? What new attitudes and actions must you adopt to thrive in the current downturn? How might your company become a better company as a result of the recession?
Whether your company survives or thrives during a recession is, at least 85%, within your control. You control how you perceive it, how you respond to it and how you learn and grow from it. If seen in the right light, an economic downturn can be a blessing in disguise. Those businesses that do will rise to the top. Will you be one of them?
Recession Power How Great Companies Rise to the Top Even in Down Times - To learn more about this author, visit Denise Corcoran's Website.
Like this article? Share it with your friends
• Are you tired of hearing all the "doom and gloom" forecasts regarding our current economy?
• Do you find yourself obsessing with worry and fear about the potential impact on your business?
• Are you ready to shift from victim mentality and knee-jerk reactions to opportunistic thinking and proactive strategies to profit even in recessionary times?
"Recession" is one of the most distorted, counterproductive words in the English language! Its mere use engenders a strong emotional response - from consumers and businesses alike - ranging from fear and pessimism to total sense of defeat.
Yes, we are in an economic downturn that may get worse before it gets better. However, recessions are neither negative or bad in themselves. Recessions are "contractionary" periods, that forces us to get more conscious about money and our spending, get rid of waste and conserve our resources where most needed. Call it the "yin" and "yang" of economic cycles.
Warning: It Is Your Beliefs About the Recession That Can Be Fatal To Your Business
Our economy and our businesses go through similar expansion and contraction phases. Why so many people - and perhaps you are one of them - sink to despair or paralyzed with fear by the word "recession" is because of your beliefs about recession and the meaning you give to the word.
"Recession IS strictly a matter of perception."
Denise Corcoran
How you perceive and respond to a recession will determine whether your business grows profitably or fights for survival. Below are the top 7 reasons why great companies thrive during a recession and how you can do the same.
Top 7 Reasons Why Great Companies Rise To The Top, Even During Recessionary Times
1. Great companies transform external threats into opportunities.
The Japanese are masters at crisis management and look at situations like recessions as polarities. Ie., neither all good nor all bad, but a mixture of both. The Japanese symbol for crises is a representation of two separate symbols: danger and opportunity. Such a perspective encourages responsiveness - not reactiveness. As a result, the Japanese focus not on the problem, but on new solutions ... not on survivability, but on growth ... not on short-term losses, but long-term prospects.
How are you perceiving the current downturn - as a threat or an opportunity? How have you reacted to past recessions? How might the recession actually be an opportunity for your business?
2. Great companies take advantage of and profit from changing dynamics in the marketplace.
A business can grow and profit during a recession if it understands the underlying dynamics of the marketplace. Crises tend to stimulate change in people. The challenge is to respond to such changes in a timely and direct fashion. To take advantage of these shifts, it is critical to address the 5 "W's."
• WHO .
Who is doing the buying now? Although overall spending may be down, such trends cannot be generalized across all industries and business segments. Buying behavior shifts, changes and refocuses more than it declines. What new markets can you address that are actually on the rise?
• WHAT
What needs and benefits are priorities for your customers at this time? Are there new products or services that might address these shifts or serve as alternatives to satisfy the status quo?
• WHEN
What needs must the customer have satisfied now vs later? What special incentives will motivate the consumer to buy today?
• WHERE
During a downturn, customers often rethink their buying loyalties. From what sources are they currently buying? How can you make your products more accessible to your target market to buy?
• WHY
The "why" addresses customers' underlying motivations for buying. What motivations are driving customers' buying decisions today? What are customers' expectations of the future? How will these expectations affect their buying behavior today?
3. Great companies catalyze seemingly "negative" times into positive moves.
In recessionary times, great companies aggressively look for the "silver lining in the cloud" and mobilize resources to seize those hidden opportunities. They act, not react.
The winners are those who recognize that their future is not determined by external events, but by their response to those events. They stay focused on what they have control over, and respond proactively to those they can't control.
What positive moves can you take instead of reacting to the recession? How might you better utilize your resources to seize hidden growth and profit opportunities?
4. Great companies make room for new growth by "de-cluttering" that which is marginal or ineffective.
During times of growth and expansion, it's easy to get hooked into over-spending, "over-doing" and over-confidence. Sloppy behaviors, attitudes and habits often creep in and get masked. All too often, companies go unconscious about important basics and become oblivious to "waste."
Great companies take advantage of down times to de-clutter "excesses" - ie., any drains on time, money or people resources generating little or no return They scale back to what they do best in order to be at their best. They make room for new growth and profits.
What overhead, projects or activities are draining your company's resources? What products, services or customers are clogging your profit pipeline and need to be shed? What operational "fat" must you trim to become a lean profitable enterprise, especially during this current recession?
5. Great companies build their resilience muscle to thrive in tough times.
In the 21st century, accelerating change, increasing complexity and escalating risks have become the new business reality. To withstand external shocks that can destroy a business, a company must build its resilience capacity.
Resilience, first, is a mindset. Resilience thinking transforms uncertainty into confidence, fear into action and adversity into advantage. On an organizational level, resilience comes from a strong culture based on operational flexibility, employee loyalty and team collaboration.
Great companies don't just rebound from a one-time crisis or setback. They build the capacity to expect the unexpected and continuously reinvent business models and strategies as circumstances change. They build their resilience muscle.
On a scale of 1-10, how resilient is your company right now in bouncing back from crises or setbacks? What next steps can you take today to build a capacity to expect and respond to tomorrow's unexpected?
6. Great companies aggressively position themselves ahead of the competition during economic downturns.
During economic downturns, most companies go on the defensive -- cutting back costs, downsizing marketing efforts and commoditizing products and services - just to survive.
Great companies do just the opposite. In recessionary times, they position themselves to win -- ramping up promotions, accelerating new product introductions, and keeping a visible profile. By taking advantage of the emerging opportunities, they not only differentiate themselves during the downturn but also position themselves for explosive growth after its turnaround.
Is your business taking an offensive or defensive position right now? What 3 aggressive strategies can your business take to keep a visible profile in the marketplace? How might your competitors' defensive reactions become your opportunities for new growth and profits?
7. Great companies find the "learning" and the "grander purpose" hidden within challenging times.
Our greatest challenges are our greatest teachers. Their "grander purpose" is to shift our thinking, behaviors, strategies and actions and ultimately aid us in our future growth.
Companies negatively impacted by a recession never see the grander purpose such times can offer them. Instead, they perceive only the worst, react out of fear and shrink to a victim mentality.
Great companies, on the other hand, see recessions as learning opportunities. They recognize that yesterday's thinking and strategies will not address today's challenges. For these companies, recessions motivate them to get closer to their customers, reassess their direction, and take action in new and creative ways. Their rise to the top is often a by-product of their beliefs, attitudes and responses to such challenging times.
How are yesterday's thinking and strategies holding you back today? What new attitudes and actions must you adopt to thrive in the current downturn? How might your company become a better company as a result of the recession?
Whether your company survives or thrives during a recession is, at least 85%, within your control. You control how you perceive it, how you respond to it and how you learn and grow from it. If seen in the right light, an economic downturn can be a blessing in disguise. Those businesses that do will rise to the top. Will you be one of them?
Recession Power How Great Companies Rise to the Top Even in Down Times - To learn more about this author, visit Denise Corcoran's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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