Building A Solid Business In Any Economic Conditions
Current economic indicators point to a slowdown of the economy. Historically, economic slowdowns and even recessions, while temporary in nature, can cause considerable distress to small and large organizations alike.
Products and services we can't live without were innovations developed inresponse to economic challenges. Here are some examples:
A decade ago, Singapore Airlines recognized its best customers were business and first-class travelers flying transcontinental routes. The management cut back on short-haul routes, added long-haul routes, and invested US$300 million to improve business and first-class service. This innovation kept the Singapore Airlines profitable when all the other Asian airlines were impacted by the currency crisis in 1997.
During the recession of 2001, Intel Corporation invested a significant amount in improving the manufacturing processes of its chips. This resulted in smaller, faster, less expensive chips and led to the company's 2003 revenues as one of the highest growth rates in 7 years.
During the last recession, Apple invested in developing the iPod and iTunes products, which are now ubiquitous.
These companies have fully recognized and applied the wisdom of Chinese philosophy of "In crisis, opportunity." During heavy storm some people make shelters to protect themselves. The progressive minds build wind mills and profit from selling power to the shelters. In any economic environment there are overlooked opportunities ready to be explored.
My professional experience is finding new growth opportunities in places otherwise ignored. New market segments, geographical expansion, new distribution channels, or new product/service offerings are just few ways to achieve growth. Targeted, aggressive marketing and PR activities increase the brand awareness, recognition, and market share.
I am ready to help your organization achieve similar success. Send me an email at Success@DanielaAxinte.com. Don't wait for the hurricane to hit; build your wind mills now!