16 December 2008
Successful Intentions Newsletter
Hi ,
Yep, it's a recession all right! And times will be tough in 2009.
But could there be an upside to the downslide?
Well, yes. Now is the time to get ready for the upswing, when it comes! Even the Harvard Business Review (December 2008) seems to think so. Here are 5 suggestions of "unconventional wisdom in a downturn":
Spend strategically
Cutting back too much on operational spending in the short term can leave you short-changed for long term strategic programs. Try to set aside a specific amount to fund strategic initiatives - and don't touch it!
Manage stress
The knee-jerk reaction to an economic downturn is to work longer and harder. But this can hurt more than help. It's more productive to look for "four-way wins" - ways of working that benefit work, home, community, and self (mind, body, and spirit) all at once.
Enhance skills
When times are tough professional development is usually considered a luxury. But when work slows down that's precisely when you have the time to invest in yourself. Your clients need to understand this too. They can better prepare for the upswing and soften the blow of the next downturn by training teams and business leaders now!
Share leadership
Don't feel you're the only one to shoulder the burden of your firm's success at this time. The heat of crisis is the best time to ask for ideas, challenge the status quo, increase collaboration. Downturns are no time to tighten control. Be inspirational, spontaneous, and innovative - pass the ball!
Sustain value
Tough economic times often prompt a rash of discounting on products and services. But discounting has its perils. If you reduce prices purely to boost sales, customers may begin to question your value. It's best to take a more nuanced approach to pricing. Look for ways of coupling the appeal of a discount without damaging the value of your core product or service.
Remember , despite all its sham and drudgery, this is still a beautiful world. And perhaps that's the most important upside of the current downslide!
We wish you and your family a joyful Christmas and a reflective start to the New Year!
Keep your intentions clear,
Peter Webb
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