Strategy In A Down Market
April 13, 2009
These days it’s very difficult for companies to be focused on anything past the next few weeks. With the continued decline in spending across most industries, many business leaders are wondering if they will be in business next year.
Even during the height of the worst crisis since the great depression, companies still need to be thinking about the future — mid and longer term — if they hope to grow faster than their peers when the market improves.
They should be working on their plans and getting them ready to execute at the first sign of the thaw. These plans should encompass the current market environment and leverage off the expected rebound.
In many cases, the work can begin now. If the slow down gives you time to work on new products with strong sales potential, take advantage of the opportunity. If competitors are getting weak, or there are too many for the smaller market, take the lead in consolidating the players so you can use economies of scale to dominate.
The bottom line is that it’s important to take time out of every day, no matter how crazy, and give strategy some attention.
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