What Business Actions Are Succeeding
In Today’s Economic Climate?
We advise CEOs and business leaders to focus more than ever on value, to exploit opportunities
presented by the current situation and to act on both quickly ~ Centre for CIO Leadership, USA. [CIO = Chief Information Officer]
There are two aspects to value.
The first is staying with your core
vision or beliefs. For example, Dutch Rabobank Group, along with several other commercial banks, performed well
by avoiding high profit, high-risk offerings such as sub-prime mortgages. Instead they held to low-risk lending
principles. So here you create value for clients by consistency and trust.
The second is sharing your vision
(your value) and having others buy into it. If customers can see a tangible benefit – not just the “same old” in
new packaging – they will support you. For example, Netflix and Strayer Education (an online service) use technology
in clever ways to slash prices by introducing revolutionary new business
Shawna Martin used to be part-owner of an antique
store in Mesa, Arizona – "In the summer months we would sometimes have days where less than ten people walked
through the store, and even fewer bought anything. Then we went to work selling our items on ebay, where we
made enough to at least pay the overhead, allowing us to keep the shop afloat during the bad months." What
other ways do you have for selling your services and/or products?
Barclays acted quickly - leaping regulatory and other hurdles - to acquire
Lehman Brothers assets by September 23, 2008, just days after Lehman's September 14 collapse. Within hours of
the acquisition, the screens wrapped around Lehman Brothers headquarters at 745 Seventh Avenue in Manhattan
switched from the Lehman name to Barclays' blue logo. Equally decisive was Tesco's move in 2008 to introduce a
new Discount Brand line to avoid losing customers to lower-cost competitors.
Ten simple and practical success strategies:
1. If your leased office is too expensive, consider working from
2. Focus on the 20% of customers who provide you with 80% of your
3. Reduce advertising and spend more time contacting existing customers – it’s seven times more
expensive to get a new customer than to get an existing one to buy.
4. Do your budgeting and know exactly where you are, every day. The truth may hurt, sometimes, but
working on it will yield more results than working on an illusion.
5. Don't let the news media influence your business decisions. Take stock of your own financial
climate. You might be doing great despite this economic downturn
6. Shop around for everything – stationery supplies, fuel, accountant, lawyer, cleaner … every
expense you have.
7. Talk to your banker – it’s free and your success is his/hers. If they are of no help, find
another one who has constructive and practical business ideas.
8. Don’t give up.
9. Still, don’t give up.
Don’t ever give