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Why Can’t a Downturn Spell Success?
May 6, 2009 by David Feldman · Leave a Comment
Many of today’s most recognizable products were introduced during the Great Depression — 3M’s Scotch tape, Revlon’s long-lasting nail polish, Campbell’s Chicken Noodle soup, and GE’s fluorescent light bulb. Some of America’s powerhouse companies – Motorola, Unisys, Converse, Hewlett-Packard, La-Z-Boy and even the Pittsburgh Steelers – were also founded during these tumultuous times, proving that good ideas and strong execution during an economic downturn is an opportunity to profit.
Bestselling author and business strategist Tony Jeary reveals what actions CEOs should take now to remain financially solvent and reap even greater rewards when the market returns. Author of the forthcoming book, Strategic Acceleration: Succeed At the Speed of Life.
10 essential steps CEOs must take NOW to get the upper hand:
- Recognize that “business as usual” is not an option and success is a moving target.
- Evaluate, test and revise strategies frequently to maintain a competitive position.
- Get out of your comfort zones or you’re dead. Challenge routines on a constant basis.
- Anticipate your competitors’ moves.
- Ensure your customers don’t forget about you and market aggressively.
- ‘Jump on it’ when everyone else runs for cover.
- Execute your most high-leverage activities. Strategies must be results-driven.
- If you don’t know how to implement a plan, drop it.
- Motivate employees about how they feel about their work not how much they earn.
- Exceed expectations – this separates winners from losers.
