In the current economy we are making it up as we go to some extent. Geoff Colvin in a recent Fortune article titled How to Manage Your Business in a Recession shared ten recommendations. Two of the recommendations were what I consider new thinking. Suggestions I had not seen in the many articles that have appeared since early last fall.
One recommendation was “Communicate like crazy, balancing realism and optimism.” He talks about easing the anxiety of employees, vendors, customers etc. by communicating. While you may not have the answers it’s still good to share your thinking but you must be honest.
Another recommendation was “Your customers face new problems, so give them new solutions.” Past economic downturns have seen innovations emerge, the fluorescent light bulb and post-it notes are two I recall. What new problems are your customers facing that you can solve and then capitalize on? What innovations can you launch and test to position your business strongly for the recovery?
The other eight recommendations are all good, but like I said, we’ve seen them many times. I still suggest your read the article in its entirety. When you rewrite your script for managing your business let us know.
Note: Entrepreneur Magazine in the February 2009 issue included a list of “the most innovative ideas that have emerged during times of economic duress.” It’s an interesting read, check it out.
