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Tuesday, September 8, 2009

Post Recession: are you ready?

Recession is all set to go. Are you ready to grab the opportunities that may spur the sinking market. The situation is like that in a Formula 1 racing. The safety car comes on after a crash, slows down the pace and now it has switched off the lights. Drivers know that it’s going out at the end of the lap and the drivers are all set to whoosh. That’s what happens in Formula 1 racing, but in business world, the drivers are business leaders who should take position and decide on strategy when the race resumes. So are you really ready to do a Whoosh-Whoosh when market comes up. So how is your organization placed, are your products ready to hit the recovering market or you still hoping to piggy pack on someone else’s growth.

Some of the essentials of resuming from slow down are covered in this article. While you as business leader are best placed to decide strategy for your business, points mentioned below are pillars of success for today.

1. Refresh the brand button
Your presence and a message that you have indeed survived a hurricane must truly be felt and acknowledged by market. It’s important that your brand and product are part of discussions and are being evaluated by buyers. If you are sure that the industry you are in has bottomed out then this is the moment to press refresh button. Remember it’s important that every buyer of who intends to purchase a product / service you offer, evaluate you and realizes that you are still in the game.

2. Price moderate
This is the opportunity to get on your mark and not sprint. Keeping prices very low are generally viewed as stock clearance sale of old fashioned goods or could also be attributed to sale of goods with manufacturing defects or if you are in some kind of service industry then quality of service offered is doubted. Also, you might me heading for an head on collision if you see this as an opportunity to recover your losses in slow down. Remember markets are showing up signs of improvement (bottomed out) and are not in growth stage.While you choose a price for your product / service, market has already decided a price band they are ready to look in for.

3. Ping old friends
Establishing a new trust relation in present market situation is tough. Customers are more than wise to choose an unknown angel. Moreover since the situation is little better than skeptical, people would like to have safe game. The last thing a buyer would like to do today is change their established relation, service or choice of brand. Existing customers and relations are best place for newer opportunities.

4. Focus on complementing rather than competing
Collaboration is the best way to go forward. You can expect more business to come in when your start focusing on complementing. In Stephen Coveys language, you start thinking win-win. Not just the result but think win-win or when you start thinking for collaborating, you start experiencing positive energy and an create a friendly, preferred and trustworthy image of your brand. By doing this you don’t surrender or pull out of completion, but take yourself to a different level of competition.

5. Retain talent
Last but not least. When you start getting orders you need people to fulfill these commitments. You have very little scope of error and this is the time when you must rely on your best and long serving talent to help you complete the task successfully. Value people who have been with you and who knows your business. Have your talent motivated to take this feeble opportunities and convert them in to big wins.

Key economies in ASIA have already started showing the signs of improvement. Japan, South Korea, China, India, Hong Kong, and Singapore have already expressed positive signs. In Europe Germany and France are recovering quick. All eyes are now on US market and rest of the key economies in other regions. The sprint is about to begin, be on your mark and be ready to do a whoosh-whoosh.

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