Thrive During a Downturn
Despite Economic Conditions- It’s a time for Opportunity to Arise
Economic conditions can slow companies down and even shut them down. No one can foresee the future of the economy. COVID-19 in 2020 has done a lot of damage to many businesses. The key during these dramatic economic events is to focus on new opportunities that may arise due to these conditions. The businesses that focus on opportunities, are the ones that will survive and surpass the storm. It’s a chance for corporations to re-invent the wheel, per say. It’s a time to re-think and re-image what can sustain these conditions.
Whether you are looking to sustain and grow your current business or create a whole new one, there are key factors that need to be considered. In order to thrive during a downturn in economy, some key questions one must consider are the following:
- Is the business in question essential?
- How does this organization compare to its competitors?
- Am I providing a competitive advantage? What am I doing different to stand out?
- Is there an opportunity to make changes?
- Am I streamlining?
- How is corporate culture effected and where can I make some changes within?
- How did this storm change the way people do business? Are the tools I have today necessary? What needs to be changed and implemented?
- How will customers feel safe with the new way of doing business?
- Are there some costs that I can eliminate and perhaps substitute to enhance this new way of business?
- With the changes at hand, what technologies and strategies do I need to implement to sustain this current business?
- Is this an opportunity to gain market share? And how?
Notice that the very first question at hand is whether or not the business is essential. This is a very important question because if the answer is no, then the next best move is to focus on one that is. The worst thing a business owner can do is waste time and money on a business that may not be necessary in the future. Here is where you evaluate the worth of your company. There are millions of industries to choose from and if you are a true entrepreneur you can make any business thrive (despite economic conditions). Intelligent entrepreneurs decide early on which business to focus on and whether or not that business is feasible in the changing industry or even necessary. Choose your passion, create, and stand out.
