Some naysayers believe that business growth cannot be achieved in a down economy. If you’re an entrepreneur or business owner, think twice about allowing that thinking to influence you!
Guess which two major product innovations were launched during other economic recessionary periods?
If you guessed the following two major brands, which are internationally known and sold worldwide, you’re right:
- Windows
- iPod
Of course, the first is a Microsoft Corporation product brand; and the second is an Apple Inc. product brand.
Apple introduced the iPod in the midst of the 2001-2003 recession. And, of course, Microsoft has released numerous versions of Windows, since it was first introduced in the mid 1980s, many of those during recessionary periods.
The point is: If these businesses can launch successful endeavors of such magnitudes during economic downturn periods, perhaps other businesses can also achieve business growth.
After studying the Windows and iPod stories, I concluded that these businesses were not afraid to take risks. Numerous quotes can be found about taking risks; but basically they point to the notion that if nothing is risked, nothing is gained. Taking risks is indeed how businesses find their rewards.
Instead of employers releasing valuable workers during a recession, perhaps they should reevaluate keeping those workers. Employers might want to consider continuing those projects that are likely to return money in the long run, in lieu of shoring up costs in the short run.
I’ve heard some economists echo my thoughts on this. They’re saying that, in spite of these hard times, a business should avoid losing momentum with their talented people and innovative project ideas. When the economy turns around, and it will, it can be next to impossible to keep moving on those innovative projects that have fallen by the wayside.
So go to your employees and use them as the valuable resources that they are. Employees are the ones who perform those jobs every single day, and they can see where the wastes and inefficiencies are.
See if you agree. I found this report to be a compelling example. A well-known U.S. company took the risk and listened to its employees. Two mechanics employed with a major U.S. airline company reportedly saved it as much as $300,000 a year with their innovative ideas.
In addition to employee ingenuity, most employees today understand that this is a difficult economy and that sacrifices have to be made by everyone. Here are some practical ideas to help manage for business growth during these tough economic times:
- Look at your business and decide how you want it to look in more normal times.
- Ask yourself: What projects will be valuable?
- Determine which people you want to see remain with the company.
- Ask employees to share their ideas for saving on wages, reducing costs and for other ways to reduce spending.
- Rethink how you market your products and services. For example, a massage therapist might market his or her services as stress-relieving experiences, instead of marketing those expensive weekend-long, pampering-spa experiences.
Finally, just say "later" to naysayers and those who predict that business growth cannot happen during an economic recession. Most of all, remember your valuable employees and the keys they hold. Involve them in your decision-making and business-growth idea processes.
You can often find that when employees have a stake in helping you succeed, innovative thinking will drive their behaviors in ways that can result in business growth, even in these hard times.