I’d like to share a story about two very similar companies in the same line of business. When the economy struggled last year, one company cut back and laid off workers. The other company started a new service that helps people who have upside-down mortgages. Which do you think is doing better right now?
I realize that this example doesn’t apply to every company, but I mention it to make a point: When the economy shifts, opportunities shift as well. Many businesses tend to take a very defensive approach to economic problems. They cut back, cover their heads, and wait for the problems to blow over.
I believe this mindset must change. Instead of moving into “survival mode”, look for ways to capitalize on new opportunities. I recently read an interesting article entitled, “How to survive and thrive during a downturn,” which mentions this point. Oftentimes, a troubled economy is the perfect time to advance because your competition is standing still.
For example, here’s a company that fought the bad economy with technological advancements aimed at driving revenue. Instead of simply weathering the storm, they forged ahead. The result: They opened up a new revenue stream and better positioned themselves for an economic recovery.