During a recession it’s normal to be fearful of what the future might bring. Massive changes like what we are facing can cause people to reach out in many directions just to keep their business afloat. Sometimes these ‘solutions’ are no better than rolling a dice, pulling a slot machine handle or playing bingo. They seem to offer a quick fix of cash but they are not long term solutions.
Or we get paralyzed with fear and wind up doing not much of anything except worrying about how bad things are getting.
Both responses can make a bad situation worse.
While it’s tempting to make massive changes during times of transition (it feels good that we’re “doing something”) a better solution is to maintain a balance.
Think of a person who wants to lose weight and be healthier. They try every new fad diet that comes along. By doing so they risk abandoning whatever healthy activities they were doing in favor of something new and unproven. They lose the benefit and results of what works.
As we face a challenging economy this year, many of us will want to try new things. And that’s good. New problems require new solutions. But the first step is to evaluate what tools you already have that can continue to help you be successful.
What have you done in the past that helps your organization be successful? What strategies or activities succeeded? As you look at these, ask yourself, are they still relevant in this new economy? Does it seem likely they’ll still work?
Please note, I’m not suggesting you necessarily do more of what used to work. Quantity is not a substitute for quality. These days many companies are going overboard on mailings and telemarketing. They fear the success rate on these activities is dropping so they do more to make up the difference.
It reminds me of the old saying about selling cars: “We lose money on every car but we make it up in volume”.
What I am suggesting is that you take a hard look at the basics of running your business and keep doing what makes sense.
For example, you still have to provide a product or service. So reaching out and talking to people in your markets makes sense. The more relationships you can build and strengthen, the better you can weather this economic storm.
What other fundamental activities have worked in the past for you? Are they still effective? If so, make sure you keep doing them, as long as they serve your organization.
Remember, this is a time of transition and opportunity. The successful people of tomorrow are those who use today as an opportunity to learn how to do better.
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I completely agree with your comments. It does seem like directly things change significantly, such as the recession, people panic and do desperately search for the new ‘make it work fast’ scheme. As for the ‘tried but true’ methods of business, I believe that the basics such as improving and maintaining good customer service is so important during any change of this kind. As you mentioned, we have to do what makes sense…there is no quick fix.