Thursday, January 29, 2009

Tackling Recession With Comraderie

Every problem is a hidden opportunity. Recession is a challenge in itself. One could fume and fret over it or get into proactive action depending upon the DNA of the person heading the company or the board of advisers who flank the top management team.

Alacrity in business could lead to certain business advantage for the company. The company is equipped with skilled staff who are a potential repertoire in themselves. And the truth is evident that Human Potential has no bounds, so all the things get skimmed to the mindset of the leader. To accept defeat from the situation or take it as a challenge to hone the disaster management prowess of the company.

If you take any case study of successful business conglomerate you find one thing in common, they dont wait for disasters to happen and they continuously churn their businesses by exiting non-profitable businesses and entering sunrise sectors on the go so they diversify their risk to the effects of business recession. Similarly having geographically dispersed global business is another hedge to the ills of recession. This could be called the self renewal of the organization. GE,Kingfisher,Reliance all exhibit self renewal.

But take heart, there is no age for learning and nothing lost by being the second mover. One needs to constantly be on the learning mode while transacting business.

Use your team to your advantage, instead of firing them make them your assets in distress. Set up crack teams to access geographies and business conditions of various countries and set up a list of potential business venture sites. Set up Center of Excellence teams to do research in the identified sectors about the best practices and the key Success factors. Take the entrepreneurial risk and go for it with the zeal of a high school project intern. You are likely to succeed.

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