Use strategic agility to face the economic downturn/slowdown

The world is in a global economic downturn/slowdown. The retail industry can see signs of a sharp pullback in consumer spending habits. We read and hear about bad news from morning till evening. Every day the newspaper talks about pink slips and bailout issues. I don’t want to list the bad news in my blog, however you may go to any news website for that kind of information.

Most companies are looking for cost cutting measures to stay afloat during this time and wait for things to get better. Most companies have shelved their growth plans. The problem is nobody can predict a trend and hence corporate planning has gone for a toss. The current downtrend may go on like this for another 3,6 or 10 months, or maybe for another 1,5, or 10 years... who knows!

So the question is what do the corporate do when they don’t know what to do? Do they wait for the eventuality to happen? Would cost cutting help them survive…forever?

I think it’s time to use strategic agility to face the economic downturn/slowdown:

1. Plan and go for long term growth.
2. Be agile in your approach. Be proactive (not reactive) to the economic indicators and market trends.

Let me illustrate an example from our real life:

1. Let’s say we are to party with our friends at the beach and grab some beer (this is a business objective to make profits and grow).
2. We reach the beach and park the car. We don’t know where our friends are on this huge beach so we call them for directions (this is the economic indicators and market trends).
3. Our friends are on the move looking for a good spot to settle down (this is the changing market trends).
4. We have two options,

First, to wait till they settle down and then go meet them, but that might be too late (half the beer may finish by the time we reach there). Second, to find the current location of our friends and start moving in their direction (we have to walk anyways). Proactively calling them to find the new current location to alter our course and meet them sooner (than the first option).

What I suggest is to take the second option in this period of economic slowdown. Don’t let this recession ruin your business, think about the opportunities, follow the market trends and invest in the right growth plan. This will enable you to come out as a winner when the dust settles down and you’ll be much ahead of your competition.

Success does not happen in isolation

There was a farmer who grew superior quality and award-winning corn. Each year he entered his corn in the state fair where it won honor and prizes.

One year a newspaper reporter interviewed him and learn something interesting about how he grew it.

The reporter discovered that the farmer shared his seed corn with his neighbors'.

"How can you afford to share your best seed corn with your neighbors when they are entering corn in competition with yours each year?" the reporter asked.

"Why sir, "said the farmer, "didn't you know? The wind picks up pollen from the ripening corn and swirls it from field to field. If my neighbors grow inferior,

sub-standard and poor quality corn, cross-pollination will steadily degrade the quality of my corn. If I am to grow good corn, I must help my neighbors grow good corn."

The farmer gave a superb insight into the connectedness of life. His corn cannot improve unless his neighbor's corn also improves.

So it is in the other dimensions! Those who choose to be at harmony must help their neighbors and colleagues to be at peace. Those who choose to

live well must help others to live well.

The value of a life is measured by the lives it touches.

SUCCESS DOES NOT HAPPEN IN ISOLATION. IT IS VERY OFTEN A PARTICIPATIVE AND COLLECTIVE PROCESS.