Difficult Times are good and Bad as well . as they give us time to introspect , this time brings difficult problems which generate rare opportunities for Revival. Every international & national report is stating Economic Slow down. In this time revenues fall, cash depleted, labor unrest happens. The only common thing everyone thinks is “ Cost Cutting”.
Cost cutting normally happens with undue expenses , cutting inventory or travel expenses etc. during this time we forget to look carefully at the potential profitable & growth areas which are being overlooked.
For the top management , Its very difficult to change the fundamental business process when everything is Normal, even though they are knowing that it will create significant improvements eventually. The studies reveal that at difficult times, Employees , Customers &Suppliers are most receptive to change.
Innovate different processes where customers’ profitability can be increased as at this time they are desperate to increase their profitability . They will be unusually receptive to new way of working. This not only helps customer but you too can control cost by understanding your customer pattern of work. Difficult times give you an opportunity to improve value proposition for your customer. you ultimately end up having a strong value added relationship with your customer.
Normally all revenues are considered equal in difficult times. It’s not always the right approach because this is the time you need to figure out your most profitable ventures / products /processes . There are some products which don’t fit, there are some customers those don’t Fit. You will find a lot of accounts/ products/services giving you best of the profitability are being ignored !! Redefining the profit is essential matter , profit does not lie in end deal that is sale , Some of the profits are hidden in strategic move, processes and in purchase mode also.
In short, This will give you clear picture of profitability part of your organization & it will show where this is under water.
A phrase says “ you need to innovate when you need not to “ , in difficult times, we focus on short term measures to minimize pain , but this time is giving an opportunity to change the organizations for lasting impact. Now it is the time to be creative & proactive. Create some strategic innovations in service, process etc.
Difficult economic times always bring a few opportunities to drive lasting change in your organization.