Through Guy’s Eyes – How to thrive in a bear market
Thriving in a recession – sounds like an oxymoron, doesn’t it? And yet some companies are managing to do just that.
What’s their secret? It’s simple, really. In the face of tough times, successful organisations choose fight over flight. In other words, they press on the accelerator rather than slamming on the brakes.
That can be a difficult action, because we’re often instinctively cautious. This instinct is exacerbated by the low energy that pervades during a recession; can-do seems to diminish in exact proportion to the rise of anxiety, and you’re left with a workforce whose fears for their long-term prospects lead them to disengage.
Slamming on the brakes when you’re in this situation is only going to make matters worse. Think about it this way: imagine you’re driving a front-wheel drive, and you hit a skid. If you slam on the brakes, you’ll find yourself in deep trouble. Hit the accelerator, and you’ll be able to power out.
How to power out of your recessionary skid? Get your people energised once more. Get them fully onboard and engaged. This will encourage them to raise their game and, in so doing, ensure the company maintains top performance.
Our experience with over 130 projects has shown us that accelerating out of difficulties is the best way to counterbalance the effects of a tricky economy. It also brings the opportunity to establish yourself as the only choice in your industry. After all, people don’t stop buying products and services in a recession. The difference is that they buy from organisations that are flourishing and strong.
Remember that when you’re facing economic turbulence, so too are your competitors. They’ll also be vacillating between a positive and negative response. The organisation which wins is the one that accelerates faster.
Let us show you how.
Guy Martin is the founder & Managing Director of Blueprints: assisting CEOs to drive growth by increasing the alignment of their people to business goals by 50% within an 18 month period.