In times of economic uncertainty, successful companies take calculated risks to reinvent themselves and seize fleeting business opportunities. Companies that make strategic adjustments and?take calculated risks during economic downturns
?set themselves up for future growth and profit.?
From Disney launching its Mickey Mouse comic strip at the start of the Great Depression to more recent examples of Netflix building its video streaming service during the Great Recession:?
- Understand your current position: In times of economic uncertainty, it’s important to review the?basics of your business
and understand your customer’s wants and needs, competitor strengths and weaknesses, and value propositions.?
- Envision your future state: Determine your vision for the future and your actions to move toward that vision. Has your current position changed aspirations for the future, and how will things like economics, technology and culture shape this envisioned state??
- Assess your capabilities: Reaching your future state requires mature capabilities across people, structures and processes, as well as information, technology and metrics. Review current skills, areas for development, and how you plan to measure success in the future.??
- Look for business opportunities in today’s economy: After assessing your internal capabilities, examine external circumstances and find hidden opportunities. The opportunities hidden in an economic downturn are often fleeting, so it’s important to stay vigilant and act fast.?
- Create a roadmap for tomorrow’s economy: What works for your business now may not work later. Use today’s market “downtime” to plan for your business's future
. Look at industry trends and technologies while working to understand how you can balance continuous improvement with innovation and agility.?
Your company’s success depends on your ability to take advantage of opportunities despite uncertainties. Another thing that’s certain: If you’re not seizing opportunities, your competitors are.?
