The Economic Slump Making You Feel Like Youre In A Vise? Push Back
By Linda Koco
There is an upside to the economic downturn that is rattling our country. Its the creativity and innovation of business leaders who feel squeezed within an inch of their business life.
As one of them told me not long ago, “We came up with this plan because we had to do something. We felt we were working in a vise, with expenses rising sharply on one side and payments slowing drastically on the other. That pushed us to find a way to push back!”
That particular business owner was beaming as he said this. You see, the “something” his firm started has begun to bear fruitin the form of some new orders.
Well look at the strategy in a moment. First, let me acknowledge that the accounting talk does seem to be a few steps away from the everyday issues confronting insurance product developers and marketers.
It seems to be, but it shouldnt be, for the accounting of a products financial life can point up the devil in the details. It can prod you to do a strategic overhaul thats long overdue.
That brings us back to the beaming business owner above. His company got squeezed, and he responded.
You should know that he is one of many business people Ive spoken with in recent weeks who are taking similar steps, also with some early signs of success.
Some of these people are from the insurance sector. Many others hail from other industrieshealth care, finance, real estate, communications, education, software, widgets, and more. Yet all seem to speak with a common tongue when it comes to bucking the economy.
A common tongue, did I say? How about a common strategy! Again and again, I am hearing that, to begin the turnaround, these businesses had to do the following:
–Assess the companys current position with a very clear eye.
–Find new expertise, services, skills, etc. that the enterprise acquired in recent years and start marketing them like crazy.
–Push the product innovation button hard.
Is that a recipe for instant success? Hardly. Are the ideas brand new? No way.
However, when you hear some of the thinking behind them, you might find they have more merit than they seem to at first blush.