With all the uncertainty in the marketplace and the risks of a double-dip recession, I thought this was still very relevant. It is Succeeding in the New Economic Environment – Focus on Value, Opportunity & Speed from IBM's Institute for Business Value. In the study they have identified three major strategies for organizations to thrive amidst the economic upheaval. I think these make a lot of sense for all businesses, regardless of size. Here they are:
- They focused on value – Across the board, these companies did more with less, focused on their core offerings and had a comprehensive understanding of the needs and wants of their customers.
- They exploited available opportunities – Winners captured share by taking advantage of weakened competitors, acquiring bargain-priced assets and focusing on growth markets. They invested in innovation and built future capabilities. And they changed their businesses through understanding their place in the new economic order, pioneering new approaches and partnerships, and taking advantage of new revenue models.
- Winners acted with speed – They managed change, empowered their leaders, reduced risk and increased transparency.
Some very similar themes were featured by Harvard Business Review and covered in a prior post over at CPA Success, titled How tp Beat the Odds and Roar Out of the Recession.
You can Download Succeeding in the New Economic Environment to see the three strategic initiatives recommended under each of the three strategies – think of it as your “map” to navigate the whitewater economy (I used Mindmanager by Mindjet to create the map).
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What can we learn from large corporations from CPA Success