The sub prime bubble burst three years ago. If you are among those who are still fearfully watching the fallout know that others have learnt their lessons and have moved on. Remember smooth seas do not make skillful sailors. ‘
In fact, the downturn threw into sharp relief all those things you should have been doing (but never did) even when there was no downturn to scare you silly. A few learnings of industries over the last two years have been summarized below:
- Tweak your business model but don’t cut down on marketing innovation
- Stay with your long term goals
- Exploit your strengths
- Keep a tight rein on costs by running your business efficiently–keep positive cash flows
- Do not push profits at the cost of stability
- Invest in a few strategic things that will help you maintain your balance in differing environments
- Never expand in a fractured market using debt
- Treat employees as partners in your success at all times
- Network with your customers constantly–your business depends on them
- Advertise your products aggressively all the time
- Keep watch on your competition and their product strategies but do not imitate them-learn from their mistake
Maybe we should say with John Heywood:
“If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circumstances may seem to be.”
John Heywood quotes (English Playwright and Poet, 1497-1580)
