The current
state of the global economy has created new challenges for companies all over
the world. This has led to executive
decisions being made out of panic, such as firing quality employees and
slashing important programs. Regardless
of their efforts, many companies have seen plummeting revenue streams,
sometimes being forced out of business altogether.
It may
surprise you, but I actually believe that the greatest challenge in this
economy is avoiding the mistake of blaming everything on the economy. It is easy for managers and executives to
wring their hands and say, “This is the worst economy we have had in 80 years,
and that is why my company has all of these problems.” To a certain extent, they are right. Yet that type of thinking does not lead to
solutions.
What if the
economy never improves very much? Take Japan for example: they have been stuck with
an anemic economy for decades now. Of course I know the tsunami didn’t help
much either. Yet within that environment, some Japanese companies have excelled
while others have withered or accepted the status quo.
Is the sale
of Apple products like the iPad or the iPhone 4G suffering from the
economy? Considering the fact that
people will wait in line for 12 hours to get them, I imagine not. People will wait in line that long to buy
something that they really want.
So how can
you offer something that people will want regardless of the economy? The first step is to wake up and realize that
things will never improve for your company until you do something to make it
happen. You can figure out how to
improve your products or find new markets – maybe even create new markets –
where you can outthink, outsell and outperform your competitors. Is there a problem in your industry that
everyone recognizes but no one is fixing?
Fix it!
Once you
have convinced yourself that new opportunities in a recession are possible, you
just have to convince everyone else with whom you work.
And that is
the real challenge of this economy.
About Curt Finch
Curt Finch
is the CEO of Journyx. Founded in 1996, Journyx automates payroll, billing and
cost accounting while easing management of employee time and expenses, and
provides confidence that all resources are utilized correctly and completely.
Curt earned a Bachelor of Science degree in Computer Science from Virginia
Tech. As a software programmer fixing
bugs for IBM in the early ‘90’s, Curt found that tracking the time it took to
fix each bug revealed the per-bug profitability. Curt knew that this concept of
using time-tracking data to determine project profitability was a winning idea
and something that companies were not doing – yet… Curt created the world's
first web-based timesheet application and the foundation for the current
Journyx product offerings in 1997. Learn more about Curt at
http://journyx.com/company/curtfinch.
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