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Be The Last Player Standing
11-Dec-2008
This newsletter is a summary of a recent article Professor Jeffrey Pfeffer of Stanford University wrote - "The crisis facing business: Succumbing to the madness of the crowd"
Even in the worst economic times, there are companies — and industries — that arise, grow and prosper.
According to research, downsizing a company does not lead to increased productivity, profits, share prices, or innovation.
You can’t control the macro-environment, so don’t try. Smart companies understand that the best time to gain market share is when your competition is retreating.
People are still going to eat, shop, drive, use energy, travel, invent, work, and engage in financial transactions.
During the late 1970s and early 1980s, in a severe economic downturn - Apple introduced the first PC in 1977. IBM launched its own PC in 1981. IBM began its operations during the 1930s depression.
No frills airline Southwest Airlines, began in the early 1970s and has posted profits for 35 consecutive years. They did not lay anyone off after the World Trade Centre attacks - did not cut capacity - and have maintained their commitment to customers and employees.
A sound balance sheet and sustainable growth strategies will give you the financial flexibility to grow market share when the competitors are retreating.
If you provide the most compelling brand promise to your target market - and fully engage your workforce - you will be the last player standing.
Unless your industry is going to disappear, that’s a good place to be!
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