Ok, so I think it might be safe enough to raise our heads above the parapet and to openly talk about a recovery. It’s time to believe that the light at the end of the tunnel is within touching distance. For the vast majority, the recession has been a grueling slog, both personally and in business. It’s been a very long seven years but if the past 6 months or so are anything to go by, then hopefully we are nearly out the far end. Of course this blog post may be completely redundant if what’s happening in China at the moment manages to causes a complete global meltdown, but hey, lets indulge ourselves for at least a little while.
No one will argue that the recession has left a wake of destruction in its path but, whilst we we should learn from it, we should NOT dwell on it. The past seven years has also taken many causalities but for those who have managed to drag their business through it, (kick and screaming no doubt) we should first and foremost say well done and take stock. We may be battered and bruised but by now we should all be in a position to build from what we have learned. Fitter Faster Stronger so they say!
So what have I learned and how can I use it to my advantage in business? Because it’s the end of the first month of a New Year I decided to have a look back at the darker times and see if there are lessons that we could be, or that we are, taking advantage of in 3D Design Bureau.
#5) Be Agile. Most companies scaled right down to the bare bones during the recession. If you are still at this stage then the best weapon you have is agility. Responding to clients is easier and quicker and this quality is what will help growth in your business. But make sure to stay agile when you do grow.
#4) Loyalty. If we didn’t have any clients/customers during the recession then all of us would be out of business. Every company had loyal customers and clients during the recession who were able to throw them the scraps they had, while probably just surviving themselves. Don’t forget them as the good times role around especially if THEIR plans are to remain small is stature as you grow. They were giants back then!
#3) Experiment. During the recession we were all forced to experiment with new ideas in order to survive. Lots of mud was thrown at the wall to see what stuck. If we can do it while running on empty then surely we can do it when things start to get a bit better. Don’t become too busy to look to the future and to safe guard against threats from the economy and indeed technology. More irons in the fire and make sure to keep abreast of trends in your industry.
#2) Collaboration & Alliances. I can’t speak for anyone here but for us we never really looked at this during the party years. We were invincible after all and didn’t need anyone! Well that attitude very quickly changed during the recession when everyone was scrambling for scraps on the ground. We did what we could to survive and for some that meant new partnership. Already this year we are in the process of forming partnerships with two separate but complementary companies. Why? Because it makes perfect business sense. A quick and safe way to scale up your business, crossover business and an immediate expansion of your network. There are so many advantages and providing that it is an open, loyal and honest relationship it’s a no brainer. One thing though, don’t hide the alliance from clients.
#1) And the Top Lesson To Learn……Don’t make the same mistakes again! It might be an old cliche but so many don’t heed it. We can’t fall into the same trap. If we keep doing the same things we will continue to get the same results. Let’s not forget what happened during the big party because we may not be able to stomach the hangover next time around.
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