If we've learned anything over the past couple of years, it'ssimply that nothing is easy. No matter what the product or theindustry, doing business - and staying in business - is nopicnic.

|

And, that may not change much in the next year or so. In spiteof a few hopeful signs, most Americans seem to think that a coldeconomic winter will be around for a while.

|

While the state of the economy sets certain parameters, we doourselves a disservice if we believe that it necessarily determineswhether we succeed or fail. John and Peter Greene came back intothe ground transportation business just as the recession hit andcorporate travel was being grounded. Not surprising, many limooperators were in trouble. Yet, John and Peter Greene's newcompany, ETS International, which serves the Greater Boston market,went from zero to 60 in nothing flat and has shown enormous growthin 2009 and has even attracted experienced investors.

|

The reason for such success is simple - incredible focus, indepth experience and a vision of what can happen if you work at ithard enough.

|

There are other qualities that can contribute much to businesssuccess, no matter what's happening in the economy. Here are 12 ofthem:

|

1. No one is exempt when it comes toperformance. Few CEOs earned more respect than A.G. Lafleyof Proctor & Gamble. For years, he was an icon of Americanbusiness if there ever was one. During his lengthy tenure thecompany's revenues doubled, for example. But when the 2009 numberssagged, he was sacked. It's the same story with Bank of America'sCEO Ken Lewis who literally built the first truly "national" bankin U.S. history. But when BofA hit the wall, he was history.

|

The recession pushed performance to the top.

|

2. Unsupported action leads to disaster. Duringthe recession of the early 1980s, Coca-Cola panicked as its 52percent market share plummeted to 24 percent. In response, thecompany threw out its 100-year-old formula and came up with a tastemore like that of its rival, Pepsi-Cola, in an effort to stop itslosses. It's still known as the dumbest decision ever made by acompany. After three months, the old formula was back and it'sstill known as Classic Coke and Coca-Cola was ready to regain thelead.

|

The failure to think through the implications of decisions canbe costly.

|

3. Perceived value is real value. Even in themost difficult of circumstances, experts often advise against majorprice-cutting and advocate a value-driven strategy. Hyundai, theauto manufacturer, is amassing new customers with its value, safetyand 100,000 mile assurance program. It was the same with Applebee'srestaurants. When their customers dropped down to fast food,business sank. But Applebee's responded with a value offering "twomeals for under $20" that is pulling back lost customers.

|

4. Urgency is in. Not long ago, someoneoverheard an employee say, "Well, the customer just needs tounderstand that...." No matter what we may think, that's a killercomment, as are these: "We can take care of that tomorrow" or "Dowe really need to do that?" Urgency is often the edge that attractscustomers.

|

5. Never listen to those who think they have all theanswers. Anyone wanting answers should spend their timelistening to talk shows. What they won't hear, however, is anyoneasking questions and it's questions that uncover problems and helpmake improvements.

|

6. Doubt your perspective. When urged to changeGeneral Motor's corporate deeply-inbred culture, its former CEO,Fritz Henderson, is reported to have said, "But that's all I know."This candid response told the story. He and his management teamwere prisoners of their own perspective. Under a new CEO fromoutside GM, they were quickly replaced.

|

To one degree or another, we're all prisoners. To makemeaningful contributions, we need to set ourselves free.

|

7. Watch out for the subversives.These people are skilled at undermining and derailing action.They'll do just about anything to avoid getting things done. Usingclever delaying tactics, they put on the brakes and they alwaysfind an excuse for not getting around to reviewing a project,preparing a proposal or following up. They're in everyorganization, from top to bottom and particularly in between. Theycall meetings, not to get things moving, but to stop anything fromhappening.

|

The best solution is to help them find a job with acompetitor.

|

8. Encourage customers to pick your company's"brain." Every business has proprietary information thatmust be guarded. At the same time, sharing ideas, insights,experience and helpful information is one of the most effectiveways to draw prospective customers into a company's orbit. Whitepapers, newsletters and timely bulletins are the tools forcommunicating value to prospects.

|

Yet, companies turn off prospects without knowing it. Today, Ireceived six emails offering reports or information that caught myinterest. But when I went to "click here," the free offer wasconditional. In each case, I was required to providecomplete contact information, including a telephone number inseveral cases. The message was clear: the offer was simply baitto get what the company wanted. At the same time, its valuewas totally diminished.

|

The goal is to impress the customer with what you know, notdrive them away by taking advantage of them. There's no need tohogtie prospects when the power of your information will pull theserious ones to you.

|

9. Watch out for bandwagon thinking. Amarketing consultant tells of a meeting where the sales managersaid the company needed to get into the social media or be left inthe dust. Although he was making an important point, it's also"bandwagon thinking. And it's dangerous because it's seductive,taking our minds off reality-based issues.

|

A few years ago, email "blasts" were the "answer, with companieswasting billions of dollars on endless lists and frenzieddistribution - all with little or no results. And before that itwas fax "blasts," which produced equally dismal results.

|

The consultants often do their best to make us feel we'reout-of-date if we don't move instantly - and buy their services. Toavoid embarrassment, we sign on.

|

The way to avoid such costly traps is to do your homeworkfirst.

|

10. Require transparency. Obfuscation is outand transparency is in. Whether it's a company or a person, privacyis an illusion. There's no way to hide. If we say it, do it, writeit, e-mail it, text it or post it, someone will find it -so never be surprised. Acting otherwise, can be a tragicmistake.

|

This means that transparency is neither a moral nor an ethicalissue, it's the new reality.

|

12. We're never maxed out. Although manyresponded to the recession by learning new skills and taking onmore responsibility, most simply caved in and hunkered down, hopingto dodge a bullet.

|

While going through comments about "what the recession taughtme," several ideas stand out:

  • "Leftovers make really great meals."
  • "Security is an illusion."
  • "There's a difference between needing and wanting."

The recession was a "shake up" call, forcing us to realize thatmaybe we just thought we were giving our all.

|

Doing business is never easy, in spite of what some may say. Thetasks ahead may be more demanding than ever and certainty ofsuccess may always be a question. Yet, we have the tools to put atroublesome economy behind us, if that's what we decide to do.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.