Adaptability: How to Survive in Today’s Business Climate

There’s no getting around the news—foreclosures, bailouts and breathtaking stock market swings. It’s real. It’s upon us. It can be scary.

Though we can’t control the economy, we can control our perception (and reaction) to it. Every crisis creates a positive by-product—opportunity. It’s more important than ever to think creatively and adapt “on-the-fly” to seize those opportunities. Companies that do so will thrive, even during the most challenging times.
Here are some survival strategies for tough times:

Don’t Panic. Be a Leader.
Fear plays a role in the ups and downs of the stock market. Don’t let it create the same volatility in your business. Plan ahead based on facts, not fear.

Think of yourself as captain of the ship. With stormy seas the crew (staff) and passengers (customers) look for leadership. Define flexibility with your actions. Others will follow suit. And don’t sugar coat any problems. Use clear, consistent and confident communication.

Make “Recession” Your Call to Actionr
Hard times breed efficiency. Take the time to fix the inefficiencies you’ve been putting off. Also re-evaluate your direction. Be realistic about the situation as it is now, not what you projected months ago that it would be.

Retain Your Best and Brightestr
How? Communicate more with staff and vendors. Acknowledge the situation. Communicate your expectations. Seek advice. Uncertain times make people seek security and reassurance. They’re unlikely to jump ship, especially if they feel like part of a team.

Now is not the time to skimp on customer service. Like your staff, clients need to hear from you. Whether your customer service is awe-inspiring or plain aw-ful (be honest), what’s one action you can take to “wow” a client? Flexible payment options? A bonus offer? Do it. Don’t give your clients or prospects any reason to say “no.”

Adapt by Not Adaptingr
Contrarian? Perhaps. But, you don’t need to reinvent the wheel to be relevant. If relying on your “meat and potatoes” is what works, why “fix” it. Maybe you already offer something that just needs tweaking. What service or product is it time to blow the dust off of?

Also, don’t assume prospects aren’t interested because “times are tough.” The services or products you offer (or want to) may be more relevant than ever. You won’t know unless you try.

Use Your Downtimer
If despite your best efforts, you find yourself with unwanted time off, look around your office. Are there unopened tapes/books sitting on the shelf? Use this time to upgrade your skills.

Or, is there a new direction you’ve always longed to go in? Now’s the time to explore it.

Value Your Relationships
The people in your life can be a source of comfort during difficult times. What relationships could you be maximizing, but aren’t?

Remember, we humans are, by nature, resilient and adaptable. By embracing that adaptability and being flexible within your organization, you increase the odds of not just surviving but prospering.