At lunch today with friend and marketing expert Brian Massey, we pondered companies we know who seem unfazed by the current mood, and agreed it seems that the best companies view economic downturns as opportunities rather than mandates to hunker down.
Difficult times can certainly clear the mind and shake things up. But some companies to take things further by tightening their core business and strategy and doubling down when everyone else is running for cover.
When I returned to my office I did a quick search and found a great study from Bain & Company describing several companies who deftly took advantage of the last recession by acquiring other companies on the cheap, gaining market share with targeted pricing, and taking advantage of more favorable terms from vendors and suppliers, among other techniques.
Bain’s tips for contrarian growth?
1. Stay focused.
2. Identify your key strengths and weaknesses.
3. Define your core strategy.
4. Maintain strategic discipline.
5. And–if you don’t see early results, reevaluate and be ready to cut your losses.
Even during boom time, the study says nearly 20% of U.S. industries will be battling downturns in any given year. For companies hoping to get ahead during down times, you may not have to wait long: your sector may experience some turbulence-well before the next recession. Great news, right?
So cheer up! Silver linings abound…
Jonathan Gilliam is a interim sales executive for OneAccord and is based in the Austin area. Jonathan has a deep background in business development, market analysis, opportunity development, relationship management and C-level sales. He can be reached at 512.775.7566 or Jonathan.Gilliam(at)OneAccordCorp.com.
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