There are many companies doing fine in the face of this recession. Some are in the “right” industry, some have a “killer” product or service and some are thriving by design.
Companies that have the ability to weather and thrive regardless of the economic cycle have some common characteristics.
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Characteristics To Thrive
1. Characteristics to Thrive in Any Economic Cycle
by Tom Stocker
It may sound a bit cliché or premature for As the business grows and becomes
many companies, but successful, the owner must be able to change
there are many her style to a more participative approach to
companies doing fine in foster outside ideas and for the business to
the face of this recession. continue to grow. Employee empowerment
Some are in the “right” is a powerful tool and must be encouraged to
industry, some have a develop the workforce at all levels. As the
“killer” product or company grows and is able to afford it,
service and some are results-oriented professional management
thriving by design. should be employed along with a
participative style. I have observed these
Companies that have the ability to weather two styles are not mutually exclusive as the
and thrive regardless of the economic cycle most successful firms are actually a blend of
have some common characteristics. the two. In some circumstances and over
However, every company will most likely time, a complete change of leadership is
experience downturns or some crises that necessary and the company must be open to
may threaten its survival. Company culture that possibility. Generally speaking, 85% of
determines how it is able to prepare and all personnel will have changed in
react to the event and is key to companies older than ten years.
understanding why some companies thrive
while others survive or die. The ability to change and adapt is very
important to feed growth. Growth is the
The measure of a company’s ability to last is measure, but if a company doesn’t have the
growth. If a company isn’t growing it is ability to reinvent itself over time it will
dying. But growth has many moving parts, eventually disappear. This continuous
and in and of itself is not a readily improvement characteristic is extremely
identifiable characteristic. In other words, important, but change must be controlled by
growth is the result of a company’s culture having a proactive rather than a reactive
and other significant characteristics to approach to everything the company does.
support it. Using a strategic plan, annual budgets and
forecasts help the company understand
Arguably the most significant of these
where it is going and keep the team focused
characteristics is leadership. There are
on the goals. The leader or leaders of the
many nuances to this characteristic, but style
company must be willing to change the
is at the top of my list. There are many
vision and plans to adapt to new
styles of company leadership which are
opportunities, situations or circumstances.
more indicative of the age of the company
A proactive approach generally provides the
than of the leader herself. An autocratic or
environment for reaching the best solutions
command and control style may be
and direction. Firefighting and heroics are
appropriate for a young company or a
costly to the business and have no place in a
specific crisis, but generally is not
proactive environment.
sustainable for long-term success.
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