“It was the best of times; it was the worst of times…” The words of Charles Dickens are a fitting description of today’s business climate. But with difficult times come opportunities if businesses are only willing to stretch their thinking and reexamine old business paradigms.
These are unprecedented times for business. On one hand, businesses struggle to manage their cash and keep the doors open. Some markets have seen declines in sales of over 70%. Money for projects or expansion is tight or not available at all. Rest assured all businesses are facing some type of economy-related challenge.
Though these are unprecedented times, there are opportunities to be found in the chaos. Firmly entrenched business allegiances are shaking loose from the pressures of the poor economy. As some businesses hunker down to weather the storm, service and quality may suffer, leaving the door open to forge new business partnerships.
The new business paradigm is about resolving problems for both supplier and customer. It’s not enough today to just deliver a product at a price and collaborations can yield surprising results. Here are a few ways you might take advantage of current opportunities.
Helping a customer or supplier doesn’t always have to cost you money. In fact many of the suggestions above can also help your bottom line while helping to build a healthy and profitable business relationship with both customer and supplier.
If you’re planning to survive and be successful, you’ll need to do more than hunker down and wait for business to get better. Because while you’re waiting, your competition is busy looking for ways to help their (and your) customers.
These are unparalleled times, and they may not return in our lifetime (thankfully or unfortunately). The future belongs to those that recognize and pursue those opportunities within the chaos.