Can only cost reduction and other shrinking approaches help organizations to survive and rescue from this situation? It’s a wise idea to think about it and seek alternative approaches to bring an organization out from the crisis situation. How about re-align the organizational business strategies to drive the organization in to new direction. Will it be help to convert an organization to a healthy state?. Someone can argue that it is a high risk approach in period of recession. But, economic crisis is also a cyclic incident can happen over a period of time & then back to usual progressive state. Most of the business/or products also following the similar cycle by having a continuous/alternative growth from it’s startup stage to maturity stage and then go in a gradual declining stage.
How can a business overcome above situation? What strategies can be implemented to avoid the declining stage? What will happen if introduce an alternative/enhanced product or change the business direction of the organization? Mostly it will change the life cycle into similarly as follows, if the management takes the right decision at the right time.
Why can’t an organization have this re-alignment/reengineering approach to make a turbulent business environment to more stable one?
Let’s think about new business opportunities which can generate over the crisis situation. For example, what are the possible opportunities available for a project based IT organization?
Instead of looking for new IT projects using the traditional way, organization can introduce options for client to have a Re-engineering project (BPR) to the client organization after detailed business analysis to eliminate wastage & improve productivity. After this analysis project, the analysis report can contain various recommendation & improved procedures including IT Solutions. This will ultimately create a new business opportunity to the service providing organization.
Why organization cannot change the organizational product strategy to develop an innovative system to measure & monitor power consumption of office equipments, rather than propose to replace the existing asset management system?
What will be the impact, if propose a new marketing survey solution to the client instead of proposing a traditional advertising web site?
If an organization really uses their “Think Tank” and the creativity of the staff, it may explore lucrative new business opportunities in the similar way.
Only difference is the way we look at the problem, the way we understand it & the reality, if we are capable enough to tackle it properly, it may ended up with making this economic turbulence time into a business paradise.
