Today’s economy is forcing many companies to take a hard look at who they are and what they do. Some will need to reinvent themselves to survive these tough times. But most just need to get back to rediscovering their company’s inner core and roadmapping an action plan to stay there. Here’s three places to uncover what’s most essential:
- Find your company’s purpose. Don’t focus too much on spreadsheets and data. Try to figure out what your company stands for. Most great and adaptable companies have a purpose that is larger than their products.
- Don’t (necessarily) mess with your business model. Struggling companies often try to revamp their business models. If your customers still have a need for the business youre in, you may only need to re-commit to your business model rather than reinvent it.
- It’s not just about growth; it’s all about sustainable growth. Focus on quality growth — the kind that comes from your most valuable customers. Companies that grow for the sake of growth rarely survive a downturn. Growth should be driven by quality, not quantity.
