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Thriving in Uncertainty

Thriving in Uncertainty

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Published by Hewlett-Packard

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Categories:Types, Business/Law
Published by: Hewlett-Packard on Sep 01, 2011
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04/07/2012

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THRIVING INUNCERTAINTYTHRIVING INUNCERTAINTY
 
 
Tips for growth in troubled mesTips for growth
 
in troubled mes
 
The Chinese pictogram for crisis combines two symbols: danger andopportunity. Tough times create opportunities – in fact, many of today’s biggest companies started and grew during periods of economic uncertainty.
This arcle explains how you can do the same.
 
 
Thriving in uncertainty
 
Page
1
 
Intel, the Intel Logo, Intel Inside, Intel Core, and Core Inside are trademarks of Intel Corporation in the U.S.and/or other countries.
 
Thriving in uncertaintyThriving inuncertainty
 
TIPS FOR GROWTH IN TROUBLED TIMESTIPS FOR GROWTH INTROUBLED TIMES
 
It’s an old cliché that the Chinese pictogram for crisis combines two symbols: danger and opportunity. Butthere is some truth to the idea that tough mes can also create opportunies. With smart thinking, theright technology and an entrepreneurial atude to risk, growing businesses can turn the current situaonon its head.
 
Entrepreneurs are more nimble
 
A recent HP survey of 1,000 IT decision
-
makers in businesses with 1
-
50 employees revealed thatentrepreneurs are already taking this approach. Britain’s small businesses are doing surprisingly well. Morethan four out of ve saw their business stay the same size or grow over the last year.The vast majority (90 percent) are opmisc about the future, at least when they look three to ve yearsahead. Britain’s small businesses are IT
-
savvy as well as adaptable. Nearly all of them (96 percent) considerIT crucial to their business growth although some face challenges geng the most from it. (You can readthe whole report on our blog.)
 
Rapid change
 
Small businesses can adapt and change faster than their larger competors and technology helps them tolevel the playing eld. Aer all, they can use the same high
-
performance computers, internet technologyand soware that large companies use.This is because innovaon has lowered the cost of compung for everyone. For example, the price of microprocessors has fallen by more than a hundredfold since 1985
i
. The cost of storage has fallen athousandfold in the same period
ii
. The rst .com address was registered just 25 years ago, about the sameme that Compaq (now part of HP) released the rst portable PC.
 
 
Thriving in uncertainty
 
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2
 
Companies can use this technology, including high
-
performance business notebooks, to improveproducvity and teamwork. Support and advice from technology leaders, such as HP, Intel® and Microso,can help you make smart choices. Investments in the right technology can give you the edge.
Economic turbulence
 
Over the past few years, we have suered a nancial hurricane but as the air clears, businesses get anopportunity to reassess their plans. Tough mes can be seedbeds for growth. For example, TexasInstruments launched the transistor radio during the 1954 recession and Apple shipped the rst iPod in2001, right in the middle of the dotcom crash. In fact, a McKinsey study of the 1990
-
91 recession showedthat successful companies actually increased their acquisions, research, development, and adversingwhile losers cut back
iii
. The message is clear: invest today, succeed tomorrow.
 
Tips for thriving in tough times
 
HP Business Answers, in associaon with Intel® and Microso, is all about helping smart businesses usetechnology to improve their business performance. The informaon on the Business Answers website,  Twier feed, blog and LinkedIn group brings together the trends we have discussed: 1) the ability of small businesses to adapt and change quickly, 2) the availability of advanced hardware and soware and 3) theimportance of innovaon, investment and progress during tough mes. The following ps and links aredesigned to help you succeed, whatever the economic climate.
 
Sales and pricing
1.
 
Don’t cut prices
. When sales drop, cung prices to maintain volume is an understandabletemptaon. However, volume is expensive and it’s rarely a good idea to keep your costs constantwhile reducing your margins. Only one business at a me can be the cheapest and a race to theboom doesn’t help anyone. More importantly, prices are hard to increase again when theeconomy improves. Instead, try to nd ways to increase value to defend your margins and accept alower volume.2.
 
Spend me with your customers
. By focusing on protability rather than revenue, you can spendmore me with customers and make sure that you react to their needs in a mely way. Changes intheir business, such as cuts and reorganisaons, can create new opportunies. For retailers, toughmes create changes in consumer behaviour that could create opportunies for businesses withtheir eyes open.
 
3.
 
Look at the whole pipeline
. It’s easy to focus on short
-
term sales at the expense of long
-
termmarkeng. Take the longer view. Think about how you can increase the number of opportuniesand their quality.

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