Thriving in uncertainty
Companies can use this technology, including high
performance business notebooks, to improveproducvity 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.
Over the past few years, we have suered 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 acquisions, research, development, and adversingwhile losers cut back
. The message is clear: invest today, succeed tomorrow.
Tips for thriving in tough times
HP Business Answers, in associaon with Intel® and Microso, is all about helping smart businesses usetechnology to improve their business performance. The informaon on the Business Answers website,
Twier 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 soware and 3) theimportance of innovaon, investment and progress during tough mes. The following ps and links aredesigned to help you succeed, whatever the economic climate.
Sales and pricing
Don’t cut prices
. When sales drop, cung prices to maintain volume is an understandabletemptaon. 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 theboom 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 protability 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 reorganisaons, can create new opportunies. For retailers, toughmes create changes in consumer behaviour that could create opportunies for businesses withtheir eyes open.
Look at the whole pipeline
. It’s easy to focus on short
term sales at the expense of long
termmarkeng. Take the longer view. Think about how you can increase the number of opportuniesand their quality.