The companies that maintain growth in all economies have this one thing in common
It’s been a rough few years for business. Both large and small companies have had problems to work through. It’s no surprise that during the recent economic downturn many companies lost ground or went out of business entirely. Thousands of companies found themselves removing staff to stay afloat. Manufacturing was particularly hard hit in 2001 and 2008, when industrial changes took place that pushed many companies to offshoring and outsourcing their product manufacturing.
Robert Bono, well known business strategist, comments that the “sting of 2001 and 2008 is still too painful for some industrial manufacturing companies to forget. Back then, global economic expansion enticed industrial manufacturers to invest in new equipment and technologies designed to improve factory performance for themselves and their customers. When markets unexpectedly crashed, they paid a steep price for having bought at the top of the cycle.”
Those companies lost money and lost clients and customers in an economy that was—according to most, volatile. It’s not a big surprise that they were not doing their best sales in such a time. Still, there were companies that grew during those troubled times and flourished despite an economy that was essentially a death knell for many others.
The question arises then, what do those companies that gained ground and maintained a reasonable growth have in common? They share traits that all companies that grow and prosper in any economy share. They are innovative and exciting. They provide quality customer service and quality products.
How do they accomplish that?
They engage and keep the top talent in the industry and they are not afraid to hire new talent that presents itself in any economic situation.
The companies that are seeing growth in any economy are all doing one thing. They are hiring top talent and they work hard to keep them engaged and happy in their job. That talent, in turn, works hard to keep their customers engaged and happy.