RECESSION-PROOF YOUR BUSINESS WITH INNOVATION

2.1.2009

4. Solve Your Customers Pain

During a recession, your customers will probably reduce spending, especially on discretionary items. But they may be willing to invest in products or services that eliminate their pains. Problem solvers are in big demand always. If their pain is the need for cost containment, how can you do it for them - and take a slice of the action? What pain do you solve? Or how can you make your customer aware of a pain that they may not have noticed? Learn more about why solving a pain is more powerful during any economic condition. You may also be interested to learn why the ATM machine was headed for failure until it was seen as solving a specific pain.



5. Fail Cheaply

If you are truly innovative, you will fail. If you don't fail, you are playing it safe. Therefore, if you are going to fail, fail cheaply-this is not the same as failing fast. To fail cheaply, you must embrace the build it, try it, and fix it mentality. Build out your idea as a small experiment. Implement it. Learn from the experience. Learn more about the build it, try it, and fix it approach.



6. Before You Can Multiply, You Must First Learn to Divide

In Asia, they use a great expression, Before You Can Multiply, You Must First Learn to Divide. The idea is that if you want to grow your business, you must learn to partner with others - and give them a slice (and a vested interest in YOUR success). This means you take a smaller slice of a bigger pie. With the economic downturn, this philosophy is even more appropriate. People are now hungry for new money making opportunities. When you help others make money, you make money. Read more about this powerful, yet simple concept.




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