Since the financial crisis began to bite in the business world, we have seen numerous examples of different strategic responses. PROBANA Business School looks back on which strategies have proven to be the most viable in the new economy
It is an indisputable fact that the most common strategic responses to the financial crisis have been massive cuts and downsizing across all industries. The majority of businesses life have chosen to pull in their horns, cut back on as many resources as possible, gone into a stand-by mode, and simply been waiting for the crisis to pass. But what if the prophets are right and the crisis is not going to pass? What if "the crisis" is not a crisis, but a new and different reality that we must learn to navigate and do business in?
If this is the case - which many factors indicate, the stand-by companies are in for a huge surprise when they wake up from their sleep mode. Because while they have been inactive, other companies have seized the "new situation" and instead increased investments in business and product development, increased training of managers and employees, and increased focus on the customer and value chain. The business guru Geoff Colvin has analyzed a number of companies and found that those which have increased growth and been successful through the crisis, are the companies that have used the latter strategy.
If a company is stuck in the "old economy", it should therefore consider whether it still believes that the way to success is through savings and reduction of high-value disciplines, such as Human Resource development, marketing, training and skills development? Yes, this is a rhetorical question. Because the answer is, of course, that if you want to achieve success in the new economy where the fight for resources is tougher than ever, you must go all the way and be willing to invest what is required, in order to meet the new demands and provide customers with the value that they require.
Has your company gone into a stand-by mode or do you lack competencies or a management that can take the lead and show the way into the new economy? Then start by getting the right competencies and newest tools and become dressed to create the conditions for a proper development in your company.
With a Mini MBA from PROBANA Business School, you will expand your horizon, develop your skills and your network. The programme is constructed in cooperation with the country's best teachers from higher academic educations and the top of the Danish business world. The Mini MBA will provide you with the latest trends and tools that can lead your company safely into the new economy.
Read more about the content of the Mini MBA and the various management disciplines at http://www.scandinaviabusinessschool.com/
Probana Business School Education Mini MBA HR Management