Good of Bad Times……..

In good economic times, everyone wants to fly or we can say everyone wants to maximize everything they had (the basics of Capitalism). Obama said that it is not the time to get into the discussion of Capitalism but I say it is the correct time to learn the lesson from the aftereffects of Capitalism.

There are always some good of bad times. Truly, it’s very painful stuff for everyone involved, but you eventually get to the other side of it all. There are two way how system changes, one is by the people and another is by itself. When it changes itself it becomes tough for the people involved in it but the outcome might be more superior and satisfying.

One consensus example we hear frequently is the last dot-com bust ( 2000-2001) — the bones of which (cheap fibre and web technology) laid the groundwork for much of what we see today in the web 2.0 world. At that time, everyone wanted to start a web company and make money out of that but because of the access of the people working for the same thing and the process they were following it bursts. But the backbone that time makes created the requirement of web to everybody; people come out some of the innovative ideas like networking, sharing and use of IT in business.
Last year we saw the beginning of the bust, but this time it is bigger then the dot-com one. Many still have apprehensions about what 2009 might bring. We watch and wait, wondering whether the economy will simply bounce back, or whether last year was only the beginning of the downswing. Business groups are wary, and predict a slow start to the year. Some are optimistic, while others are hedging their bets and playing it safe.
Some of the good things which are happening in this bad times are :

  1. Narrows the focus – this time companies are thinking to do that only in which they are the best and also trying to come out something which can be the best for their customer in terms of technology, cost effectiveness and customized as per the needs.
  2. Improves the team – Great managers always believe that its both people and results that are important. It is not either/or. So often in hard times, managers need to work hard to prepare the team and select the right people for right work. Bright people may be cheap as well in these time which helps in making great teams.
  3. To invest in all that large-scale stuff – In tough time cheap automobiles, real estate, luxury goods, airplane travel, From an IT perspective, hardware and Software. So it is the time for lots of people to invest in the technology and systems. Investment should accelerate in technologies and services that save money and create substantial value; marginal offerings will languish
  4. Innovation/Alteration -Creative free or low cost ways to replace old expensive solutions. This is the time for people to find the ways to save money and sometimes it results in unique solutions. For eg: Telepresence solution is a hot topic these days — it’s less about effective collaboration, and more about staying off airplanes — same idea, use technology to run the business better.
  5. The needs of others – The only way to survive in these times is to find the need of the others. Like we know how telephone phone discovered and so many other things because of the need. Vendors that can work with customers to achieve clear business objectives, rather than just sell product, do very well indeed.
  6. Appreciative Inquiry – People don’t just push the ideas on employees but ask them what more they can do, how can be the part of tough times.
  7. Re-engineering business processes and workflow – In good times we get many luxurious process and flows which sometimes are not needed. These are corrected in these times.
  8. People go to academics: It is another point that wise people go for studies in these times so that they can get good time and opportunity when good times come.
  9. Remember the basics: For the country like India, we very early forget our roots/ethos/cultures. These are the times to remember that all and also try to find out where we were wrong to adapt those things which was never ours and hopefully which will never be ours.

Tough times come and go–things go up and down, never stays. You can prepare yourself for tough times by becoming wiser (rather than wasting) in good times. These times are painful, yes, but al least there’s an element of good to all of this if you think about it.

 

 

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