Source: Dave Kinnear¸ Executive Leader Coach¸ 2011
It is my opinion that the present economic situation is best described as a “reset in values” rather than arguing over whether or not it is a “recession” or “depression.” We may well see a generation of people whose values are redefined by their experiences during these times much as we have seen the depression generation’s values.
Given that much wealth has been “destroyed” and that economic security is now on everyone’s mind¸ we may well see our economy NOT return to such consumer focused activity. If we accept that such may be the case¸ then the question is; how will we change our companies to accommodate a lower revenue stream? Even if you believe that the consumer will eventually forget all the pain from these past several years¸ it would be wise to have a worst case scenario plan developed just in case. What will you do when sales are more difficult to come by¸ when it is an extended buyer’s market and relationships matter more than ever? How will you survive with a long sales cycle?
I believe it is time for all of us to get “back to basics.” As consumers we must make each significant purchase count and partner only with vendors we trust. Our horizons must lengthen beyond immediate gratification to wise use of financial and ecological resources. We will have to find new solutions to old problems¸ become less of a “throwaway society” and focus more on innovation of products and services. What would such trends mean to your business?
Picture Source: Thisispostproduction