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The current state of the global economy has created new challenges for companies all over the world.  This has led to executive decisions being made out of panic, such as firing quality employees and slashing important programs.  Regardless of their efforts, many companies have seen plummeting revenue streams, sometimes being forced out of business altogether.

It may surprise you, but I actually believe that the greatest challenge in this economy is avoiding the mistake of blaming everything on the economy.  It is easy for managers and executives to wring their hands and say, “This is the worst economy we have had in 80 years, and that is why my company has all of these problems.”  To a certain extent, they are right.  Yet that type of thinking does not lead to solutions.

What if the economy never improves very much? Take Japan for example: they have been stuck with an anemic economy for decades now. Of course I know the tsunami didn’t help much either. Yet within that environment, some Japanese companies have excelled while others have withered or accepted the status quo.

Is the sale of Apple products like the iPad or the iPhone 4G suffering from the economy?  Considering the fact that people will wait in line for 12 hours to get them, I imagine not.  People will wait in line that long to buy something that they really want. 

So how can you offer something that people will want regardless of the economy?  The first step is to wake up and realize that things will never improve for your company until you do something to make it happen.  You can figure out how to improve your products or find new markets – maybe even create new markets – where you can outthink, outsell and outperform your competitors.  Is there a problem in your industry that everyone recognizes but no one is fixing?  Fix it!

Once you have convinced yourself that new opportunities in a recession are possible, you just have to convince everyone else with whom you work.

And that is the real challenge of this economy.

About Curt Finch

Curt Finch is the CEO of Journyx. Founded in 1996, Journyx automates payroll, billing and cost accounting while easing management of employee time and expenses, and provides confidence that all resources are utilized correctly and completely. Curt earned a Bachelor of Science degree in Computer Science from Virginia Tech.  As a software programmer fixing bugs for IBM in the early ‘90’s, Curt found that tracking the time it took to fix each bug revealed the per-bug profitability. Curt knew that this concept of using time-tracking data to determine project profitability was a winning idea and something that companies were not doing – yet… Curt created the world's first web-based timesheet application and the foundation for the current Journyx product offerings in 1997. Learn more about Curt at http://journyx.com/company/curtfinch.  

Published in Blogs
Tuesday, 27 March 2007 08:43

Calling All Team Members

One week after the very bumpy implementation of the new sales management system, all implementation team members were invited to a lessons learned session. In the invitation from the Director of Project Management was an assurance that the purpose of the meeting was truly to capture lessons learned for future implementations. In spite of this, most attendees were apprehensive.

Published in Blogs
Sunday, 18 March 2007 04:16

So, what about knowledge

From an epistemological perspective, a dictionary definition is "knowledge or science, the branch of philosophy that is directed toward theories of the sources, nature, and limits of knowledge.

In today's world, knowledge is the asset many organizations started to recognize as being the most important aspect for creating a competitive edge in a highly volatile business environment.

Refraining from buzz words and terminology often used by management and research, knowledge is the accumulation of thoughts and skills that give a person or an organization its ability to survive, compete and prosper in the this changing and challenging world.

Work by many researchers like Nonaka in his book 'The Knowledge Creating Company' and many other researchers worldwide, has given a new dimension for knowledge management in organizations.

The research went into the details of human interaction which generates and promotes the dessimination of knowledge. Unlike manothers who advocate an Information Technology infracstructure as being the fundamental core of a knowledge system, Nonaka thinks that it more a human issue and culture than mere computers and databases.

 

 

Published in Blogs
Saturday, 27 January 2007 16:47

Information Distribution

Information can be distributed through the following as well as other methods, according to project demands and as technology provides:

Published in Blogs

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