Looking for the most efficient method for launching a satellite into orbit, engineers send satellites hurtling towards nearby planets. When done right the satellite picks up free energy as it passes, accelerating faster and farther. This is called a gravitational slingshot. There are risks, of course. Do it wrong and the satellite crashes into the planet.
Recessions are like that for businesses. It's no mystery that some businesses crash and burn during recessions. Some businesses, however, actually slingshot out of the recession growing at a faster rate than ever before.
Recessions Are The Great Sifter Of Businesses.
One of the perverse benefits of the recession is that it has forced many companies to innovate and improve in order to survive. In every industry companies have cut staff and trimmed expenses. They have been forced to rethink their operational processes, trimming anything that did not add value. These companies have retooled their marketing understanding that prospects are more fearful and risk averse. They are prepared to answer more questions and provide more reassurance than they had to before the recession.
As a result companies are more connected to their prospects than ever. They have more control of their internal processes and they have people who have worked through the greatest business challenge we have ever seen. While it has been painful, these companies are going to slingshot out of this recession growing much faster than their competitors.
On the other hand, other companies have responded to the recession with an attitude of submission. The have made cuts to survive but they have not done much of anything to improve their business. They have hunkered down taking their blows waiting for things to turn around and get back to normal. But of course, things will not get back to normal. Coming out of the recession it is different and it will be different. (Do I really need to say there is a â€œnew normal?â€)
Though painful, recessions are an opportunity to prepare your business for accelerated growth. But you must act now if you want to take advantage of the recession sling shot. Wait too long and you will be playing an impossible game of catch up to those who have rocketed past you.