There cannot be many people who have not been affected by the economic crisis both foreign and domestic. From banks collapsing to falling interest rates and mortgage foreclosures, business closure and rising prices, the outlook has been grim for a considerable length of time with some even speculating on a double dip recession. The latest round of events resulted in the United States losing its top-tier AAA credit rating from Standard & Poor’s in an unprecedented blow to the world’s largest economy in the wake of a political battle that took the country to the brink of default. The move reflected the impression of a deterioration in the global economic standing of the United States, which has had a AAA credit rating from S&P since 1941.
Having said all that, there are business that even through these hard times are not only managing to stay afloat and remain relatively unscathed by these events, but based on sound financial governance and business strategy, combined with an excellence of service to their respective clients and consumers are in fact growing business in real terms.
How is this achieved? As Michael Eisner commented during his role as CEO of the Walt Disney Company, “Typically, and predictably, companies will commit to a new venture during boom times only to find themselves opening for business two or three years later when the economy has moved into a down period, Investing aggressively in new business during hard times is more daunting. The key is to do it in a core business and to believe deeply in what you’re doing.
Michael Eisner understood the concept of a great plan and strategy with an utmost belief his product
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