A Publication of WTVP

What do you do when times are tough? It’s a question many companies are wrestling with right now. The common, knee-jerk reaction is to reduce spending, slash costs, and maybe even to lay off employees. After all, a corporation has to make a profit if it wants to stay afloat. And in an economy like this one—when you’re struggling to hold onto your market share—cutting costs is the only way you’re going to survive. Right? Wrong.

Cutting costs is, indeed, one way to show a profit in the short term. But you should be working toward long-term profitability—and that means you should be thinking growth. Fast growth.

It’s really quite simple. You can only cut costs so far; eventually you run into a wall. A growth company is not market driven; it’s a market driver. Instead of trying to get a bigger piece of the pie, growth companies work to expand the pie itself.

So how, exactly, do you go about transforming your company into a market driver?

Of course, these suggestions are just the tip of the iceberg. But underlying them all is a theme you can’t argue with: common sense.

Taking a growth stance based on proven commonsense techniques is never a mistake—and in a recession, it could just be what saves your life. IBI