Here is just a sampling of what various businesses are doing to help themselves right now.
1. The Artist--Damien Hirst (he created a diamond encrusted skull that gained reams of publicity and sold for $150 million) is making pieces for $5.00 and selling them at two stores that he opened. In case you are wondering, the $5.00 object is a keychain. You can also get a poster of the $150 million dollar skull for only thirty bucks.
2. The Tech Firm--Intel
How does a company go from the smart branding of "Intel Inside" to laying off thousands (announced a few weeks ago) to staking their future on massive R&D spending? By making a smart move that plays into its company story by banking on innovation to propel its fortunes.
They will be investing $7 billion in new manufacturing facilities to support their next-generation chips--code name Westmere. This will allow them to bring technology to market even sooner.
3. The College--The Sheffield College (in the UK)
This school has developed an "action plan" to help support those who have been laid off. It includes special 10 week trainings, a part-time training program that guarantees a job to all who complete the courses and the creation of a one stop advice shop. Sheffield is a vocational school--the largest in its city.
What can be gleaned from these examples?
1. The artist--seek to understand trends and price points.
2. The tech company--committing to a strong vision of your company's future pays big dividends. And investing in your company is a good idea too--especially if your competition is cutting back.
3. The College--Tailor your product to the needs of your customers.
What strategies will your company use in tough times?