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Digg It - Team and Organizational Survival Strategies for Turbulent Economic Times
Survival: The Name of the New Economic Game
People rarely have a neutral reaction to Survivor, the reality based TV show. Love it or hate it, with 51.7 million viewers for the final episode of its first season, it's impossible to ignore it. Given our turbulent economic climate, Survivor is a powerful metaphor for what's going on in the marketplace. We'll look at some of the parallels between Survivor and the real world. Then, we'll focus on survival strategies to help your company get through the rapid fluctuations of our turbulent economic times.
If your company has had a successful year of growth and profitability, you may be tempted to point your browser elsewhere. If you read on, you'll find that the survival strategies we're about to discuss are even
People rarely have a neutral reaction to Survivor, the reality based TV show. Love it or hate it, with 51.7 million viewers for the final episode of its first season, it's impossible to ignore it. Given our turbulent economic climate, Survivor is a powerful metaphor for what's going on in the marketplace. We'll look at some of the parallels between Survivor and the real world. Then, we'll focus on survival strategies to help your company get through the rapid fluctuations of our turbulent economic times.
If your company has had a successful year of growth and profitability, you may be tempted to point your browser elsewhere. If you read on, you'll find that the survival strategies we're about to discuss are even
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
more effective if you use them as preventative measures before your company runs into difficulty.
The Stakes
It's tempting to laugh and shake your head when you watch Survivor but the parallels to the real world are way too close for comfort. Just like the current economic landscape, the terrain is rugged and the competition is fierce. Some people will do anything to make it. We've all met Deb, the highly productive and competent employee who rubs people the wrong way and gets fired for her efforts. We've also worked with Gerri, the attractive young woman, who will use any ploy, sexual or otherwise, to get ahead. Alicia, the competent and assertive African-American employee who gets canned because people find her intimidating. What would the corporate world
The Stakes
It's tempting to laugh and shake your head when you watch Survivor but the parallels to the real world are way too close for comfort. Just like the current economic landscape, the terrain is rugged and the competition is fierce. Some people will do anything to make it. We've all met Deb, the highly productive and competent employee who rubs people the wrong way and gets fired for her efforts. We've also worked with Gerri, the attractive young woman, who will use any ploy, sexual or otherwise, to get ahead. Alicia, the competent and assertive African-American employee who gets canned because people find her intimidating. What would the corporate world
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
be without the inevitable employees who smile in the face of co-workers and then cut them up behind their backs? Worst of all, on Survivor, the posturing, rumours, gossip, and backbiting intensify as times get tougher and the competition stiffer.
What's sad is that all of these ploys, plots and schemes sap creative energy, kill morale, and undermine the effectiveness of the team at the very time when everyone should be pulling together. When the stakes are high and you can't afford to lose, working as a team becomes a critical survival strategy.
On Survivor, make too many wrong moves and you face starvation, the cold or injury. In the real world, it's downsizing, layoffs and bankruptcy. As Vancouver-based 360networks Inc. discovered, it doesn't take much. Just one
What's sad is that all of these ploys, plots and schemes sap creative energy, kill morale, and undermine the effectiveness of the team at the very time when everyone should be pulling together. When the stakes are high and you can't afford to lose, working as a team becomes a critical survival strategy.
On Survivor, make too many wrong moves and you face starvation, the cold or injury. In the real world, it's downsizing, layoffs and bankruptcy. As Vancouver-based 360networks Inc. discovered, it doesn't take much. Just one
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
too many clients deciding not to go ahead with a project or postponing a decision to use your services until next quarter and it can be game over.
Changing Times ... Changing Rules
In the real world, just like on Survivor, no one is immune. Anyone can get "voted off" the island. For example, up until recently, the wireless communications industry, has been regarded as virtually recession proof. However, it has not been without its casualties. 360networks Inc. was worth $25 billion when its stock was at its peak. Its stock tumbled to the status of penny stock on the Nasdaq when it was not successful in obtaining a lucrative US$350 billion contract with Teleglobe Inc.
Telesystems International, headed by Charles Sirois, considered to be genius with a string
Changing Times ... Changing Rules
In the real world, just like on Survivor, no one is immune. Anyone can get "voted off" the island. For example, up until recently, the wireless communications industry, has been regarded as virtually recession proof. However, it has not been without its casualties. 360networks Inc. was worth $25 billion when its stock was at its peak. Its stock tumbled to the status of penny stock on the Nasdaq when it was not successful in obtaining a lucrative US$350 billion contract with Teleglobe Inc.
Telesystems International, headed by Charles Sirois, considered to be genius with a string
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
f success to his credit, has lost 90% of its value. The telco sector has been particularly hard hit. In the Toronto area, two companies that were headed by executives with stellar track records and for whom I have a great deal of respect, have gone out of business.
The list goes on: PSINet Inc., an internet pioneer, has filed for bankruptcy protection in the US; Sony, Lucent, HP and 7.24 Solutions are among the companies that have announced layoffs. A year ago who would have figured that such high tech giants as Cisco Systems and Nortel would have been tottering? Who could have predicted the dot.com meltdown? Small businesses have been particularly hard hit. I personally know of two consulting firms that have been struggling after over a decade of success.
Surviva
The list goes on: PSINet Inc., an internet pioneer, has filed for bankruptcy protection in the US; Sony, Lucent, HP and 7.24 Solutions are among the companies that have announced layoffs. A year ago who would have figured that such high tech giants as Cisco Systems and Nortel would have been tottering? Who could have predicted the dot.com meltdown? Small businesses have been particularly hard hit. I personally know of two consulting firms that have been struggling after over a decade of success.
Surviva
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
l is the name of the game in this economy. It's tough out there so it's not hard to understand why a show that enacts these dynamics metaphorically would appeal to such a large audience.
What's a Company to Do?
So what's the answer? Truth is there are no magic answers. Just some strategies to consider. To survive this economic crunch requires a change in mindset. It involves recognizing that what worked last year may not be the right strategy for today. It will take the courage to try something different, a lot of support from suppliers, partners, and employees and, lots of prayer.
Retreat
Yes retreat. It's impossible to come up with innovative solutions when you're charging around putting out the latest fire. It doesn't have to involve going to a
What's a Company to Do?
So what's the answer? Truth is there are no magic answers. Just some strategies to consider. To survive this economic crunch requires a change in mindset. It involves recognizing that what worked last year may not be the right strategy for today. It will take the courage to try something different, a lot of support from suppliers, partners, and employees and, lots of prayer.
Retreat
Yes retreat. It's impossible to come up with innovative solutions when you're charging around putting out the latest fire. It doesn't have to involve going to a
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
esort for a few days. Save that for the party to celebrate your survival. If you really feel you must get away, it's best to trim it down to one day at a location within 30 minutes driving distance from your office. Skip the golf and save by not forking out cash for hotel rooms. When the market is shifting so quickly, a weekly 2 -3 hour session where you zero in on a key area is probably a better plan anyway. Kick it off with a day off-site if you like but it's important for your senior management team need to get together to really analyze your strategy in 4 key areas:
* recruitment and deployment of talent
* customer service
* market intelligence
* talent retention
If you have the skills to facilitate these sessions yourself, then go for it. O
* recruitment and deployment of talent
* customer service
* market intelligence
* talent retention
If you have the skills to facilitate these sessions yourself, then go for it. O
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
herwise, take one of your senior facilitators out of the training room for a while, invest in facilitator training or hire a professional. It isn't always best to go with the big guys. Remember, when you're forking out $3500 a day to a large firm, a huge chunk of that is overhead. Are they charging you senior consulting rates and then sending you a rookie who they're paying $600 a day? Then, you're helping them solve their survival challenges, not yours. A consultant from a smaller firm who has regular and first hand exposure to what it takes to win the survival game is more likely to bring you the expertise you need at this time.
I can hear you asking "are you for real?" Absolutely! If you can't free up at least 3 hours a week to focus on strategic issues because
I can hear you asking "are you for real?" Absolutely! If you can't free up at least 3 hours a week to focus on strategic issues because
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
he latest technical glitch, customer or employee complaint keeps landing on your desk, it's a huge red flag that you can't afford to ignore. You need a super strong team at the director and management level that's competent enough to handle the latest crisis and keep you informed. If you don't have that, then you've just identified your first area of focus for your survival strategy sessions.
Talent Recruitment is not an HR Issue
During an economic downturn, companies often overlook the importance of a solid talent recruitment strategy. This is not the time to become complacent. An effective team will be your important weapon in your fight for survival.
As a result of the downsizing that's going on, a growing pool of qualified, talented people is available
Talent Recruitment is not an HR Issue
During an economic downturn, companies often overlook the importance of a solid talent recruitment strategy. This is not the time to become complacent. An effective team will be your important weapon in your fight for survival.
As a result of the downsizing that's going on, a growing pool of qualified, talented people is available
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
on the market. We haven't seen this in years. Organizations have the opportunity to thoroughly screen and assess candidates to ensure appropriate skill level and corporate culture fit. Pinpoint the key competencies that you require in your management team. Clearly define your requirements. Incorporate behaviour based interviews, rigorous reference checks and work samples into your talent recruitment strategy.
Apply the same diligence to your promotional decisions. This is not the time to let the old boys' network come into play. You need top talent who will produce results and help you through these uncertain times. Sometimes this means looking at people who don't quite fit the mold in terms of sex, age and race. Remember, you're running a business and the name of
Apply the same diligence to your promotional decisions. This is not the time to let the old boys' network come into play. You need top talent who will produce results and help you through these uncertain times. Sometimes this means looking at people who don't quite fit the mold in terms of sex, age and race. Remember, you're running a business and the name of
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
the game is survival. If you want to surround yourself with people who can play golf and laugh at your jokes, join a country club.
Employ or Outsource
In an uncertain economic climate, the decision to expand your team should be weighed carefully. Is there any point in dramatically increasing your employee base to respond to new projects? An unexpected change in the financial stability of even a few of your key clients can mean a bunch of layoffs a few months from now. Hefty payouts for benefits, severance and vacation pay can substantially trim your bottom line. There is a pool of freelance and contract talent available to handle challenges at all levels of the organization. Ask yourself:
* Does this project really have to be handled by an employee?
* Is outsour
Employ or Outsource
In an uncertain economic climate, the decision to expand your team should be weighed carefully. Is there any point in dramatically increasing your employee base to respond to new projects? An unexpected change in the financial stability of even a few of your key clients can mean a bunch of layoffs a few months from now. Hefty payouts for benefits, severance and vacation pay can substantially trim your bottom line. There is a pool of freelance and contract talent available to handle challenges at all levels of the organization. Ask yourself:
* Does this project really have to be handled by an employee?
* Is outsour
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ing a viable option?
* Would we gain more flexibility by responding to this increase in business by using freelancers or contract workers?
* Can tele-commuting be used as an alternative to increasing overhead in the form of office space, furniture, and computer equipment?
Ask your HR team to provide you with an analysis to compare the full cost of filling a position with an employee vs a contractor. Factor in the costs if there is a need to lay the employee off. The results may surprise you.
Be Compulsive About Customer Service
When times are tough, you can't afford to lose even one customer to the competition. If one customer has a negative experience with a member of your team, that customer will tell dozens of people about it. This can gradually erode
* Would we gain more flexibility by responding to this increase in business by using freelancers or contract workers?
* Can tele-commuting be used as an alternative to increasing overhead in the form of office space, furniture, and computer equipment?
Ask your HR team to provide you with an analysis to compare the full cost of filling a position with an employee vs a contractor. Factor in the costs if there is a need to lay the employee off. The results may surprise you.
Be Compulsive About Customer Service
When times are tough, you can't afford to lose even one customer to the competition. If one customer has a negative experience with a member of your team, that customer will tell dozens of people about it. This can gradually erode
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
your customer base and trim your profits. This is not the time to cut back on training your front line employees. You need to ensure that they have all of the training, tools, coaching and support that they require to deliver top notch service to your customers. That is what will give you the competitive edge in this market.
Remember that customers come in all shapes, sizes and colours. You need to make it clear to all members of your team that their biases and hang-ups belong at the door. Every customer and every employee deserves to be treated with dignity and respect.
Talent Retention
In this turbulent economic climate, there is a misconception among some senior management teams that they no longer need to worry about talent retention. Even and especial
Remember that customers come in all shapes, sizes and colours. You need to make it clear to all members of your team that their biases and hang-ups belong at the door. Every customer and every employee deserves to be treated with dignity and respect.
Talent Retention
In this turbulent economic climate, there is a misconception among some senior management teams that they no longer need to worry about talent retention. Even and especial
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ly if you have had to consider such drastic action such as layoffs, taking proactive steps to maintain the loyalty of your best talent is critical. If you treat some employees harshly during downsizing, then your most valued employees will wonder if they're next. Their tendency will be to jump ship. Frank discussions with your team about the direction of the company, it's challenges, and prospects are important. It's best if employees hear the latest news, good, bad or indifferent, from you. Otherwise, the rumour mill will work overtime and undermine your efforts. Companies also need to shape and mould an employee friendly culture so that your best people will remain loyal to you until things turn around. During the last recession, companies that took advantage of t
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
e situation and made unreasonable demands of their team, sowed the seed of talent recruitment and retention challenges that plagued them for years.
Market Intelligence
When there is a downturn, marketing is often one of the first areas to be cut. Remember, Eaton's, a Canadian retail giant, went out of business because its senior management team lost touch with their customers and marketplace trends. To survive this economic crisis, you need regular and accurate data about your customers and your market.
What marketing strategies have been most effective in bringing your new business?
* Focus on those areas,
* Save money by eliminating efforts that haven't been paying off.
What are your competitors doing?
One of the contributing factors to
Market Intelligence
When there is a downturn, marketing is often one of the first areas to be cut. Remember, Eaton's, a Canadian retail giant, went out of business because its senior management team lost touch with their customers and marketplace trends. To survive this economic crisis, you need regular and accurate data about your customers and your market.
What marketing strategies have been most effective in bringing your new business?
* Focus on those areas,
* Save money by eliminating efforts that haven't been paying off.
What are your competitors doing?
One of the contributing factors to
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
the problems in the telco industry is that too many companies have been focusing on the same narrow market niche creating an over supply in the market.
The real estate market is setting itself up for a similar problem by building too many luxury condos for the upscale market.
What new market niches can you target?
* The ethnic market is growing dramatically in North America but you would never know it when you look at most advertising campaigns.
* The internet has literally opened up a world of opportunities, even for small businesses. If your traditional markets, are stagnating, look to areas of the world where there is growth and an increasing demand for your products and services.
Re-think Your Offer
Pinpoint your core areas of expertise an
The real estate market is setting itself up for a similar problem by building too many luxury condos for the upscale market.
What new market niches can you target?
* The ethnic market is growing dramatically in North America but you would never know it when you look at most advertising campaigns.
* The internet has literally opened up a world of opportunities, even for small businesses. If your traditional markets, are stagnating, look to areas of the world where there is growth and an increasing demand for your products and services.
Re-think Your Offer
Pinpoint your core areas of expertise an
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
do some brainstorming to identify other areas in which you can apply it.
Bill Margeson, CEO of Markham based, CBL Data Recovery Technologies Inc. used to re-furbish and repair hard drives. A drop in the price of hard drives resulted in reduced demand for his services. Bill applied his expertise to data retrieval. In 2000, the company generated a profit of over $1,227,000 and was ranked by Profit Magazine as the 89th fastest growing company in Canada.
Harness the Creative Drive of Your People
Earlier I mentioned that there are no magic answers. However, frontline employees who interact directly with your customers are in an ideal position to give you some clues. By involving your people in regular brainstorming and problem solving sessions, you can col
Bill Margeson, CEO of Markham based, CBL Data Recovery Technologies Inc. used to re-furbish and repair hard drives. A drop in the price of hard drives resulted in reduced demand for his services. Bill applied his expertise to data retrieval. In 2000, the company generated a profit of over $1,227,000 and was ranked by Profit Magazine as the 89th fastest growing company in Canada.
Harness the Creative Drive of Your People
Earlier I mentioned that there are no magic answers. However, frontline employees who interact directly with your customers are in an ideal position to give you some clues. By involving your people in regular brainstorming and problem solving sessions, you can col
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
lect a lot of valuable information and ideas to help you resolve some of the issues you're facing. For example, your frontline employees should be able to help you generate strategies to streamline your processes and reduce your costs. This could significantly boost your profit margin. Concord Idea Corp. ( number 42 on the Profit 100 ranking ) is able to produce memory at 33% of the cost of its competitors. Its 2000 profits were in excess of $800,000. It would be a shame to overlook this virtual gold mine within your organization.
The Bottom Line
Survival involves:
* getting a clear picture of where you want to go,
* building a management team that shares your vision and communicates it clearly,
* getting your team to pull in the same direction and gene
The Bottom Line
Survival involves:
* getting a clear picture of where you want to go,
* building a management team that shares your vision and communicates it clearly,
* getting your team to pull in the same direction and gene
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ate valuable ideas and solutions.
You'll reap the rewards in the form of:
* high morale,
* reduced turnover,
* a committed team focused on your goals,
* an improved bottom line.
When the economy recovers, we hope that some of these strategies will help your company be a survivor.
The Rules of Survivor
The goal of the game is to survive. The last player to remain on the island at the end of the game wins $1,000,000. The game begins when 2 teams of strangers are left in a rough terrain. There is no opportunity for planning before the game begins. Each team has minutes to gather whatever supplies they can grab and trek across rugged terrain in search of their campsite. Exhausted and hungry, they must work together to construct some make sh
You'll reap the rewards in the form of:
* high morale,
* reduced turnover,
* a committed team focused on your goals,
* an improved bottom line.
When the economy recovers, we hope that some of these strategies will help your company be a survivor.
The Rules of Survivor
The goal of the game is to survive. The last player to remain on the island at the end of the game wins $1,000,000. The game begins when 2 teams of strangers are left in a rough terrain. There is no opportunity for planning before the game begins. Each team has minutes to gather whatever supplies they can grab and trek across rugged terrain in search of their campsite. Exhausted and hungry, they must work together to construct some make sh
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ft dwellings, get a fire going (without matches) and figure out what they're going to eat in the middle of nowhere. The inevitable jockeying for position and politicking begins almost immediately.
© 2005 Executive Oasis International - All Rights Reserved
Reprint Rights: Ezine publishers may reprint this article, as long as the following information is included:
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This permission does NOT extend to trainers, speakers or consultants with competitive services or companies that want to place articles on their intranet. Contact us directly for permission
© 2005 Executive Oasis International - All Rights Reserved
Reprint Rights: Ezine publishers may reprint this article, as long as the following information is included:
- the summary about the author and her company (see below)
- all links are active
- all key words above the links below are included as part of the active link when you publish it on your site
This permission does NOT extend to trainers, speakers or consultants with competitive services or companies that want to place articles on their intranet. Contact us directly for permission
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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