The global COVID-19 pandemic is a human tragedy that is also having a growing impact on the global economy and has fundamentally changed our experiences as customers, employees, citizens and humans. Companies across the world are struggling to deal with these unprecedented changes, and it’s worth noting that many global businesses actually rose out of tough economic times. General Electric, General Motors, IBM, Disney, HP, Microsoft, FedEx, Electronic Arts, Burger King, CNN, Hyatt Hotels, AIRBNB, Groupon & WhatsApp were all launched in a recession, and Google, Salesforce, and Facebook were launched shortly before a recession.
A study released by the Kaufman Foundation in 2009 found that over 50% of Fortune 500 companies started either in a bear market or full-blown recession.
Now is the time to rethink business models, incorporate innovations in processes and approaches, listen to what customers need, and continue to implement big ideas delivering new amazing products and services.
In 1954 Peter Drucker published ‘The Practice of Management’, a seminal book based on many years of experience in working with managements of small, medium and large corporations. It aimed to be a management guide, enabling readers to examine their own work and performance, to diagnose their weaknesses and to improve their own effectiveness as well as the results of the enterprise they are responsible for. One of the most cited quotes from that book is
‘Business has only two functions – marketing and innovation’
and that is more relevant today than it was then!
Anthony King – Korolit Report this