Creative strategies are essential in today’s economy.
“Frugality without creativity is deprivation.”
– Amy Dacyczyn
Credit is tight, consumer confidence is low, and you have the growing realization that increasing the net profit shown on your income statement is as much a function of lowering expenses as it is attributable to boosting revenue. When austerity measures are undertaken your creativity can often times make the difference between success and failure. In this posting I’ll identify some creative measures that will help you successfully grow your business during times of economic malaise.
The first thing you have to determine is whether or not your organization embraces change, and its driving force which is creativity. To make an accurate assessment you can ask yourself when was the last time that you: entered a new market, did something innovative, utilized social media, sought out a strategic partner or rolled out a new product or service. If the prevailing answer is either “I can’t remember,” “not lately” or “never,” then you may want to acknowledge that the first step in solving a problem is admitting that you have one. If the prevailing answer is “what was the question?” then you may have larger issues that need to be addressed.
The fact of the matter is that cost effective solutions exist for those who are not satisfied with the status quo. Here are a few techniques will not only help your business meet the challenge of adversity, but they can provide benefits to your organization in perpetuity.
Utilize Joint Ventures: A joint venture can offer an array of economic benefits to both partner organizations through access to: new geographic markets, complementary products and/or services, additional distribution networks, increased capacity, additional staff skill sets, purchasing economies of scale, technology/intellectual property, and financial resources.
Identify and Nurture Thought Leaders: Unfortunately it is not uncommon for people in organizations to laugh at new ideas and look down upon other employees that point out problems. In the March 5, 2012 issue of Forbes, Shel Israel provides the following definition: “A thought leader is someone who looks at the future and sets a course for it that others will follow. Thought leaders look at existing best practices then come up with better practices. They foment change, often causing great disruption.” It costs you little more than a bit of time and a pat on the back to tap into the benefits that these individuals can provide your organization.
Outsource: Two heads are better than one, and in the constant pursuit of access to the finest human capital outsourcing provides the most cost effective exposure to a more diverse base of skill sets and core competencies that have a proven track record of success.
Leverage Social Media: Social Media can help your organization better understand, respond to, and attract the attention of its target audience. It allows you to get your message out fast, and to a large number of people. Unlike traditional media, Social Media provides the added benefit of being able to instantaneously generate customer feedback which will allow you to gain insight into your target market and identify new product or service opportunities. If used creatively it also allows you to track your competition, quickly identify problems with your product and drive people to your website, thereby improving the ROI vis a vis your technology CAPEX.
If your desire is to cultivate creativity then it is incumbent upon you, as an executive, to inspire your employees to become innovators by virtue of a corporate culture that embraces change. If you proactively inspire change and innovation then your organization will circumvent obstacles encountered during lean times and reap many rewards for years to come.
To schedule a one-to-one free initial consultation with one of BHM’s leading healthcare consultants, please email us at results@bhmpc.com or call us at 1-888-831-1171. BHM consultants provide real value and measurable results to healthcare firms, government agencies, and insurers through data-driven and strategic management analysis, and assist organizations with Clinical Operations, Financial Management Improvement, Physician Advisor Services and Accreditation.
