Feature business leader – Anne Ramstetter Wenzel, founder and owner of Econosystems (econosystems.com), a business specializing in market research, business plans, independent business consulting and business management.
WMI: Microsoft, IBM, Disney, Apple and CNN are a few successful companies that launched during bad economies. Why do some businesses thrive, including new businesses, during tough times while others struggle?
Anne: In a nutshell, firms thrive when they provide their customers with products or services that they value at a price they can afford. Even during tough economic times, the vast majority of people of working age have a job and steady income. While the economy is down, it’s not down for the count. There is still a lot of spending that goes on, and the trick is to provide value. Firms can provide consumers or businesses ways to cut costs or be more productive, healthier, or have more fun and enjoyment in life.
Firms started during tough times are most often very aware that companies and consumers have limited budgets, and so the founders are very aware that they need to keep production costs low to keep prices as low as possible. Costs structures tend to be leaner and meaner than companies launched during booms, and so the firm has staying power through good times and bad. But even a firm with low costs can’t survive without providing customers what they want at a price they can afford. And the quality has to be consistent, so building a good team of employees is essential, too. These companies have had teams of some of the best employees in their industries.
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Posted By: Denise Turney
Monday, October 17th 2011 at 11:07AM
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