2009 signifies a dramatic new beginning and identity for Businesses around the world. We are witnessing one of the worst financial crises that not just American’s, but the world has ever seen; a crisis that seems to only promise to get worse in the coming years. In order to navigate these new waters successfully businesses will have to remain focused on staying operationally lean and nimble, while satisfying their customer’s desires and needs.
We are entering what I term the Economic Age of Compassion. This new era of business will not be one based on economies of scale and bottom of the barrel prices, but rather lasting, meaningful, and trustworthy relationships between customers, vendors, and partners. This Age is being issued forth as a direct result of the mistrust and mismanagement of our leaders. People are beginning to see beyond the value of the dollar, to focus on the value and security of their relationships with each other.
Businesses will have to focus on forging quality and lasting relationships with their employees, partners, and clients to gain the stability necessary to allow them to survive. Businesses will be judged by the quality of their products and services, their honesty, and adaptability to evolving market conditions. In order for businesses to succeed, they will need to foster an ongoing belief and confidence in their business’s operations, services and products.
Businesses will need to develop and harness an unyielding faith in their company’s Vision, Philosophy and Operations that extend all the way down to the lowest levels of the organization. Tomorrow’s successful businesses will create and lead a new wave of business ideologies and concepts. This new business framework will be rooted in old traditions and values, but built according to new business concepts.
Business is fundamentally a relationship between buyers and sellers. Without this connection and relationship there is no business to be had. As such, Business stakeholder’s (employees, owners, customers, partners, and vendors) will need to know that the company is here to truly help them and will ultimately want a custom solution.