Metamorphosis – a change of the form or nature of a thing or person into a completely different one, by natural or supernatural means.
Whether a significant economic event like COVID-19, the Great Recession, or asset ‘bubble’, the natural or supernatural climate change forces metamorphosis upon our business strategies. But the companies that embrace a few proven best practices can grow wings.
The companies that gain the most from change act faster. While companies should always work to balance risk and caution, treading water and waiting until things return to what they’ve always been is a prescription for long-term troubles. Whether it’s an investment in new technologies to operate more efficiently, creating a better customer experience, or acquiring a competitor eager to exit the market, rapid identification and action against transformation opportunities are critical to success.
Farm in Fertile Ground
Find the industries and segments of industries that are either recession-resistant or uniquely positioned to perform well through the downturn and focus your energies on the most fertile areas of opportunity. While this adaption may require new marketing strategies, changes to inventories, or even retooling your infrastructure, these shifts can slow revenue attrition and lead to profitable growth in some circumstances.
Use Environmental Advantages
Because of discounts typically available through a downturn, a company can fuel transformation for a fraction of the cost. For example, a company could acquire technologies to automate processes at a discount, benefit from stimulus-like tax incentives while preserving cash using a creative finance alternative and save up to 50% on their total cash investment. That could be 2-3 years of transformation planning accomplished within 4-6 months.
Make Bold Moves
Are most of your competition waiting for the world to change? Have you been wondering what an as-a-service model could do for your company? Could a digital, lower touch environment make it easier to expand into new markets or services? Small moves make you operate better. Big moves can leave your competition in the dust. The companies with the courage to think bigger can win bigger.
LEAF can help. When it comes to financing a transformation, equipment and technology are often needed to reinvent or retool – and that’s what we do.