Think big to make it big in bad times

IT’S high time entrepreneurs stopped using recessionary talk as a crutch and began thinking bigger. History abounds with examples of companies that raised their cognitive prowess in the heart of a downturn, and then left their small-thinking competitors in the dust.

During the Great Depression, Procter & Gamble raised its game and pushed Ivory Soap. Intel launched the hugely successful ‘Intel Inside’ campaign in the 1990/91 economic setback. In the heart of the 2000/01 slowdown, US retail giant Wal-Mart gave birth to a simple but big idea: ‘Every Day Low Prices’, which ushered it to the next level of global success.Industrialist Andrew Carnegie, whose personal history was the defining self-made-man narrative of the 19th century, insisted there was an advantage to being ‘cradled, nursed and reared in the stimulating school of poverty’.Carnegie noted: ‘It is not from the sons of the millionaire or the noble that the world receives its teachers, its martyrs, its inventors, its statesmen, its poets, or even its men of affairs. It is from the cottage of the poor that all these spring.’I, like Carnegie, believe difficult times have the potential to produce greatness. However, the central prerequisite, alongside hard work and dedication, is big thinking.There are four critical areas where entrepreneurs need to raise their thinking.First, focus. To succeed in recessionary periods, you must focus on fewer industries. During the economic boom you could afford to be the black empowerment opportunist who chased after any and every deal, but these times require focus and execution.Second, create new product or service offerings (and packaging) with recession pricing. To maintain cash flow, rename, repackage and reprice your offerings to give your targeted consumers multiple price options to purchase. Make your prospects choose among your options rather than seek an alternative vendor.Third, invest in yourself and your sales team with better training. It is estimated that only 14 per cent of firms invest in organised sales training.Why? Do you believe your team is too experienced, that they cannot learn at least one new technique? Do you think you pay your sales team so much money that they should ‘just know’ how to sell?Your sales team is part of your company assets and intellectual property. Invest in your collective intellectual property and watch your business grow.Fourth, seek partnerships and co-branding opportunities that yield instant brand equity. If you are struggling to reach a certain market and see another player striving in this space, align yourself accordingly.As the euphoria of US President Barack Obama’s election settled, Robert Kuttner, the author of ‘Obama’s Challenge’ and co-editor of The American Prospect, wrote a memo to America’s new star, titled Think Bigger.In his plea, Kuttner explored the implications of thinking small in the areas of Obama’s big challenges, ranging from the economic stimulus plans to the perils of partisanship.He outlined a two-part plan for Obama to raise his thinking. In the last paragraph he asked: ‘Will Obama reach for the stars and embrace a programme this bold? He may suffer a few partisan defeats first, and he may find himself chasing a deepening depression. But my guess is that eventually he will get there.’With the US economy now promising a turnaround, it appears that Obama did read the memo and his big thinking approach may see the Titanic sail again. My guess is you will also get there if you implore yourself to think bigger.Whether you are a politician, entrepreneur or executive, big thinking will produce results in any economic space, but especially in a tough one. The alternative is to avert risk and continue thinking small.-Business Report* Timothy M. Webster is the President and CEO of Timothy Maurice & Associates, an International Personal Branding firm operating in Johannesburg, South Africa, and New York, USA.He is a widely recognised author, inspirational speaker and corporate and individual consultant as well as a designer.Most know him as a Personal Branding Philosopher. He founded TMA based on a vision to enhance corporate and individual goals through image management (inner/outer image strategies). Webster is a graduate of Brookstone Business College, USA and The Image Academy, South Africa.Webster is also the founder of A.R.M.S. (Appoint. Real. Mentors. Somebody.) – A leadership foundation specialising in mentoring and funding underprivileged students. He founded A.R.M.S. based on a vision to develop leaders of tomorrow.