During difficult economic times most companies hunker down to survive.  Their focus turns inward, cutting costs, doing more with less, and improving processes to improve efficiency.  We see companies cutting jobs, decreasing advertising spending, and stopping all R&D.

     This seems to make sense; after all there is no reason to spend the company out of business.  However, in these hard times there are some great opportunities for those who can be contrarians.  Rather than cut costs, decide where you can spend more.  Rather than slashing positions, hire better employees.  Rather than stopping all R&D, increase R&D. 

     These strategies sounds counter intuitive.  Let’s take a look at how you can successfully implement these strategies. 
Rather than cut costs, decide where you can spend more.  Competitors are going to decrease marketing and advertising dollars so your constant expenditures on marketing will go farther.  Don’t follow their lead and stop advertising.  Often the company who can increase their marketing can increase their market share.  

     Rather than slashing positions, hire better employees.  Difficult times usually mean that good people are out of work.  Good people who are out of work and then find employment generally give more than expected to keep their job.  Those employees who have a sense of entitlement can be replaced with someone who is willing to go above and beyond.  Use difficult times to upgrade your workforce.

     Rather than stopping all R&D, increase R&D.  This can be accomplished while spending less; here’s how.  Partner up with your supply chain, competitors, or even other industries to find new/better solutions or create new/better products.  Your suppliers might be grateful to keep your business by working together to bring to market a new/better product.

     Focus “up” in a “down” economy and you’ll have your business heading in the right direction.