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Economic turbulence works from the inside out and may be disruptive to consumers and organizations alike, but there are still hidden opportunities to be found. Greg Price provides a more productive way to deal with—and even thrive during—these challenging times.
Greg: This is Greg Price with PKF Texas' Entrepreneur's Playbook.
Reading Microsoft's position paper, the effect of economic turbulence is all about external factors disrupting the underlying assumptions of an organization. In an interconnected global economy, for instance, networks transmit risk from the center to the edge, so that even “innocent bystanders” are implicated in the web of uncertainty. System crises in one sector have the potential to disrupt access to capital, inhibit consumer spending, or constrain business activities in other sectors.
Look for opportunities amid the turbulence. Even during turbulent economic times, opportunities, exist. They are, however, unevenly distributed. Economic instability does not imply a retreat from technology, but it may require refocusing or relaxing boundaries. Business Intelligence (BI) and integrated communications technologies can help organizations better understand the world that exists by rapidly revealing changes in customer or market behavior. Communications can also extend the reach of the organization to keep customers close during times of uncertainty.
To read and comment on the PKF Texas' Entrepreneur's Playbook, visit my blog, fromgregshead.com. PKF Texas – The Fit That's Right!
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