Last night I attended a Strategy Summit at Stern. There was a panel of four senior strategy executives representing four different industries: finance, healthcare, management consulting and food services. The panel discussions were centered around the impact of the global recession across the industries to draw similarities and to compare and contrast. One of the more interesting questions was:
What strategies did your company employ during the economic recession? More specifically, did they scale back on costs or did they spend money to innovate and create new direction?
The most interesting theme that came from the discussions, was that the more successful companies that weathered the recession tended to focus their attention on going against the norm. Sure, they watched their competitors and sure they analyzed their cost structures, but the predominant strategies employed were around how to take advantage of the recession instead of simply reacting in the expected way.
What lessons can be learned from knowing how companies are strategizing as the recession nears completion?
In your job search, look for organizations that are doing things differently. Companies that are not afraid to be different – to innovate. The easiest examples that come to mind are Google and Apple. Both of these companies are always moving – always innovating. Many websites like Lycos or About.com were one hit wonders which were quickly phased out by their competition. Google, on the other hand, is constantly looking for new tools and applications to add to their suite of services. This keeps them moving.
Be like those innovative companies during your job search. It may be taking you a long time to find a job in this global recession. But don’t stagnate. Look diligently every day for new opportunities and look for them in new and innovative ways. Don’t simply send your resume out to companies via email or their career website – everyone does that!
Begin networking at a professionals summit. Take a risk and go somewhere that intimidates you. Going to a career fair for college students gives you little chance to differentiate yourself. After all, you are in a room with people that have the same exact experience as you. Instead, pick up a magazine of your profession (e.g. CIO magazine for IT professionals) and check out some IT conferences. Not only will this keep your knowledge up, but will also help you network and maybe find some connections.
Find what you are good at – I can’t stress this enough. Clearly define your value proposition which answers the question – what can you do for me that no one else can? All great companies understand themselves and what they’re great at, then they leverage it to drive their corporate strategy.
Be the Apple and Google of your profession.
