Once son returned from college, his father was anxious to have him join business. His son, fresh with MBA in hand, began to review business. In short order he told his dad that there is an impending recession. All newspapers were predicting rocky economic times ahead. The son noted that Wall Street was preparing for a bearish market condition. However, son felt he knew what course of action to take.

For past 30 years his dad worried little about such matters. He made best product and provided unparalleled service to his customers and his business always flourished. But his son protested and strongly recommended to his dad that cut backs were prudent thing to do under these uncertain economical times. Further, son pointed to many of his father's competitors who already made cut backs in their business. The father never went to college, so he assumed that his MBA graduated son knew more about economy. As his son suggested, father began to cut back on his normal business practices and sure enough, as his son predicted, business softened. The softer business became, more son recommended that expenses be reduced and investment be eliminated. Although this was contrary to father's normal business practice, he complied with his son's suggestion and sure enough, before long father went out of business.

In a time of uncertainty (when is it not some form of uncertainty) it might be tempting to pull back. Under guise of ‘being prudent' senior managers begin to contract their thinking. The organizational focus zeros in on plans to cut back while finding logic in not investing. Advertisement, creative marketing programs and seeking new business takes a back seat to cost cutting. Putting off new product ideas or delaying product introductions becomes appropriate behavior.

This thinking begins to pervade organization. Soon everyone is looking for ways to lower costs. People find ways to rationalize cuts in customer service, or prudent (there is that word again) ways to lower quality standards. Increasing discounts, or lowering a bid to ‘get-the-job' becomes norm. Generally organization begins to over-commit and under-deliver.

Your organization may now be in a prudent mode, but missed an opportunity to grow by taking market share from timid competitors assuming same ‘prudent' position.

This brings us to Global Marketing's 2nd business axiom:

Never hibernate with bears Remember that economic black clouds also hold silver linings. Opportunities always exist, but you have to be looking. Companies that seek new business potential and muster courage to act gain a competitive advantage and normally increase their market share as economic turn-around occurs.

In funky financial times first cut is to advertising budget. Why? Because it appears to have no short-term business impact, while providing immediate cost reduction. Unless your company is in danger of going belly up, this is exactly wrong thing to do. This is dangerous short-term thinking!

Advertising during tough times holds tremendous value. It keeps alive connection between you and your customer. It let's them know you're doing fine and still in business. Don't under-estimate this point. Advertising at this time communicates a powerful message. It says you are strong, in it for long-term and re-enforces fact that they made a good choice.

Lets start with customers. From research I have done with my own customers here are four factors, which in minds of customers would make your company great.

Compassion - approachable; dedicated; very personal; always helpful and responsive; committed always have time to discuss problem; and caring.

Communication - good at listening, express things in laymans terms, lucid, good at questioning, made it simple, and grasping real needs quickly

Integrity - gave fair answers to difficult questions, honest and straight, dependable, have integrity.

Delivering Stuff that Works - delivers what is really wanted or promised and that solution really does job, persistent, sticks with problem, practical, good at problem solving, identifying real problem, technically competent, knowledgeable.

Now lets consider what employees would deem to be a great company. Again by enquiring of my own staff here are four factors I have identified. Note, that above factors for customers also apply to your staff.

Challenge and Variety - constantly doing something new, always changing, constant challenge, and involvement in everything.

Doing Something Worthwhile - doing something good and worthwhile, feeling that we are really achieving something.

Gaining Skills and Experience - intellectually fulfilling, challenges all abilities and pushes comfort zones increases confidence, builds experience, and continuous education.

Influence - opinions valued, input on whats going on, have impact on success

Lastly, lets consider what owners or shareholders would deem as being a great business.