When all you hear is how businesses are losing market share, people are losing their jobs and unemployment is at an all time high it can scare any business owner into thinking now is the time to shrink instead of expand.
Auto makers are experiencing a crisis right now. Toyota has reported a 32 percent decline, Nissan a 30 percent decline, and Honda a 28 percent decline.
Now is a scary to be in the car-making business right now.
Now is the time to shrink.
Or is it?
Hyundai, a car maker in South Korea that recently gained 14% market share. Here’s what they did: They agreed to buy back cars from anyone who had purchased a car then lost their job. It’s called a “buy back” program. Click here to see the article.
What does this example of innovation have to teach us about business?
1. In the end it’s about trust and relationships
2. Where ever there is crisis there is also opportunity
3. The one who stays calm and is willing to step up wins
The Chinese symbol for crisis is the same symbol for opportunity. If you can replace your drama with some creativity you may be able to leverage your business in ways you never dreamed possible. Perhaps now is the time to become a creator and expand!