Abstract: This article concludes that well-timed innovations in a downturn can still create growth businesses. The article highlights three areas of change which can help companies succeed during the downturn.

  • Be open to opportunities that lie outside the core business.

  • Explore partnerships options.

  • Invest time and money to unearth unmet consumer needs.

Consider for example, it is because of today's cost-conscious consumers that Wal-Mart Stores is moving to reorient their business models and to reinvent its private label brand, “Great Value”. This has been possible because of the increasing number of consumers who are now looking for private labels. This articles conclusion is that companies will need to challenge some of their basic assumptions to succeed during downturns.

Published: Businessweek, April 2009

Author: Jeneanne Rae

Link: Innovative Ways to Grow During Downturn