Paul Grangaard, president and CEO of Allen Edmonds Shoe Corp., offers three tips he believes will help companies survive an economic downturn.
Mindset
“Even in very difficult economic times, never stop thinking and acting like a growth company. A lot of companies tend to pull in their sails and focus on cost controls entirely and don’t keep the commitment to try to thrill their customers with new ideas and new products.”
Prioritize
“At a time when it seems like the shells are coming and are going off, it’s hard to listen really carefully. The most important thing seems to be to listen to your strong supporters who will support you in those tough times. Our resurgence really started with those who had been close to us, listening to them better and doing a better job.”
Care for people
“Never underestimate how much the people who have been with the company for a long time deeply care about who you are and what you do (when you are running the company). You can lose their hearts and minds by not being what they think you ought to be just like (you can lose) your core customers.”
