Strategizing Success: For a Stronger, More Competitive National Economy in an Emergent Market Facing Crisis
Strategizing for success can be the lifeline of your business. Focusing on surviving may actually be your extinction.
In a crisis-struck economy, such as Jordan, a newly emergent free-market economy, suffering from slowdown, and possibly even recession, a massive border lock-down, survival just won’t cut it.
Granted, competing in a slow market, while opening up to the world’s most advanced and capacitated corporations, whose eyes are set on the virgin potential of new markets, is to say the least, not easy.
It is more difficult to compete, as a start-up or a conventional SME or family-businesses, in such a setting, that it is to compete in what may seem as a saturated market.
The thing, however, is that there are only a few main steps to making it through the stormy seas of economic crisis in an emergent market.
The Economy of Crisis
A market is an evolving organism. It is an ongoing cycle, and the only factor, which may break it, is political strain.
The political situation is perhaps the only subjective factor in a state’s overall macro-environment, which affects the macro-economy, and vice-versa.
Economic crises reflect on the country’s politics, which reflects back on the economy, making it less appealing for investments and foreign business.
Domestically too, the national business sector begins to wobble under the weight of deteriorating purchasing powers, hesitance to invest, and the public’s increasing tendency to stock-up on whatever excess currency they have, if any.
More so, rising inflection also contributes to the erosion of purchasing power and the incomes of middle-class segments in society.
In general, inflation worsens living conditions, which imposes massive pressures on a country’s political economy.
This is especially true in newly emergent free-market economies like Jordan and other third world countries.
This does not mean that the economy, or the country for that matter, is destined to damnation.
On contraire; with enough reforms, guided by accountable governance and economic wisdom, a country’s economy can prosper through the storm.
In the case of Jordan, where the political situation is fairly stable, despite the enflamed region, the root of unrest and strain is economic, for the most part.
Jordanians, having waited out the ‘Arab Spring’ and seen its outcomes, are not interested in any such ventures.
If anything, Jordanians want the economic noose to loosen up, more than anything!
The only threat to Jordan’s stability, thus far, is ISIS, and their threat is marginal.
The country’s main issues are poverty and unemployment, despite immense unexploited natural and mineral resources, next to a huge reserve of untapped entrepreneurial opportunity, innovation, and an obsolete education systems, an issue currently being addressed.
In such a situation as Jordan’s, the economic cycle, no matter slow, is bound to recover.
Moreover, this is only typical in such economic conditions, featuring similar transformative shifts towards liberalising the economy: liberal capitalism.
Under globalisation, liberal capitalism is the highlight of most emergent market transmutations in third world countries.
Naturally, the bureaucratic device is going to collide with all the underway procedures of deregulation.
Not to mention, corruption, which evidently, capitalism is not short on, but it is; however, of a different nature.
When all the collisions and waves are over, you’d best be on your feet.
Do not hold back on developing your business. And by developing your business, I don’t mean sales.
Because if you do, one the storm clears, you will find yourself running right into shallow waters; and if you’re ‘big’ on conventionality, you won’t make it ashore.
For years, the big boys have been prepping for years to penetrate your recovering market, so luscious and full of untapped potential.
As illogical as this may sound to you, it is during the times of crisis that you have to invest in your business, not afterwards.
Once the skies clear, it will be show time.
So many businesses will have drowned, easing the way for new entrants to just reach for the prize, ripe and ready for the taking.
Weathering the Storm
It may drain you dry, for a while, but it is totally worth it.
Invest in your brand.
Get creative, innovative, and get moving.
If you can’t do it, find a local creative agency or SME to do it for you.
Rebrand your identity; create a strong, intense, and attractive brand identity to withstand the incoming bash of inter-continental corporate capital and the big brands that come with it.
This can seriously help you retain a competitive share of the market, and even expand it once the storms clear away.
Invest in Technology
Get online. Start a website and advance your business into the world of virtual and electronic commerce.
Invest in a mobile app and a CRM system.
Invest in Talent and New Ideas
Don’t be scared of the new world, for it is full of opportunities.
While the road may be long and tiring, once you’re there, on top, alongside all the big names, you’ll see it is worth it.
Invest in Planning, and Plan Your Investments
Set a long-term plan, which takes you through all of the steps above, among other steps, and be honest about it all.
Make sure your plans are transparent and precise. Do not be scared of putting it out there; that you will have to carry the losses now, to make huge breakthroughs soon.
Brave It Out!
It is a storm after all, and no storm is scare-free. It may be fun, for some, who just love the game, but to others, it is an inevitability.
In the end, it is up to you.
You can either survive, or thrive, and surviving is just not going to cut it.