This isn’t practical if you sell toothpaste to millions of people, but it works quite well if you’re a B2B provider and would like to influence your 10 largest customers.
It’s time to put these three tips into practice and keep a cool head. Human nature being what it is, chances are good your less astute (and more fear-driven) competitors won’t. When the tide goes out and the economy turns down, your competitors will be tempted to forego their long-term prospects in favor of short-term survival. You should hope nobody dissuades them. As Napoleon said, “Never interrupt your enemy when he is making a mistake.” By reducing R&D waste, adapting new best practices and engaging customers, you reduce your short-term pain during the downturn, and increase your long-term gain afterwards.
- People:
- Warren Buffett