One of the issues in a down economy is the need to get those things you do exactly right. While it is still necessary to take risks in business, you can’t afford to be wrong too many times in this market. That reinforces the need to focus the company’s efforts on those areas where you can make a difference to your customers and win new business or keep the business you have without having to lower your prices to buy the business.
I was reminded of this important fact listening to a three minute portion of an interview with Lee Scott, CEO of WalMart at the National Retail Federation Conference. While he is talking to retailers, his message is true for all companies.