We Will Rebuild, We Will Recover

“We will rebuild, we will recover and The United States of America will emerge stronger than before.” Taken from a recent speech given by President Barack Obama in his February 2009 State of the Union Address to The Joint Congress, Obama was able to convey his dedication and faith that our economy will rebound and will be in a better place than it was before recession hit.

To me these words provided a new defined power and strength to our economy. Obama didn’t say we might be able to rebuild our economy; he didn’t say the economy might recover; he used the words “We Will”. The “WE” he referred to is America as a whole and in order to rebuild, recover and emerge stronger than before we must unite as one in our daily efforts to be recession free.

It is well know that the Technology Marketplace has been hit hard during this recession. Since innovation is a driving factor our nation needs for future success, strong focus must be placed within this market. By following the list below Technology companies can structure themselves stronger and have the chance to come out the recession still fighting. After all “We will rebuild, we will recover and the Technology Industry will emerge stronger than before”.

1. Create alliances with competitors in the industry – Alliances aren’t just for the contestants on Survivor. By creating a strong alliance you are positioning yourself among other players in your market that could be a valuable source of insight and talent.
2. Stop thinking about 2009, think about 2010 – Being short-sited can be the downfall to your company. When all is said and done and the recession gloom has passed, what type of services will be in high demand? Figure it out and start producing a product now that will fulfill those needs.
3. Continue to invest in your most important asset – talent – If all your competition shut down their doors or hand out layoffs, the talent they once employed must have gone somewhere. With so many experienced job seekers on the market now is your time to snatch them up, often times you can get them at below market value.
4. Increase Innovation – With budget cuts and funding almost impossible to get, it is easy to put a halt to new research and development. What happens when you emerge from the recession and your competitors kept up with their development? You are now pages behind them which might be more troubling to your company then if you were still in a recession. Seize the opportunity for development and come out ahead of the pack.
5. Re-evaluate your business model – If your current business model sees no stream of cash, it is time to implement steps into your product model to make it cash positive. Also if you have wasted resources, think about reallocating those resources or removing them completely.