Surviving the tough times, and seizing opportunities

Having the mental toughness and staying power to survive an industry downturn, while positioning your business for the eventual upswing, is a formula for success that translates across many industries.
I’ve heard time and time again when interviewing CEOs about the Great Recession that the market turmoil helped show them their strengths and what they could do to improve, which ultimately made them stronger.
Hurdling obstacles
Even today, as the economy inches upward, there are industry challenges that throw obstacles in the path of businesses. For example, the citrus industry — the subject of this month’s Uniquely Florida — has been reeling from the disease Huanglongbing (HLB) or citrus greening.
Demonstrating both perseverance and innovation, growers are responding to the threat by implementing new growing techniques, as researchers continue to work on a solution. (It probably helps that every citrus producing country in the world is dealing with the same disease, which levels the playing field.)
At the same time, the U.S. Department of Agriculture has created a program to encourage growers to re-plant citrus trees.
More good news is that when the USDA’s crop forecast for the 2014-2015 season came out last month, the overall total yield of Florida oranges rose for the first time since the 2011-2012 season — 108 million boxes, an increase of 3 percent.
Don’t let the market control you
Switching gears to the travel industry, in this edition’s cover story Michelle Fee, co-founder and CEO of Cruise Planners-American Express Travel, saw potential despite headline-grabbing incidents involving cruise disasters.
“Even when 9/11 happened and people said they weren’t going to travel at all, the minute cruise lines adjusted pricing and added certain value amenities people started booking again,” Fee says.
She knew that people react when cruise lines tweak pricing. Regular cruise vacationers would return, even after hearing reports of a stranded ship or sick passengers.
When the former owners decided at the end of 2012 to get out of the travel industry, she didn’t hesitate to put together a plan to buy the remaining ownership stake.
Moving past your own limitations
Often business owners like to control as much as possible, as it can be part of their very nature. But when that’s not the case, it doesn’t have to limit your company’s growth potential.
The most successful companies use challenges, obstacles and problems to either see themselves in a new light or set themselves apart from others by being ready to strike for growth when the time is right.
I recently spoke to a CEO who said that he learned so much more about the company during turbulent times. Good news tends to flow, but it’s the bad news that is actually more important and helpful.

You can’t improve your operations or products if you’re scared to face your shortcomings, whether they are internal or external. The best of the best face the trouble square on, seeking solutions that push them past their competitors.