It is no surprise that sales and marketing departments are seeing more and more budgetary restraints from companies this year. Too many unknowns in the business world cause companies to pull back, run lean and ride out the storm. However, if past recessions have taught us anything, it is that nothing gets better if we stand still. According to an HBR study, that researched companies that pulled out of past recessions “Firms that cut costs faster and deeper than rivals don’t necessarily flourish. They have the lowest probability—21%—of pulling ahead of the competition when times get better.”
Today, there are companies that are doing just that; taking steps toward growth now, so they can come out on top and ahead of competitors when things recover. According to a Bain Study by Harvard Business School, Honeywell CEO, Dave Cote is quoted as saying “I’ve been a leader during three recessions and I’ve never heard a management team talk about how the choices they make during a downturn will affect performance during a recovery. There will be a recovery and we need to be prepared for it.”
The truth is, there is always a natural instinct to stop and evaluate when a problem arises. It is not surprising that today’s economic health is trivial, but it doesn’t mean we can’t still grow our businesses and take steps to solidify a stronger future. Here are a few examples of companies that are doing just that.
Taking the steps now to add solutions, promote and/or hire new employees, open new locations, or even seek out a new round of funding.
Ready. Set. Food! – Recent Funding – 3M
Founded by a team of physicians, leading medical experts, and parents, Ready, Set, Food! is a groundbreaking solution to childhood food allergy prevention, making it easy for families everywhere to significantly reduce the risk of developing food allergies.
Mlily – Hiring Plans – 250 new employees
Seven months after the official opening of its factory in South Carolina, mattress manufacturer MLILY USA is expanding and looking to grow its workforce by 35 percent to fill a third shift and increase its production to more than 6,000 units a day
Honeywell – New Location – Phoenix, AZ (See above about Dave Cote’s preparation for recovery)
Honeywell has opened a new facility near its Honeywell Aerospace headquarters in Phoenix dedicated to maintenance for the U.S. military T55 turboshaft helicopter engines.
Rackspace – IPO Announcement – RXT
Rackspace Technology, Inc. today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Rackspace Technology has applied for listing its common stock on the Nasdaq Global Select Market under the ticker symbol “RXT”. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Mantl – Recent Funding – 19M
MANTL helps your bank or credit union grow deposits and streamline back-office tasks with an omni-channel account opening platform that integrates with your core. – The new investment will go towards the start-up’s product development – specifically growing its team across engineering, product and sales.
These updates are just a fraction of the updates that are available in our News and Trigger sections of Lead411 on a daily basis, to help our customers identify companies that are on a growth path, and easily identify new opportunities. These are the types of companies that are being proactive now, and continue to grow during this time, to ensure they come out ahead when the storm clouds pass.
If you would like to learn how you can utilize this type of company information to help your company’s sales and marketing pipeline, sign up for our weekly product tour here.