Even though a business or invention may be well-positioned and performing well in the market, it may face adverse conditions that are often inevitable. Even for business units that post strong historical performance, vulnerability to adverse conditions is a significant characteristic of any business. It is a considerable risk factor often lacking in recognition, primarily due to the uncertainty of economic and environmental features.
How best a company is positioned to respond to an adverse condition depends from one company to another. Over the years, FORD Motors has faced numerous adverse conditions but has often risen and taken advantage of the situation. For example, in 2016, the company recalled over 830,000 Lincoln and Ford Vehicles to replace their defective doors ( Erickson et al., 2017) . The company’s reputation suffered a significant low and loss. Back in 2015, it also recalled back various vehicles due to safety drawbacks that also dented its image.
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Since the two incidences, the company has tried its level best to turn the condition to its competitive advantage ( Erickson et al., 2017) . Chakravorti came up with four strategies that inventors apply and can explore to changes their negative standing in an adverse condition ( Scheyvens, Banks, & Hughes, 2016) . First, the entrepreneur should redirect redundant resources to meet new requirements. Secondly, the business should pull together uncommon suspects and change the prevailing company custom. The third strategy is to get small resolutions too big challenging situations.
By focusing on the small challenges, the management will open up ways of finding a better picture of the broader view of the dominant problem. Lastly, the administration should concentrate on the platform and not the product ( Scheyvens et al., 2016) . For example, for Ford, in changing the faulty Takata airbags, it focused more on the framework of making the airbag. The strategy enabled it to find a lasting solution than if it focused on the airbag itself. Turning adverse conditions to a business advantage are about surviving and finding counterintuitive resolutions to business challenges, obstacles, among other difficulties that businesses face.
References
Erickson, S. L., Stone, M., Hanson, T. A., Tolifson, A., Ngongoni, N., & Kalthoff, J. (2017). Shareholder Value and Crisis Communication Patterns: An Analysis of the Ford and Firestone Tire Recall. Academy of Strategic Management Journal .
Scheyvens, R., Banks, G., & Hughes, E. (2016). The private sector and the SDGs: The need to move beyond ‘business as usual’. Sustainable Development , 24 (6), 371-382.
