Adjust the Sail and Seek the New Gold Standard | As Published at NorthIsleSailing.com
by Joseph A. Michelli
Soaring gas prices and the U.S. credit crunch have many business owners scurrying to reduce costs and "do more with less." But this natural and reflexive approach to economic uncertainty is often the worst path a business leader can take.
In fact, while researching my recently released book, "The New Gold Standard: 5 Principles for Creating a Legendary Customer Experience Courtesy of The Ritz-Carlton Hotel Company," Ed Staros, a founder of the modern-day Ritz-Carlton Hotel Company, noted that during difficult economic times in the 1980s many hotel chains were cutting back on flower arrangements in the lobby and not placing mouthwash in guest rooms. Ed shared, "We always believed that economic challenges didn't mean that people didn't need or want mouthwash. It meant we had to raise the standard in a quality efficient way."
So, how do business leaders decide when to pull back products or service versus expanding them, particularly when business begins to slow? For example, many marketers suggest that the best time to advertise is in a tight market, namely because fewer people are doing so (allowing you to position your product with less clutter), and because it is the time when customers need most to be reminded that you are still there. 
