Sponsored by Innovatus Imaging
By Matt Tomory
In uncertain times, it’s easy to hunker down and hold tightly to what you have. After all, there is nothing we can do about current and future circumstances which are completely out of our control. Right?
The above is a classic example of a fixed mindset, one that does not believe in a company’s ability to control their own future vs. take what comes. During past recessions, companies with this mentality are quite often those that actually didn’t survive. Harvard Business Review, March 2010, in an article called “Roaring Out of Recession,” analyzed companies that survived the recessions of 1980, 1990 and 2000 to see what they did differently than those that failed to survive or even to thrive. What they found is very telling.
Only 9% survived and actually outperformed competitors as the recession recovered. The 9% that survived and actually thrived to reach the top of their industry had a key management characteristic that set them apart from those that did not. This distinction was not having more money for building inventory, expanding operations or marketing but having a growth vs. a fixed mindset. Here’s why this matters.
Which mindset governs a business or a department matters for the now and the future. A good example given by Harvard Business Review is that of Staples vs. Office Depot as the two developed and executed plans for surviving the 2000 recession. Office Depot hunkered down, cut 6% of its staff and focused on its current bottom line. Staples hired more staff as they restructured their operations and sought ways to work more efficiently and serve customers better. Post-recession, Staples emerged with more than $1 billion in sales than Office Depot.
Following Staples’ growth mindset lead is critical for health care facilities, clinical engineering departments and imaging departments as we move forward, blindly into the new normal. When the world settles back into the routine of serving patients’ imaging needs beyond those demanded by a pandemic, whomever is best poised to fill the immediate need will win. Not just for the short term, but likely a very solid long-term.
A growth mindset aligns with the following actions:
Regardless of what is happening in your current market with COVID-19, economic fluctuations, and more, you can overcome and set your team and your facility up to thrive while others are still trying to figure out how to survive. It’s just a matter of mindset.
For more information to see what’s behind a sustainable, reliable probe repair, visit innovatusimaging.com/technology-matters.
Matt Tomory is the Vice President of Ultrasound Center of Excellence for Innovatus Imaging. Contact Matt directly at email@example.com for more information. The views expressed here are those of the authors and do not necessarily represent or reflect the views of TechNation or MD Publishing.
*By entering your email address, you agree to receive emails regarding TechNation Magazine, Webinars, and Exclusive Promos.
© 2021, TechNation Magazine. Site designed by MD Publishing, Inc.