2009 PRESS RELEASES
Click here to e-mail this page to a friend.
April 1, 2009
EXPERT ADVISES SPECIALTY FOOD EXECS TO PURSUE GROWTH DURING ECONOMIC TURMOIL
Contact: Marion Horsley, 804.225.3820
“Despite the turbulent economy, now is the time to grow and thrive, not just survive.” That was the message Dr. Jeanne Liedtka brought to attendees at the Specialty Food Educational Conference held March 23 – 24, 2009 in Charlottesville. The event, presented by Virginia’s Specialty Food Advisory Committee and the Virginia Department of Agriculture and Consumer Services (VDACS), brought together representatives of more than 60 specialty food companies from across the Commonwealth.
“VDACS was pleased to provide a forum for members of Virginia’s specialty food industry, a vital component of agriculture in Virginia,” said Todd P. Haymore, VDACS’ Commissioner. “We rely on the variety and creativity of specialty foods to add value to Virginia’s agricultural products, provide jobs for Virginia workers, and contribute substantially to maintaining agriculture as Virginia’s largest industry. I think the conference accomplished its goal of helping to sharpen the skills and focus of the leaders in these important businesses.”
In her presentation, Dr. Liedtka, Professor of Business Administration at the University of Virginia’s Darden School of Business, offered advice that runs counter to the conventional wisdom in times of economic upheaval. “Leverage the uncertainty,” she said. Instead of sticking only with the proven and focusing principally on cost-cutting and short-term survival, she counseled her audience to look for growth opportunities within their companies and incorporate these opportunities into their long-term plans.
According to Dr. Liedtka, growth does not need to involve big risk or a big investment. She suggested starting with the customers and capability already part of every business and building from there. “Reconnect with your customers. Think more like an entrepreneur and be more sensitive to the possibilities.”
Borrowing from research for her new book The Catalyst: How You Can Become an Extraordinary Growth Leader, Dr. Liedtka cited the practices of leaders who excelled at growing their businesses:
- They expanded their horizons by continually exposing themselves to new ideas, new businesses and new ways of doing things. According to Dr. Liedtka, you cannot learn if you think you already know.
- These leaders did not take unnecessary risks but realized that in times of change, doing nothing is the riskiest option of all.
- Instead of only trying to sell more of what they had, effective executives made the customer their starting point and figured out how best to meet the customer’s needs.
- They started with what they had and avoided analysis paralysis by not over-studying an issue or concept.
- They realize that it’s more effective to place small bets, take small steps, learn fast, determine quickly the viability of an idea and keep on moving.
- These growth gurus were able to admit when something was not working and it was time for a change.
- They relied on the right talent to get the job done, not just the employees with time on their hands.
The Specialty Food Educational Conference attracted record attendance and plans are underway for the next conference, scheduled for March 2010. For information, contact VDACS at 804.786.2112. To find additional information about the Virginia Specialty Food Advisory Committee click here.