Getting a competitive edge in the Downturn

The following is pasted from the Design Council website. They specify design but what they talk about is equally relevant to all creative businesses and their clients.

You can find the full article here: http://www.designcouncil.org.uk/en/Case-Studies/All-Case-Studies/Design-in-a-downturn/ 

When times are tough and revenues are falling there may be a temptation for business to cut ‘discretionary’ budgets - money allocated to activities such as design, perhaps.

But design is a powerful tool in a downturn.

Our research shows that more than half of the UK’s businesses:

• ... are looking to design their way out of downturn
  Over half (54%) of the firms in our survey thought design would contribute to a large or great extent in helping maintain their competitive edge in the current economic climate.
• ... think design is more important now
  Similarly, 53% thought that design had become more important in helping the firm to achieve its business objectives over the last three years.
• ... think design is integral to the economic performance of the UK
  The same number agreed or strongly agreed that design is integral to the country’s future economic performance. 

Fortunes can change for any business – large or small – sending a once successful and thriving operation into decline. Shifts in the economy, in consumer sentiment or changes in the marketplace are just a few of the factors that might leave a company in trouble and unsure how to get back on track. Even mighty corporations such as McDonald’s or entire industries like the Swiss watch industry have fallen foul of changes in the market, but both responded through an investment in design and innovation which helped to turn their fortunes around.