When it comes to an economic crisis, businesses are usually one the most affected ones. Many of them have affected the world, the most famous is perhaps the Great Depression of the United States of the 1930s. However, there are businesses that were reinvented during these difficult times. And today you’ll know which ones.

Businesses that reinvented themselves in the crisis

It may seem impossible for many people to “reinvent” themselves during a crisis. Especially if we’re talking about the business world. It’s no secret to anyone that during the problems, the high number of companies that go bankrupt or disappear is unnerving.

However, over time it has been shown that it’s possible to be reborn from the ashes. Is not easy. It can take a long time and sacrifice. But it’s not impossible. Today we have information and evidence that shows that some businesses managed to save themselves during times of crisis. It’s worthwhile to see who they are and how they achieved it.

BienDateao

This is a business that we’ve talked about many times in the past. It’s a Venezuelan digital newspaper founded by the journalist Damaso Jimenez. It’s no secret that Venezuela has suffered one of its worst crises in recent times. Something that ended up hurting business in this country and BienDateao, being a private media group, was not exception.

The particularity of this newspaper is that it resorted to crowdfunding to save itself. Take into account the high costs involved in maintaining a digital platform. From the hiring of the staff, the web development and the design. Therefore, BienDateao started a crowdfunding campaign to obtain the necessary financing.

Another point in particular is that this digital newspaper also seeks to get rid of monotony. Reinventing its business model to offer journalistic content of higher quality and interest for its readers. Such as reports and opinion articles of experts on current issues in Venezuela. Which makes it a business that was reborn during a crisis.

Maga Foods

We continue with another case from a Latin American country. In this case, a business in Puerto Rico. We’re talking about Maga Foods, whose president and CEO is Eniel Torres. This company is a food manufacturer with a long way coursed. But that also went through various obstacles in a country where crisis, unfortunately, has been for some time.

Torres started it all in 1999 when he graduated and started developing his brand: Maga Foods. But another of his greatest successes was Productos La Finca, which was also a very remarkable Puerto Rican food manufacturer. At that time he created a brand of condiments that were known at the time as “Pollochón” and “Pavochón”.

Although he felt the bite of the crisis in Puerto Rico, he was able to develop his business. In later years, it was already adding new food brands such as flour, cornmeal, rice pudding, bacalaítos, oatmeal and several others. Currently, this company has more than 50 products and is also located in New York and Florida.

Maga Foods Products
Maga Foods has a high variety of food products. One of them being porridge. Source: Maga Foods

Royal Dutch Shell

Our list today continues with one of the most wealthy and famous companies in the world. Royal Dutch Shell, simply known as Shell, is a multinational gas and oil company with more than 100 years of existence. Despite being very powerful today, we mustn’t doubt that they had to reinvent themselves on the road.

At the end of the 19th century, they entered the world of oil companies. Through the creation of the first bulk oil tanker that crossed the Suez Canal in 1892. This greatly improved the delivery of oil to Europe, increasing revenues. Although it didn’t allow Shell to evade the crisis that came decades later.

In 2004, it was revealed that the multinational had overstated its oil reserves. What caused them a loss of confidence from people and some demands that ended in losses equal to millions of dollars. Although this wasn’t caused by external factors, the company managed to recompose itself a decade later. And its income keeps increasing.

Royal Dutch Shell
A Shell gas station, there are many of them around the world. Source: Financial Times

Starbucks

Today we’ll finish with a very famous international coffee chain in the United States. Starbucks was founded in the city of Seattle, Washington, in 1971. It’s considered the largest coffee retailer in the world nowadays, having great success. Their prices are higher than those usually seen in a conventional cafeteria, due to the quality and variety of their products.

During the financial crisis of 2007-2008, Starbucks was one of the most affected franchises. Customers were looking for cheaper alternatives to drink coffee, since Starbucks prices had risen at that time. Which led to the closure of 700 stores over the years. How did they manage to overcome this problem…?

Howard Schultz, who was executive director of Starbucks until 2000, returned to this position. Then he began to create a series of strategies to win back the trust and love of the customers. Through the initiative “My Starbucks Idea” he managed to invite customers to give their own proposals to improve the service.

In the end they adopted more than 100 ideas that allowed them to win the love and loyalty of their clientele again. Since then, things have improved remarkably for Starbucks as a coffee business.

Starbucks Coffee
Starbucks specializes in coffee-based beverages, but also offers tea, cakes, sodas and other products. Source: Market Mad House

If you liked this entry, we invite you to share it on your social networks! Thanks for reading!

Related: Crowdfunding Secrets Nobody Ever Told You About

Let’s learn how to excel in the face of problems…