Solid Business Growth In Uncertain Times
We are experiencing unprecedented events in our time; with the advent of COVID-19, many people are experiencing an economic downturn, loss of income, and job instability like never before. If you own and operate a business, it can be particularly nerve-wracking, as events seem to be changing by the day.
Yes, we have unique challenges ahead of us, but we also have opportunities to make significant differences in the lives of our friends and family and improve our little corner of the world, one transaction at a time. There is no need to crawl into a foxhole and wait for adversity to pass; with some simple tips and some creative thinking, you can continue to grow your business in these uncertain times. Follow these strategies for solid growth and expansion of your business:
Review your operations. You’ll have to take inventory of your business practices and find out what works... and what doesn’t. Ask yourself these essential questions as you prepare to change a few things:
What is working well right now?
What can be improved? What should be done differently?
What, if anything, do we need to stop doing altogether?
What is missing? What strategies do we need to implement to roll with economic changes?
Once you have the answers to your questions, create a killer action plan and get to work!
Reconnect with others. The lifeblood of your business is relationships----with vendors, employees, customers, anyone who comes in contact with your business, and your brand. Reach out to clients; find out how they are doing and if they have needs that you can meet. Reach out to your community and take on a leadership position, connecting with others that you can support and that can assist you in times of need. Rekindle relationships that have been on the back burner and start networking once more. You may have to get a little bit creative with respect to how you reach them, but necessity is an excellent mother of invention; you’ll inevitably figure out a way.
1. Reinvent aspects of your business. As you assess what is and what isn’t working in your business, you’ll likely need to come up with creative ways to market, ship, and maintain contact with clients and vendors. When the going gets tough and you are running out of ideas, remember your “why”---why you conceptualized your business in the first place. Hold your passion and your purpose at the forefront of your mind when digging deep and changing procedures, protocols, employee handbooks, and communication strategies. If you can’t change with a changing economy, you’ll inevitably fade away.
2. Plan...plan..and plan some more. Part of your evolving business strategy is to continue planning for the future, and then changing those plans as you see changes in the market taking place. A failure to plan is a plan to fail at some point. Connect with key members of your business infrastructure and keep those communications flowing. Don’t be afraid to make changes, adapt, and grow as you commit to making your business succeed.
3. Build for the future. Now is a great time to pull back a little on your marketing efforts and build a solid plan for the future. Do some additional training, take inventory of where you are vs. where you want to be, and start building something bigger. Dare to dream beyond what seem like limited circumstances, and soon you’ll be seeing the fruits of your vision in physical manifestation.
4. Reach out to others. If you are struggling a bit, it is vital to reach out to others for help and support. Being proactive and letting others know about your situation will make them far more likely to want to work with you on paying bills, receiving orders, and keeping client business. Honesty is valued in all relationships, and in business, it’s particularly refreshing to have authentic communication with your customers that deepens and strengthens your connection.
You’ll make it! Let us help you achieve your dreams!
At MaxGroup Business, we have weathered storms, built businesses, and achieved successes for thousands of satisfied clients…. and you’re next! With our knowledge of business building strategies, our passion for people, and a commitment to each and every one of your dreams, we will help you build a business that you’ve only dreamed about. Visit www.maxgroupbusiness.com today to get started on the road to success!