Enhance Your Staying Power in a Down Economy
As economic uncertainty continues, remaining upbeat, understanding your organization’s key business indicators, and trying new ways to differentiate yourself can enhance your staying power. These tips can help.
1. Keep Your Eyes Open
Stay alert to emerging trends, new ventures, and potential partnerships. Read local and industry news regularly. Network with other businesses. Your next success could come from a place or person you least expect.
2. Assess Every Opportunity
No matter what the situation, there is always room for opportunity. Stay open-minded, do your research, and learn to see what you can gain from each and every opportunity that comes your way. If you don’t take action, someone else likely will.
3. Provide What People Want
In lean times, people go back to basics. They often spend more to get lasting, quality items or services. If business is slow, do some market research to learn what your target customers really want now and how you can best provide for them.
4. Try Something New
If you’ve done something the same way for 10 years and business has slowed, now may be an opportune time to differentiate or expand. Don’t be afraid to take calculated risks in how you promote yourself or in what you offer. It might pay off in a big way
5. Emphasize and Offer Value
Today’s customers want straight talk about what you offer, and expect both quality and value. Making it easy for customers to understand the benefits your products or services will provide them is one of the best paths to revenue.
6. Measure Your Success
The only way to really know how your business is doing is to keep tabs on key business indicators. Regularly assess things like customer conversion rates, marketing campaign effectiveness, and sales team performance. You’ll identify areas that need attention or improvement easily and respond more quickly.
7. Know When to Say “No”
It’s tempting to say “yes” to every opportunity, but not all business is good for the health of your organization. Don’t waste time or resources on anything that threatens to be more of a drag on your business than a buoy.
Stay alert to opportunities, but establish criteria for accepting new business, down to the hours you want to work and what you want to earn. Putting energy towards creating new offerings, courting new markets, or any number of other business critical activities will likely pay off more in the end.
8. Accentuate the Positive
The downturn won’t last forever, but it can sink you if you get stuck in fear. Focus on the things you are proud of and grateful for. Spread genuine good cheer and compliments. It may sound clichéd, but positive energy really does inspire and empower, and can propel your organization to the next level.
The trick is to know your market and never underestimate all that you and your organization are capable of. By keeping sight of your goals and taking positive action, you can find the right opportunities for your business, even when times are tight.