Wouldn’t you love to have a crystal ball right now?
10/26/2016 – A crystal ball to tell you who is going to win this Presidential election. To tell which party will control the house and the senate. And tell how their policies are going to impact this economy and your business. Well unfortunately, there is no crystal ball. So, most of us are just here sitting on the sidelines trying to figure out if we should invest in our businesses or maintain the status quo. We’re trying to determine if we should create jobs or work with a smaller employee base. Wondering if the results of this election will bring more challenges or more business growth.
In the world of business, time is money. Waiting and wondering what is going to happen with this election is an exercise in futility. The truth is, no matter who becomes President, who controls Congress, and who decides policies and regulations, we still need to run our businesses. We still need to serve our customers and determine how to create business growth – no matter what they or this economy does.
Therein lies the challenge. In today’s economy and election cycle, the majority of things impacting your ability to achieve business growth are outside your control. Think about it. What happens if regulations increase? Or if taxes go up or down? Or if the affordable healthcare act becomes even less affordable? Then, add in changes in gas prices, consumer confidence, and threat of terrorist attacks and you realize these are, at best, challenging economic times.
So to compete, let alone succeed, in today’s challenging economic times, we need a strategy and an approach to business growth. One that can survive no matter what this election or economic instability throws at us. Leading a company today is different. You have to understand how to navigate this shifting economy and deal with political and marketplace instability. You have to understand how to “election proof” your business. Here’s how:
5 Business Growth Strategies To Succeed No Matter What This Economy Does
Focus On Engagement
The path to profitability in this economy is through the customer experience. That path starts with the level of engagement of your employees. Business growth today happens because of your reputation and your customer’s experience. It is not the products or services you offer that are growing your bottom line.
The average consumer in this new economy thinks your products or services are something they can get anywhere, anytime and from anyone. So, it is the service they are looking for. That is what is differentiating you. This is what is helping you stand out from your competition. Controlling the customer experience would be easy if you were the only person interacting with your customers – but you are not. More often than not, your employees are spending much more time interacting with customers than you are.
If you want an election-proofed business, focus your time, energy and resources on ensuring your employees are the best. Ensure they are the brightest and the most engaged. Putting yourself in a position to succeed no matter what this economy does begins with understanding that the path to profitability is through the customer experience. And, that path begins with focusing your energy on fully engaging your team.
Find Your Niche
Here is a news flash: you do not want to do business with everyone.
Here is another news flash: not everyone wants to do business with you.
If you want to election proof your business, to succeed no matter what this economy does, then begin by finding your niche. As you saw in Strategy 1, the path to profitability in this economy is to provide an amazing customer experience. A customer experience that results in you building a reputation that gets you above the white noise. A customer experience that “pulls” people to you and your business.
To provide an amazing customer experience, one that makes customers go out and talk about you, you must understand your niche. Face it, you cannot make everyone happy, nor do you want to. We all have a type, a certain customer that loves us, loves our products and services, and raves about who we are and what we do. Focus your energy and time on making your niche happy and you will succeed no matter what this economy does.
Focus On Strategy
There has never been a more important time for you to have, use, and fully execute a strategy. You need to set the time aside to determine what you want. Determine why you are in business. Determine what goals you are going to achieve.
We are living in fast-paced and constantly changing times. Your ability to focus on and be clear about goals is going to keep you on track. Even when this economy shifts, or when the election results throw you for a loop, you can succeed. A strategy is so much more than a piece of paper. It serves as a way to communicate to your team as well as your customers. A strategy helps you make decisions (yes or no) when new opportunities or shiny objects arise.
All the more reason you need that strategic plan? Because in shifting times you need to be able to shift, too. Between this election and the changes in this economy, you are going to be constantly hit with new opportunities and obstacles. Both of these can positively impact or hinder your success.
While a strategy will keep you focused, it will also give you a touch point. A touch point to land on, then decide if you need to alter your course and remain flexible, while moving quickly. No matter the results of this election, and people’s predictions for this economy, the truth is, no one knows. As a business leader, you need to be ready. You need to know your goals and objectives and be open to flexing and changing as the need arises.
Communicate In Overdrive
Last but not least, communicate in overdrive. Communication is underrated and undervalued when it comes to making sure your company and your team are solid. To communicate in overdrive, you need to be listening and hearing far more than you are talking.
Getting feedback from customers and your team will ensure you are getting first-hand information. This is feedback on what you need to do to remain productive, increase efficiency, and see business growth. In addition, by asking and listening, you will increase both customer and employee engagement. Then, the cycle of election proofing your business will start over again.
Yes, these are challenging economic times. Sixty percent of economists today say we are headed for a recession. Many think this will happen no matter who wins this election. Due to entitlements and debt, we have our work cut out for us. But, just because this is a challenging time does not mean it is not the best time to be in business. If you understand the shifts, you can implement these five business growth strategies to put yourself in a position to succeed – no matter what this economy does!
Motivational Keynote Speaker & Business Growth Expert, Meridith Elliott Powell works with clients to help them instill ownership at every level to ensure profits at every turn. Meridith is the author of several books, including her latest, “Own It: Redefining Responsibility: Stories of Power, Freedom & Purpose”. When not keynoting and leading workshops, she looks for inspiration cycling, golfing or hiking her favorite trail. https://meridithelliottpowell.com