4 Universal Business Growth Strategies
Success in today’s economy might seem a bit elusive. Wouldn’t you love to have a crystal ball that could tell you what is going to happen with this economy? Imagine if you had the inside scoop on how things like competition, regulation, or even this Presidential election are going to impact your ability to attract customers and grow your business. If you had that information you could feel confident about investing in your company and the long-term business growth strategies that will take you and your team to the next level.
Unfortunately, your chances of predicting what is going to happen with this economy are about as good as you being the next Power Ball winner. In other words, slim to none. The majority of things that can impact the success of your business are outside of your control, and whether we like it or not, dealing with external predictors of our business success is our new reality, is our new normal. So rather than sitting around dreaming about how you are going to spend your millions, let’s start thinking about what we can do to not only survive this new normal but make this, or any economy start working for us.
We all would agree, these are at best challenging economic times. When I think about the pace of change, the increases in competition, and the lack of customer loyalty sometimes I think it is easier to find Waldo than it is to find new business. In today’s economy, it would be far easier to create a list of reasons your business will struggle than it is to make a list of reasons your business will succeed.
But despite the odds and despite these challenges, this is still an economy in which you can grow and expand your business. In fact, we have only to look to our past to see that no matter the economic challenges the business community has faced, there have always been businesses that have thrived. There were businessmen who did well during the great depression, those that succeeded during the gas crisis of the 70’s and even those who came through 2008 smelling like a rose.
So how did they do it? They understood that when the economy changes you have to change with it. Spending time and energy focused on what was or wishing for things to return is a complete waste of your time and energy. Instead, put your head down and focus on what you can control and adopt these strategies to ensure you succeed no matter what this economy does.
4 Universal Business Growth Strategies For Success
1. Conserve Your Energy : in my opinion, the most important of the business growth strategies is your ability to focus. In other words, to spend most of your time and energy focused on those things you can control, and use very little of it to worry or stress over those things you cannot. If you conserve your energy and use it wisely, you will ensure it is razor-like focused on those business growth strategies that can move your business forward.
2.Lead Outside In: in today’s world, leaders need to commit the time to making themselves aware of what is happening outside of the company. That is where a good portion of the success indicators are and being aware is key. Depending on what happens with the economy, your customers, or competition, you need to be prepared to take advantage of the opportunities and protect yourself from the threats. A successful leader today leads outside in, functioning sort of like a captain of a large ship. She trusts her team to steer the day-to-day, while she looks outside of the vessel to ensure they are positioned for growth.
3.Full Team Engagement: and speaking of being a captain, you need to make sure you have the right crew. In today’s economy margins are thin, competition is fierce, and investment in technology is expensive. There is no room for “dead weight.” You need a team that is fully engaged, fully on board, and as passionate as you are about your customers and the growth of your organization. Strong leaders today accept nothing less.
4. Flex and Change: last but not least, you have to be ready and willing to flex and change. Staying the course in today’s economy is just not an option. This economy is changing fast and things like competition, customers, and technology are changing at the same pace. If you want to thrive in this economy, you have to be open to new ways of doing things, willing to take some risk, and not let your ego or ownership of ideas negatively impact your success.
So yes, these are, at best, challenging economic times, but that does not mean we cannot thrive in this economy. But to succeed today, or to succeed in any economic condition you have to put these four strategies into place, and put yourself in a position to focus your energy, be aware of external changes, fully engage your team, and be completely open to doing things differently. If you do that, you will be among the few who can succeed in any economy!
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