Are You Ready for the Recovery? 4 Tips to Position Your Business (and Yourself) for Success
By Chakisse Newton, President, Cardinal Consulting, LLC
Most of us were blind-sided by the speed and depth of the recession and economic downturn, and the news bears daily witness to some of the disastrous consequences. But, did you know that unless you start planning now, you'll be equally unprepared for the recovery and may miss valuable growth opportunities as a result? Here are four tips to position yourself for success.
1. Brainstorm: You know the economy will improve, but you don't know exactly when. Now is the time to brainstorm about the future marketplace and plan accordingly. Here are some questions to ask yourself:
- What would my market look like if demand increased?
- What will other (related and unrelated) markets look like?
- Are there areas of pent-up demand just waiting for the economy to improve?
- If so, how can you be ready when the demand manifests?
- What can you do to encourage people to begin the purchasing process now?
- What will your customers need as the economy improves?
- How can you provide better service at every step of the process?
- What new services will they need in the recovery that they didn't need before the downturn?
2. Keep in Touch: Never lose your connection with customers and prospects, even those who have put off purchasing decisions because of the economy. Use every opportunity (newsletters, website, articles, phone calls, etc.) to maintain your position as a trusted advisor. That way, when new opportunities do develop, you'll be top of mind for consideration.
3. Focus on the Positive: When you're bombarded with negative news every day, it can be difficult to remember that 90% of people in the U.S. still have jobs and that there are still businesses (probably some of your clients and partners) that are doing well. Spend some extra time catering to those groups and thinking about how their needs may be different in this new economic climate. Then find new ways to meet those needs.
4. Plan for the Future: Don't get so focused on the day to day activities of your company that you forget to plan ahead strategically. As business consultant Alan Weiss says, think about "thriving" not "surviving."
© 2009 Chakisse Newton. All Rights Reserved.
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