Road to Recovery. No matter our circumstances, we all have been affected by the deepest recession in our lifetime. This summer seems to be even tougher than usual for many small businesses.
Now is a great time to take a hard look at the realities that exist, get help where needed and rethink our business strategy in preparation for recovery.
Here are seven strategies that will help.
1. Open a dialog with those you know. Mutually beneficial relationships are now, and always have been, a key to success. Reconnect with former customers, former prospects, business colleagues and friends. Ask about their plans and their challenges. How have things changed for them and what do they need now?
2. Identify your personal value and offer to give that on the terms of your choosing. Incorporate your personal values into your business. Support programs you believe in. Join selected organizations and find a way to contribute your personal value.
3. Expand your network. Seek to connect with those who are either in your target market or do business within it. Be sure to have a follow-up plan for all new connections. Limit time on social media and networking activities to only those that produce results for you. The volume of information and interactions in online networking can be overwhelming, so be ruthless with sticking to your strategies and plans.
4. Consider alliances, joint ventures and partnerships with those already in your network. These are typically low cost, high return arrangements if structured to the benefit of all parties. Such business relationships can provide flexibility, new resources and stability in a sea of chaos. For more information on growing your business using partnerships review my recent webcast,
5. Make informed decisions and take calculated risks. Before making any decisions gather all pertinent information from your business, your market, your community and the economy in general. Take calculated risks based on all the pertinent information you have gathered and analyzed. Consider the risk vs. reward relationship. You’re bound to come up with new options. As some doors close; new ones will open.
6. Remain flexible. Test your ideas on a small scale. Adjust and modify based on what you learn. Make small investments in new ideas. Set very short term goals and determine early what works and what doesn’t. Innovative ideas that prove themselves now could position you to lead in a recovery.
7. Provide yourself with ongoing support. Create a small, close network to help provide perspective. Get feedback on your ideas and concerns. Find out what others are doing that is proving successful. Ask for what you want and need.
These are actually good business strategies for building a strong business in any economy, but they are especially important in maintaining and growing a healthy business now. It’s how many small businesses are taking the lead in creating a recovery for themselves and the economy.
To learn more about business success strategies and actually apply them to your business check out the Business Success System Course. It’s the Prime Strategies self-study program that walks you through the fundamentals of building a strong and profitable business.