10 Ways to Build Your Business in Uncertain Times
Looking Back to Move Forward
Get an idea of your current situation financially. Getting a bird’s eye view of your financial situation will allow you to figure your next step in the direction to take your business to the next level. Get Centered: When times are busy and you don’t have much time to focus on the fundamentals of your business, slow periods can provide just the kind of time you need to refocus that energy and get centered. Your purpose is the guiding compass in your overall strategy. In general your priorities, company values and what you're willing to accept to turn a mission will align with your purpose. We can get so focused on profit and staying afloat that we forget our why. It’s good to reacquaint yourself with the purpose of your organization as your true north. With a bird’s eye view of your financial situation and a reacquaintance with your purpose this is a great start in evaluating your current course of direction-your strategic Vision. Are your goals, KPI’s and current progress in alignment with your overall strategic vision. This is a great time to reiterate your purpose and vision to your team members as well as looking for ways you can still accomplish the mission through a different means. Is there room to adapt to the current situation or pivot. Analytics is one area that many of us just don’t have the time or energy to pay attention to after completing the everyday tasks of running a business, a family and just living life but it is an integral part of determining future strategy and direction.
Preparing to Move Forward
Learn and teach- With this period of down time, you have the time to bone-up on the latest industry changes, follow thought leaders, read new books, try out different practices and evaluate current Standard Operating Procedures. Are they outdated, are they broken? Connect- They say keeping old customers is way easier than finding new ones. Focus on customer engagement, customer appreciation and finding ways that may not have been feasible prior to the slowdown to connect. Instead of heavily advertising, take this time to construct or enhance your inbound marketing strategy. People are still looking for your product or service, how can you let them know you are the right person for them.This is a great time to experiment with your messaging. Use this opportunity to reach out to current customers in order to attain testimonials, highlight them through spotlights or even interview them so others can see your process in action and give them a boost as well. You may even continue to do this after the slow down ends. Completely a win-win situation. Expand Your Network- Networking may be a little easier during a slowdown period especially during the times of Covid-19 shelter in place. Connections might be a little easier to access and more timely via social media, email and phone calls. Just be sensitive to making particular asks as this period of time is not the typical business environment. That being said it is a great time to get on someone’s radar, let them know what you think of their work or simply make conversation over this period of time.
Lead Your Purpose
Share your purpose- Although there are many ways to share your purpose, now is an opportune time for both your business and media outlets to take a stab at public relations. Media outlets are hungry for different points of view and your business is eager to be seen as a thought leader. (how to prepare yourself for public relations) Therefore, this is a win-win for both parties. Reevaluate productivity habits and routines- During a slow down period we can find ourselves working at a lower level of productivity than when we are forced to work at max capacity. This could mean sleeping in late, not getting dressed for the day, not planning an agenda. Use your time wisely to give yourself the strength and ability to focus as a leader. Ensure that you are taking the time to exercise and keep your mental health in shape. Look at this period of slowdown in your business as an opportunity to course correct your strategic vision and concentrate on alignment to set yourself up for profitability in the future. Use this time to recognize and appreciate your customers while creating new and meaningful industry contacts to continue building your network. Stay at the forefront of your industry by assessing your web presence and overall messaging and communication channels to continue the growth of your business. Stay Remarkable and unleash your ‘something’ amazing!