Business Development in Times of Economic downturn
Think about the business future, protect and grow your organization.
Many leaders are thinking about this in our changing economy and business environment. Sometimes it is nessasary to transform your business to maintain the competitive edge we look at your entire system to build a great brand, a great product and a great team. Recession proofing your business is where A2Biz can help guide you through to a good result in this time of turmoil
We would like to share with you a few tools that entrepreneurs use to get through the bad times. Some may seem unconventional but there again an entrepreneur is unconventional.
Source: Robin Sharma and Massey Business Studies
All organizations are made up of people. Businesses cannot survive without good relationships. It is important that the members within the organization and those that engaged the organization have a healthy relationship. Focus on this.
You cannot win the race to the bottom.
Ordinary entrepreneurs are reducing prices to attract more customers in times of economic down turn. This is a wrong move because you are training your customers to see your product as low value. The competition does the same then you essentially get caught in a race to the bottom. Your customers will begin to see your product as a commodity and a price war begins - this will put you in a no win situation - competing on price - this will be a great way to find bankruptcy. Do not compete on price. Compete on value. Increase value, increase customer service, increase training, develop and invest in R & D. This is the opportunity. Increase the value perception and increase the price.
Develop a 10 X value obsession.
How can I deliver when all the economy is cutting back? how can you deliver 10x more value for your customers? How do I deliver more value while everyone cutting back and engaging in a race to the bottom? The single best way is to create fanatical customers – Give them value, so much so they will not take their eyes off you. If you are so good at what you do your customers will buy more off you.
Shift from being busy to doing valuable work.
This is where discipline comes in. Do not sit on the phone and internet in the most valuable hours of the day. Identify “real work” verses “fake work”. Concentrate on the real valuable work – Do not only have a “to do list” while this is good also create a "stop doing list”. This is equally as important to help you strip away the noise and do the most valuable work in your business. Use your more effective hours to do the most valuable work in the organisation. Science has shown that our most productive and efficient time is available first thing in the morning - work in chunks of 3hr blocks of time. Shift from being busy, scared and overwhelmed to exercising value work. Remove distraction - acutely concentrate on the few things that will create great value and quality in your business.
Bullet proof against disruption - disrupt versus disruption
An example is the Netflex - blockbuster debacle - Blockbuster fell in love with their business model and failed to change, they stopped innovating. They liked their idea of delivering video to homes. Remaining unchanged cost Blockbuster. In recession time the time to change is greater; it is not a time to sit on your laurels. Will change go away – no. What did Einstein say? The definition of insanity is "Doing the same things and expect different results". You need to change and disrupt your market. It will be to your advantage to lead the disruption in your market otherwise you will be disrupted. Apple disrupted the market and changed the game for the players in the market – The iPad and iPhone they were innovative and brought value. You are not only paid to work but as a leader you are paid to be scared. As you enter the unknown you will feel frighten but need it every day because if you are not frighten then you are not innovating.
Grow leaders faster than the competition.
Should you want to triple profits, then double your investment in coaching, training and development? Ordinary entrepreneurs are not working on the company culture or inspiring their staff, they are scared, simply riding out the storm and not making world class customer service business. This is therefore a wonderful opportunity. If you want the rewards that only 1% of the entrepreneurs have you must be willing to do what only 1% of the entrepreneurs do. They take the time to coach and focus the team on the need and importance to innovate. The entrepreneur will emphasize that the team must be the best – They will focus on the company culture. The culture will go on after the entrepreneur is gone and continue to create a perfect product. Culture can find a way to make the impossible possible and wow the customer. This is the time to build and coach the team and grow leaders at every level of the organisation. Everyone must learn to innovate and be empowered. Image if each member felt as if they were the CEO with a “can do attitude”. Huddle and coach to make it happen. The members of your organisation will also leave you breathless when you observe what they are capable of.
Take the time to develop yourself
Entrepreneurs - take the time to bullet proof not only your businesses but bullet proof your brain as well. The number one way to leverage this economic crises, to grow business, build a better team, grow market share, is to work on your mind-set. Do not engage in the negativity, focus on the mind-set are you developing. The emotional mind-set it is not just positive thinking it is about but moving into action and executing the plan. Execution is everything. In the economic downturn situation this is when the remarkable entrepreneur shows the difference and goes to work. Get into great fitness, eat like an athlete, hydrate by drinking more water, rise early and get the edge on the day, read a journal and prepare yourself. Be thankful and step into gratitude and you will find you can say, “it is now show time”. Robin Sharma says, "protect your mind-set, develop yourself do the right thing and stay remarkable".Contact us now to discuss how we can help. E-mail: firstname.lastname@example.org