How to Grow Your Business During a Slow Economy

Posted by on October 13, 2008 in Business Management, Marketing [ 0 Comments ]

We’ve all heard it – over and over. Recession, job loss, tough times.

Does this remind anybody else of the old story about Chicken Little (“the sky is falling”)?

I am a fierce believer that what we think about comes about. If we don’t want financial struggles, despair and “oh no” experiences, why do we spend so much of our time thinking about them?

How is it that some businesses see growth – even record growth – during these “slow” times?

They get back to basics. What are they?

  1. They focus on what they do best, and they make the most of it. When did it become admirable to be “Jack of all Trades and master of none”?  Being a one-stop shop may seem like a convenient way to service your customer, and it certainly can be. It also can confuse potential customers into wondering what it exactly is that you do. The same pattern holds for job seekers during these times – employers hire specialists more often than generalists. Why? Because they know exactly what they are getting rather than investing in a candidate and not being certain of what they will get. Be specific. What do you really do? Are you sure?
  2. They foster and nurture their strongest networks and referral sources. We all do business with people we know, like and trust. Connect with individuals who believe in the “Givers Gain” philosophy. Who in your circle are your best referral sources? Who has referred business to you in the past? How can you help them grow their business? Help them, and your “know, like and trust” factor will grow exponentially.
  3. They dig in and get to it. It’s so easy to wait for things to come to us. Although I do subscribe to the idea of “astral advertising” (aka The Law of Attraction), the perfect client isn’t going to simply appear at our office door with a bucket of money to toss into your lap. Put the right ideas out there (remember, what we think about comes about…) and get to work. Put yourself in situations where you will meet the people you most want to connect with. Be strategic with your time and efforts. This is not about being desparate and begging for clients. You offer a great product or service to your clients, and you will help them (grow their business, save time, save money, insert other benefit here). Don’t be afraid to beat your own drum – that’s how people will hear you.

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