Yes it’s coming, whether you like or not, at some point this economy is going to shift. And
depending on which economist you follow, it looks like the downturn will hit somewhere around
end of 2020 beginning of 2021. Now before you put this article down because it’s beginning to
sound like doomsday, know that a down shift in the economy is not necessarily a bad thing in
fact it is a very normal thing.
Over the course of your business lifetime, and long before then, the economy has been going
up and down. The market has been hot, cold, ripe to do business in, and a serious challenge.
That is just the way it is. What goes up must come down, and what goes down will go up.
The difference between people who struggle through the downturns, and the people who thrive
through them simply comes down to whether you prepare for what’s coming or you don’t.
No matter how hard you will it, fight it or refuse to believe it, you have no ability to stop the
economy from shifting. So rather than wasting that valuable energy on trying to stop something
you can’t, why don’t you shift your energy and position yourself to succeed no matter what this
6 Strategies You Need To Implement Now
1. Set Focus – step one is getting clear on who you serve, what you offer, and what
differentiates you in the marketplace. One of the biggest challenges you face in a
shifting economy is fear. Fear that you are not doing everything you can do, feat that
you are not offering the right products, fear that your competitors have a better idea
then you do – fear. So you need to get clarity on what you do well, so you do not chase
every shiny object that comes down the pipe. In tough economies, resources are scarce
and margins are tight, meaning you have no money or time to waste. Set your focus!
2. Get Outside Perspective – there are more things external to your business then
internal, that could impact your ability to be successful. So you need to stay alert,
informed, and on top of what is happening in the outside world. As business owners and
sales professionals, you get so focused on what is happening inside your business, that
you forget to focus external. Thinking about, and knowing what is changing with your
customers, your competitors, your industry, and the economy will position you to see
what is coming. Then when you need to, you can change direction easily.
3. Invest In Talent – understand the only thing that is differentiating you in this
economy, the only thing, is the talent you have around you. This is a marketplace
where your reputation and the customer experience are the things that are growing
your business. Ensuring you deliver on both, comes down to the level of talent you have
around you. There is a war on talent, finding top talent is tough, and about to get much
harder, you need to start now if you want to win.
4. Increase Sales – the tougher the economy, the longer the sales cycle. The two go
hand-in-hand, so you need to be prepared. To succeed in a challenging economy, you
need to be selling from a place of power, never from a place of need. It is time to start
overfilling your sales funnel, having so much moving through the pipeline that if a deal
slows down or goes south, you can remain calm, cool and collected. Remember, when
the economy goes down, customers want to deal with professionals who are confident
and secure, not ones desperate to make a sale.
5. Lockdown Top Customers – your best customers are always your competitors best
prospects, and even more so in a shifting economy. Don’t leave the door open, don’t
invite them in. Make a list of your best customers, and put yourself on a consistent
schedule of staying in touch with them. And then take it one more step and be
proactive. Don’t wait for them to come up with ideas of how to do more business with
you, stay one-step ahead.
6. Create Partnerships – and last but not least, (at least for this blog – I got lots more
ideas), reach out and align with other strong professionals. Take a look around you and
see who else in related industries, community leadership and industry influencers you
need to know, connect with and create solid partnerships.
Economic shifts are merely a normal part of business, and no matter how hard you try and fight
or ignore they happen. So quit sitting around waiting for this downturn to hit you, take the bull
by the horns and position yourself now to succeed no matter what this economy does.
High energy and highly interactive, Business Growth Strategist Meridith Elliott Powell’s keynotes, workshops and innovative coaching programs help leaders and business owners learn the new rules of success today, including how today’s economy has changed, how that has changed today’s customers and employees, and specifically how that impacts your business.