Posted by: drewdice | August 24, 2011

What earthquakes should tell you about growing your business

Global economic volatility.
Consistent chatter about China displacing the United States as the number one economic superpower.
Domestic education crisis – how are we preparing children to lead the future workforce?
Earthquakes, tsunamis, and hurricanes.
Potential double dip recession.

Is it any wonder why so many businesses (and individuals) are literally paralyzed – not knowing what strategy to employ – grow? contract? hunker down and wait? follow the market leader? become a market maker?

The reality is that many businesses have been cutting costs and hoarding cash for the past year to two years – taking conservative positions as the economy goes through the current cycle. I understand this position, and, in many cases, agree that this has been a good strategy to employ.

At the same time, I submit that there has never been a better time to grow top line revenues (while still protecting the bottom line). Here is the logic behind my position:

– Research confirms what we already know – people turn to those whom they know and trust for advice, counsel and recommendations. Whether through face to face contact or leveraging technology and social networks (or a healthy blend), businesses need to dig in, listen, build communities and seek to serve others – customers want and need help. Revenue will follow.

– Companies are, and will continue merging, acquiring, launching new products, deploying new strategies – are you watching? listening? connecting? With change comes the need for assistance – in making strategies stick, in preparing people for change, in improving effectiveness – are you courageous enough to make an impact?

– During times of change and high stress, people seek connection, security and certainty. You can help. Do you dare?

The opportunities for impact are massive and growing. The consistent change, both domestically and globally, allows you to pick your spot(s).

What are you waiting for?

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Responses

  1. Great points Andrew! I couldn’t agree more. People don’t stop needing services and products just because of instability. Recently I have seen the opposite to be true. When things are unstable that’s when your clients need you more. The better you handle a crisis the more reliable you become then you move from a vendor to a partner in your clients’ minds.

    It’s human reaction to do nothing in uncertain times and play it safe, and this works, for a short time. Like anything though you have to keep communicating and progressing to grow.

    As always love your blog! Keep it coming

    • Thanks for your valuable contributions and points of view here, Khadir.

      You are right that in times of instability, people need partners, advisors, confidants and help more than ever – and I love your attitude!

      Keep reading, and even better, keep sharing your thoughts….


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