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3 Critical Keys to Grow Your Business Even in a Down Economy!

“How can I even think about growing my business in this economy?”

That’s a good question to ask. But your business can survive, and even thrive in a down economy.

How? Well, you’ve got to have a time-tested and proven plan to do so. Because if you don’t have a plan for your business growth, even when facing a tough economy, then your business growth may actually become a catalyst for the demise of your business!

Remember, business growth just for the sake of growing, means absolutely nothing. Instead, what we want is to grow our businesses using proven strategies that also help build our profits along the way.

One such strategy is to employ the “Power of Strategic Focus”.

The “Power of Strategic Focus” is employed by sharply and clearly focusing on a goal with the specific intention of applying a proven, sound strategy, or plan of action. All of your action steps are considered, premeditated, and tactical. They are taken because the specific strategy focused on requires it. The focus is therefore “strategic” in that it encompasses the process of implementing time-tested actions that are deliberately timed, and calculated in advance to achieve a desired result.

When your business is being attacked by the downward spiraling effects of a tumbling economy, that’s exactly when you MUST employ the “Power of Strategic Focus”. When facing a down economy, your desired result, or goal is to survive, and even grow. And you can do that by single-mindedly focusing your daily business actions and decisions on just these 3 critical keys:

3 Critical Keys To Grow Your Business Even In A Down Economy

  1. You MUST strategically focus all of your daily business decisions and actions on the direction you want your business to move. When in the midst of a down economy, it is critically important that you are crystal clear about the vision you have for your business, and the specific goals you want to accomplish. Your unrelenting effort must be on keeping your business moving daily towards accomplishing its long-term Vision and Goals.
  2. Next, you MUST strategically focus on staying in contact with what I call your “Ideal Customers and Clients”. Most businesses earn 80% of their profits from only 20% of their customer base. Therefore, your initial focus should be on identifying exactly who those “Ideal Customers and Clients” are in your business. Once you have done that, then any marketing you do must be tactically focused primarily on them; particularly if marketing budget constraints are in effect. Keep your “Ideal Customers and Clients” informed about your products, services, and any new offerings you provide. Don’t assume that they are already aware of your products and services. Remind them anyway …, tactfully. How, by informing them how your products and services will benefit them. Continually. Constantly. Target your “Ideal Customers and Clients”. Especially when in a down economy.
  3. Finally, keep your eyes focused on the prize. And for all businesses, this means …, Cash Flow. You may not be aware of this, but every business has a unique manner of generating Cash Flow. Take a hard look at your own business. Does your Cash Flow come primarily from focusing on generating profits from your customers, your products, your services, your hours, or your cost of goods sold? Once you discover your business’ unique manner of generating Cash Flow, then you must make sure to unrelentingly take specific actions daily to continue generating Cash Flow. Make one more call. Write another letter. Sell one more of your products. Whatever action you do take, make sure that it does generate additional Cash Flow.

There you have them. The 3 critical keys to grow your business, even in a down economy.

When you employ the “Power of Strategic Focus” on these 3 keys while you’re in the midst of a downturn in the economy, your business will not only survive it, but continue to grow and be profitable.

When Business Isn’t Fun Anymore

Do you remember the excitement and anticipation when you went to fill out your ‘Doing Business As’ or incorporation paperwork? All the planning and preparation that went into starting your new business. Deciding on a name, opening a business bank account, ordering business cards, difficulty sleeping because of all the ideas running through your mind.

Do you still feel that way?

Sadly, most business owners lose that excitement along the way as the day-to-day grind of actually running a business keeps them from enjoying the process of building a business. If you want to find a way to recapture that excitement, you must take some time to reflect on why you went into business in the first place.

What was your ‘why’? What reasons prompted you to step out and become a business owner?

More money
Financial freedom
Desire to quit your job
Get out of debt
Pay for kid’s college
Like a challenge
Hate the ball and chain of a job
Tired of raises that don’t keep up with inflation
Need to care for an elderly parent
Want to travel
Freedom to work where you want, when you want
Tired of making someone else rich
Tired of the government getting the majority of your hard earned money

There are so many legitimate reasons to start your own business, but the important thing to recall is why YOU went into business for yourself. Somewhere inside you was a burning desire to do something with your life that you weren’t doing, and starting a business was your way to satisfy that desire.

But what happened?

Has the day-to-day stress of being responsible for running your business nibbled away at your dreams and desires until you no longer feel the joy and excitement every day as you begin your work? Do you oftentimes find yourself wishing you were back being an employee again where you can just put in your time and go home? Do you feel like time is flying by and you aren’t living the life you want, but instead just surviving every day, frantically treading water hoping you don’t drown?

It doesn’t have to be that way.

Owning your own business is challenging, sure. It’s a lot of hard work, absolutely. But if done correctly, owning your own business can be your ticket to having all your dreams and desires fulfilled.

So what’s a business owner to do?

Before you reach the point of throwing in the towel, find a way to reconnect with your reasons for starting your business in the first place. Spend every day focusing on these reasons to motivate you to continue pursuing your dreams. If you are having trouble being able to do this by yourself, maybe it’s time to admit that you need help.

One of the best resources to help you keep the excitement and fun of building a business alive is having a business coach. Just like athletes depend on a coach to help them stay focused, motivated, and performing at peak capacity, a business owner can receive the same benefits by having a coach by their side.

So whether you have been in business for a year or ten years, working with a business coach can mean the difference between just going through the daily motions or actually enjoying the process of learning, growing and building a business. Having someone beside you to help navigate through the various stages of owning a business can be invaluable.

Don’t accept the fact that your dreams are fading. Take charge of the situation and find a solution that keeps the dream alive. Admitting you need help and getting that help can mean the difference between success and failure.

You can be one of the 80% of business owners who fail or you can do what it takes to be in the minority that succeeds. The choice is up to you.