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.