If you listened to the news, you’d be tempted to shutter your business, buy lots of canned goods, hunker down in your basement and wait for spring ‘09 (at a minimum.) That’s because our minds’ focus colors and determines our perceptions. And with the media saturated with disturbing events, it’s no wonder we often feel paralyzed as business owners, and adopt a “wait and see” attitude. Or we do the opposite and go in ten directions at once to try and get by. Both responses can prove counterproductive.
How about if we approached this time as an opportunity?
“An opportunity?” you ask. Yes, a wonderful opportunity, and let me explain just how it’s so. Recall the last time things were good for your business (you may have to go back a ways in your mind, but they are there, and it’s relative to now) Were you problem free then? Or were there important things you just couldn’t get to because there was no time, too much going on, too many deadlines, staff shortages, huge client demands and constant fires to put out? For most of us in business, we have a whole list of important items on our company agenda, and often the most vital ones are pushed to the bottom of that list due to the tyranny of the urgent.
So if business isn’t bustling right now, if the economy is slower than usual, then perhaps it’s time to do some of these important tasks. Here are a few suggestions…
• Get clear on who you are as a company and what your true benefit is to your end customer.
When we are super busy, it’s easy to think we are just that good, that smart, and that we know ourselves and our customers. But it’s the soft times that reveal if we’re truly providing a benefit to our customer or if we are just selling the product/service du jour. In a downturn, certain products may suffer, but the core need behind them remains. Restaurants may experience a decline, but people still eat. Real estate may slump but people still need a place to live. Computer sales may slow down but people still need information and access. Find out end benefit you really provide, beyond your products and services, and find a new way to deliver that benefit. In my business for example, the need for naming a new company might not be as strong right now, but the need for clarity and direction with branding issues remains critical. So by re-shifting to consultation I can meet my clients at their point of need. The key is that needs don’t go away, they just shift the form and method in which they are delivered. If you know the attribute you provide, you can shift as well. BestBuy can continue to change its products and services, yet still provide the “best buy.” So what is it that you are really providing your customers? Chances are you can provide that same benefit but in new, more appropriate ways.
• Use this time to communicate to your customers
Rather than idle your time away fretting, invest it in meaningful and engaging conversations with your customer base. Keep your company blog updated (or start one if you haven’t had the time before!) Send out a good newsletter with information that your customers will find helpful. Conduct a survey to find out what they need right now. Look for ways to strengthen your relationships and serve your clientele. They may respond today or tomorrow, but they will remember that you were there in both good times and bad, and you will come out stronger for it. Stronger and more credible.
• Look for new opportunities to present themselves
Often in fear mode, businesses become so risk adverse they miss opportunities. But if you know your core strengths, your key benefits, and your company’s mission, you will find new ways to connect and grow your business. In ten years the majority of us will be saying “Why didn’t I buy when stocks were so low?” We forget that fear keeps us gridlocked. Right now there are people and companies that you can team up with, partner with, innovate with, and grow with, but the recognition of these opportunities comes with a clear mind and a solid understanding of your company’s core values. Is there a key partnership you could develop right now that would benefit both you and the other party? Are there merger, acquistion or selling opportunties? With much change comes much opportunity. Be open to receiving it.
It’s tempting now to either sit tight in quiet panic or slash prices in desperation. But as business owners, we have the opportunity to observe, get clear, and benefit from changes in the market. But the key word here is clarity. You’ll be hearing more from me on this subject because I believe in it so strongly. I may not have the answers for your business, but I know that you do. And if I can help you get clear, I know you will make the right choices–not ones based in fear and reaction, but enlightened decisions that will energize both you and your company. And that’s not just smart idea, it’s brilliant.
