How to Thrive in Your Business in a Tough Economy
- Feb 19, 2021
- 4 min read
Written by: Maggie Perotin, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
2020 and 2021 have been scary years for many entrepreneurs. We're all dealing with the crisis that the global community hasn't experienced in a long time. It’s definitely unprecedented in its magnitude but not unique in its essence for the business. “Tough economy” comes and goes triggered by different events.
It's very easy in those unexpected moments to get into a spiral of despair. That’s why I want to help you use the fear of uncertain times to bring light to your business anytime it happens. Rather than contract you into overwhelm and paralysis. There are things you can do in tough times to help your business thrive. So let’s get reading.
It's Strategy Time
First, as a business coach, I'm all about strategy. Always. It's the strategy that helps us move our businesses towards our Vision faster. Why? Because it's creative, proactive, and smart. It gives everything we do sense and direction. It prevents chaos and ensures we utilize our limited resources (ex. time and money) in the best possible way.
So, if you haven't given strategy a chance before, now it's the time. It's time to relook at your business and see if it's aligned. And what I mean by that is answering these questions: are all my resources (my time, money, focus, employees, etc.) aligned, working together to get us closer to the Vision? Are they working together or against each other? Is what we are doing still delivering value to our customers?
If the answer to any of these is “No,” look at how you can redirect and reallocate the resources align them. Maybe it's time to shift or tighten your positioning message or get clearer on who your ideal client is, or just tweak your offering.
Being strategic is fun. It taps into your creative mind where anything is possible!
Talk to Your Clients and Be the Solution
Second, if there was ever a perfect time to build and strengthen relationships with your existing clients, it is when the times get tough. Reach out to them and meet with them. See how they are doing.
Do that to encourage your clients, but also to see how you can help them. If you focus on being of service and being the solution to the new problems, then you'll position your business ahead of those who're doing nothing, paralyzed by fear, or just trying to wait the situation out.
Focusing on others is a great way to fight fear. It will propel you to action and have a hugely positive influence on your morale.
Keep it Simple
I'm a huge fan of simplicity. In fact, it's one of my core values. Simplicity gives us focus and keeps overwhelm at bay. For this reason, look at your offerings, processes, and systems and see how you can simplify them. Spring is coming, so why not start early pruning your business garden a little? Focusing only on the core things in your business, along with talking to your clients, will help you regain the momentum. It can also bring you new creative ideas you wouldn't have thought of otherwise.
Add Value
Last but not least, when your creative juices start flowing again, channel them fully into helping your clients. Think of how you can add value to them, be the solution, the light in their tunnel. It doesn't have to mean giving your offering away for free. The only way you can be of help is when your business is profitable.
It's important to realize that there are many other ways you can add value to your clients. Connecting people with others whom they need is adding value. Sharing information, providing moral support, or even some laughs is adding value. Investing in your growth, personal development that your clients will benefit from is adding value as well. With this in mind, I'm sure you can come up with at least five more ideas on how you can add value to your clients right now.
I want to inspire you to action. Don't let the fear of tough times contract you. Use it to focus on helping your clients and being strategic in your business. You are its leader, and now it's the time to step up to that role.
Maggie Perotin, Executive Contributor Brainz Magazine
Maggie Perotin is a business and leadership coach, helping entrepreneurs grow their businesses without the overwhelm so they can live the life they want. Through her DREAM-PLAN-DO coaching model, she helps her clients reach their potential and get results while maintaining balance in life.
Maggie has over 13 years of coaching and leadership experience in the corporate world in various domains. She holds a Masters Degree in International Relations, Facility Management Administration designation, and currently pursuing an Executive MBA at Jack Welch Management Institute. Maggie uses all her knowledge and experience to help entrepreneurs be strategic and creative in building a successful business and brand that attract their ideal clients. She is passionate about spending quality time with her blended family with four kids in the Canadian nature, traveling, self-development, and healthy cuisine of the world.
