04 Oct | 5 Tips For A Successful Business Recovery
So the economic recovery is on its way, or so we’re told. There have been two quarters of growth which is at least some good news, although it appears to have been driven by an increase in consumer spending. Now is a good time to consider how you’re going to take advantage of the end of the economic downturn. A lot of companies aren’t investing or growing, which is understandable but business recovery isn’t just about weathering the storm and limping on at a reduced capacity. It’s about taking positive, considered decisions to make sure that your business grows along with the economy.
Here are some tips to help you make the most of things.
- Feel The Fear. The last few years have been a rough time, and if your business has survived you’ve probably had to make some tough decisions. It might have left you feeling cautious and maybe even a little afraid of taking steps to grow. You can’t make good decisions if you’re afraid, everything you do will be snap decisions aimed at alleviating short term issues, which is no good for stable growth. Embrace your fear and you can start to take positive actions.
- Know Thyself. More companies go under during the economic upturn immediately after recession than during a recession. Why? Because they expand quickly and without a solid game plan. Now is the time to review your business and look at how your products or services can be improved and where there is real potential for growth.
- Baby Steps. All too often the aftermath of a recession leads surviving businesses to expansion that is too much, too soon. Often there is fantastic potential for growth due to the loss of competitors and this can be a dangerous lure which results in rash business decisions, which don’t work well for a successful business recovery plan. Instead look to make measured steps in areas that will yield small but definite growth.
- Hired Hands. A lot of companies had to make cuts to staff during the crash, and that means that many businesses have struggled on with an overstretched team. Carefully review your business recovery plan and if it’s practical consider taking on some more staff. Don’t go crazy, but if you want to grow then your team will need support because they’re probably doing everything they can just to keep things ticking over.
- Zig When Other’s Zag. Make sure that your company and the services it offers retains its own identity and stands out from the competition. Instead of trying to net every potential customer, focus in on a specific market. By carving a niche you’ll have less direct competition and should find that customers come to you.
Business recovery is never easy, especially during times where cash isn’t flowing as readily through the economy. But by taking positive action now you’ll put your business in the best position it can be in to take advantage of the economic recovery that is around the corner.