Congratulations! You survived the recession. Now what?
One thing is certain: the business climate is not going to look the same in 2011-2012 as it did in 2007-2008.
For many of you, this means the business strategy that created your past success will not be the one that creates your future success. Here are four tips to tune up or change your strategy and business model so you can improve current growth, and be ready to benefit when the economy improves.
1.Take a look in the rear view mirror. Where did your past sales demand originate? For example, if you run a retail furniture business, you might have benefited from the "move up" and refinancing trends. Your great advertising program helped you take advantage of these trends. Understand the economic trend that benefited your business, and what the likelihood is of that trend returning.
2. Learn more about your customers.
a. If you sell business to business, you’ll have detailed data on your customers. Pick up the phone and call them, or meet with them in person. Don’t try to sell them anything; you’re doing market research. Ask what’s going on in their business and what their needs will be in the future.
b. If you sell to consumers, start learning what your current customers want now and may need in the future. Some good ways to do this are quick online or in-store surveys (try giving coupons for participation), contests, and having your salespeople ask one or two questions at checkout.
3. Get online. The best business minds in the country can be found blogging. Often these experts see trends coming before anyone else does. How does what they’re saying compare with what your customers are telling you and what you’re experiencing?
4. Get creative. Based on what you’ve learned, have a brainstorming session with your staff, advisory board, or even your golf buddy. Figure out what you think your "business model of the future" should be.
a. Test the model by starting small. Change doesn’t have to be expensive!
b. Start trying new ideas. Run tests. If something works, adopt it. If it doesn’t, try something else. Keep tweaking the new model as you go.
Once you’ve established your process, it’s a good idea to repeat it every 12 months, or even more often if you’re in a rapidly changing industry. Staying on top of economic and business trends and adjusting your strategy and business model to take advantage of them is one of the most important things you can do to grow your business.
