Found an upbeat article to start off my week. Based on short interviews with successful business owners in Maine, I found ten ideas for business growth in weak economy:
- Reinvent — consider how your products and/or services can realign with a changing market
- Customer focus — learn what your customers want and need today, not what they wanted last year or ast month
- Broaden your targets (BtoB)– whales are hunkering down and cutting costs; look for companies that are opportunistic and trying to increase their market share
- Conversely, narrow your targets (BtoC?) — identify or create a new niche
- Widen your audience — can you expalnd your niche geographically? are there potential new customers because of the economy?
- Watch for and create “new trends” — e.g. what do families need when both parents are working? convenience? child care? pet care? co-op services? home delivery?
- Cut costs, focus on revenue — horde cash, invest prudently to acquire new revenue but not to cover operating shortfalls
- Be aggressive–appear to be a company that is thriving and the odds are good that it will be true.
- Maintain visibility — time to shine when others are hiding out.
- Stay positive — negativity is no longer news. Be a spokesperson for the entrepreneurs of the world!
What are your best tips for staying successful? for growing your business today? What business opportuniuties have you uncovered?