Now is the time for a remarkable INCREASE in your Business. The opportunities are endless for companies looking to grow. It is time to take a stand against the constant negative rhetoric that is bombarding us at every corner in regards to our economy. You will not have to go far before someone says something along the lines of “with the economy the way it is…” or “we are just not able to do what we want to do especially because of the economy…” Just turn on the news for five minutes and you’re sure to be discouraged. Though this may be true and the circumstances are definitely real, how you think and look at your business in these times will have a dramatic effect on your future and the future of your business.
Planning For Success
A powerful question to ask yourself is this, “Are you planning and preparing for increase?” That question can put many people on the defensive considering the pervasive negative tone among business professionals. I challenge you to consider the study done by Harvard Business Review examining the economic downturns of 1980, 1990, and 2000. When hard times hit, about 9-10% of businesses not only survived, but they thrived. Apart from some cases of market timing, they site the following reasons businesses were able to succeed:
- Timely Deleveraging
- Decentralized decision making and input.
- Employee retention and morale
- Technology investment
Gain a Competitive Advantage
During tough times, decision makers may be scrutinizing their options a little more so this is an especially good time to give yourself a competitive advantage. Here are two ways to give your business an edge on the competition:
Invest in Technology
As previously mentioned, an investment in technology can help you thrive during a downturn. Whether it’s streamlining operations, enhancing customer experiences, updating machinery, or cutting-edge software solutions, technology is the catalyst for remarkable growth.
The latest machinery can enhance production capacity and product quality, leading to increased customer satisfaction and loyalty. Similarly, modern tools and software can streamline operations, optimize supply chains, and facilitate data-driven decision-making.
Get Certified
You can gain additional market access through certifications. Government contracts and partnerships with larger corporations can significantly boost your revenue and reputation. Certifications such as Small Business Enterprise (SBE), Disabled Veteran Business Enterprise (DVBE), Disadvantaged Business Enterprise (DBE), and Woman-Owned Small Business (WOSB) open doors to exclusive opportunities.
Government agencies and larger corporations often set aside a certain percentage of work for disadvantaged businesses. These certifications demonstrate your commitment to diversity and inclusion, making your business an attractive partner for government agencies and corporations with supplier diversity programs. They also make it so that when you are bidding for projects, you are not competing solely on price.
Focus on Mission, Vision, and Value
Consider this thought…What you think about your business will have a direct effect on how you feel about your business and how you feel about your business will have a direct effect on how you DO your business. My question to you is this, “What thoughts are dominating your thinking in relationship to your business?” We at CFR and Associates believe that starting your business from a solid foundation where your purpose, core values, mission and vision are established will set you up for remarkable INCREASE.
Your mission defines the purpose and direction of your business. Your vision is the ambitious future you aspire to create. Values are the principles that shape your company’s culture and decision-making. They are the foundation of trust, both among your team members and with your customers. When values are deeply embedded in your business, they guide ethical choices and foster resilience.
Want some examples? We’re biased but here are some examples we love:
Starting from this foundation allows you, as a business professional, to declare your business as a business that will prosper and excel no matter what is going on around you.
We’ve been successfully coaching businesses for two decades through good times and bad. If you want to learn more about discovering and establishing these foundational elements, our team of seasoned veterans is here to help.