Redefine Your Business in a Transitioning Economy
Kaye Brown discusses the transitioning economy, emerging business strategies, and how we can dynamically adapt our business and careers to the fluid environment.
All too often, crisis moments hit our businesses and our credibility hard. Although the wavering economy may have had the best of us a bit shaken and adjusting our numbers, strategies, and client services, it is how we respond to the blow that makes or breaks our forward success.
Even with a majorly transitioning economy, businesses and professionals are growing their services and networks and are also finding creative ways to stand out in the crowd and – well – put food on the table. So with a flustering economy that somehow fosters growth, how will your professional strategy dynamically change to give you the confidence to step forward and obtain the results you desire?
Understand The Economy and Your Market
Like it or not, the economy is here to stay. But whether it is a good or bad economic situation, your business must have an adjustable strategy that enables you to evaluate and measure the success *or failure* of your initiatives. It is incredibly important to understand how the local and federal economies have affected your business. Don’t rely solely on news reports or the increasing gas prices as evidence of insurmountable change and run to your board room. Get involved with local chambers, attend public meetings, obtain local governmental action plans, discuss civic changes amongst other professionals and businesses, and ultimately evaluate your business numbers to understand exactly how you have been directly impacted. Career Tip: Evaluate & understand employment trends and your career needs. Is the time right to make a move?
Remember Your Passion and Purpose
No matter what environment or strategic plan it is, I always tell my clients to examine their unique DNA – which are the threads of their brand. Take a small step away to remind yourself (and your team) of your professional passion and your unique purpose. It’s simple – let your passions rejuvenate and take a moment to fully understand what YOUR new needs are. Not only should you assess whether new solutions should be provided, but assess the value of your current solutions. Perhaps you should shave a little here, and add a little there. Now you can take the next step forward to clearly identify goals and put them into motion. Career Tip: What value or expertise do you hold? Integrate it into your current position or branch out!
Evaluate the Value of Your Clients and Professional Network
During a crisis, we tend to overlook the unique market we serve. We get so caught up looking at our strategies and numbers that we pass over our built-in safety net – loyal partners, customers and colleagues that are already a valuable part of our existing network. You should evaluate how they’ve been beneficial and responsive to you in the past and reward them accordingly. What you do – giveaways, price breaks, referral discounts, etc – is solely up to you and what your customers’ heart’s desires are. Once you’ve given credit where credit is due, these resources can begin to work for you and help your brand achieve more in an inconclusive economic circumstance. Career Tip: Utilize contacts, colleagues, and available resources to broaden your network – and your knowledge.
Redefining yourself or professional strategy doesn’t always mean scrapping everything and starting over. Always remember that you’ve been given a unique passion that has evolved into the unique threads of your brand DNA. Your integration of passionate purpose, strategic response, and utilization of available resources is what ultimately directs the abundance of your new creative space.