Mortgage meltdowns, skyrocketing gas prices, a protracted war amid escalating
global conflict--any one of these is enough to alter the business climate.
Combined, they can rattle--and often unravel--the business development plans of
even the most confident entrepreneur.
Singer/poet Jim Morrison once observed, “Whoever controls the media controls
the mind.” In one line, he touched on one of the raging debates of our times: Do
the actual facts or the media's interpretation of the facts create reality as we
know it--in this case, the health and viability of today’s business environment?
Time will tell, but one thing is absolutely clear: Nothing kills the buzz of
opportunity quicker than collective resignation to impending doom. In a climate
of heightened fear, plans for abundance can quickly collapse into hopes for
survival.
So in today's uncertain environment, how do you keep your company upbeat and
growing?
Seek out multiple credible sources. No matter what market conditions
worry you most, make sure you get your information from a variety of credible
sources. Cull data from multiple news sources and industry veterans who have
weathered more than a few turbulent periods. That will give you a more balanced
perspective and even inside information on how to maintain growth while riding
out an economic storm.
Refine your elevator speech. How can you, your team and your product
or service benefit your clients during a difficult market?
Getting the words right in your value proposition will help drive demand. You
want to overcome the perception that what you offer is a drain on their
resources. By describing your company as a guiding source and powerful "all
weather" partner, you’ll be seen as a solution rather than as part of
the problem.
Refocus the troops. Don’t wait until nervous water cooler chatter
morphs into rumors of your company’s demise. Gather your team, hear their
concerns, dispel rumors, share your revised elevator speech and determine how to proactively manage and even capitalize on market changes.
You will reduce anxious whispers that weigh heavily on morale and even more
heavily on productivity.
Check it out. Where do your clients stand? Have they voiced their
concerns to you or are you projecting your anxiety onto them? Check in with your
top clients for an authentic conversation. Ask them what, if any, changes or
challenges they or their clients are experiencing because of the current market.
If they are growing, they will be delighted to share their success. If they are
anxious, they might welcome the opportunity to share their concerns and may seek
your counsel or support. These conversations could reveal where your value to
your clients may need to be enhanced or redesigned.
Innovate your offer. How might your service be repackaged or reapplied
to address this market? Re-examination and repositioning will help you navigate
market fluctuations without losing momentum. True, you may need to innovate your
approach to pricing, payment plans and even product offerings to be sensitive to
clients who might need more hand holding. In the end, this process may also lead
to more profound relationships with your customers as well as more growth for
your business.
Lead the way. Nothing provides calm like strong leadership. You can be
that leader for your employees and clients. Being available as a resource as
they navigate market challenges will create more intimate and lasting
relationships. As one successful entrepreneur put it, “Every crisis is an
opportunity for closer business relationships.”
In every challenging market, some businesses suffer; others grow. While
uncontrollable factors play a part, visionary leadership and proactive
planning cannot be overestimated as reasons for success in a gloomy market.
Recently, I spoke with two American professionals in the same business. One
was lamenting the decreased value of the American dollar; the other was
commenting on the astounding increase in buying power for Canadian investors and
her plans to intensely pursue that market. Guess whose business was growing?
The road from doom to boom may be shorter than you think. Remember the
“someone-so-why-not-me rule,” which reminds us that there is profit and growth
potential in every market.
In the end, volatile markets don’t dictate your success. How you respond to
them--and how you lead others through those conditions--do.