Monday Morning Mojo

Growth Strategies for a Challenged Economy

What better topic for Labor Day? Let's talk about job growth.

I alone, a one-man shop, employ the following: accountant, bookkeeper, professional assistant, landscaper & his crew, housekeeper & her crew, graphic designer. So, my little operation is responsible for part time income for at least ten people.

I know you have your own crew, and many of my readers are CEOs of organizations so there is a powerful multiplier. Innovation and entrepreneurship count for the vast majority of job growth in the US, close to 100%.

This makes it all the more important that we succeed in business. But, how when the economy is in danger of a double-dip? Actually, this is the best time. This is the time you can seriously move ahead in the marketplace.

The first thing you need to remember is why people plunk down their money, whether they draw from a well-heeled stockpile, skim their weekly take-home, or borrow... they buy because they believe what they are getting in return for their precious resources are worth the cost. In the business world that's called ROI - Return On Investment.

But, in the business world it's generally looked at only in terms of money. In day-to-day life people pay for many things besides an increase in wealth and each of them provide clues for savvy entrepreneurs.

For example, there are a lot of people right now who would pay for better prospects in the job market. You might argue that ultimately is a dollar-based motive, but you would be missing the other powerful factors at play including, the feeling of financial security, relief of family pressure, the desire to be investing one's time in bettering one's circumstances, working for someone else who is taking the marketplace risk, and so on.

In the last recession a colleague of mine ran an association for Florida realtors who were among the worst hit. In a very short period of time all of her members were without work, any work. Her services and products were no longer needed and sales quickly dropped to nothing.

With careful reflection and the capacity to see beyond gloom and doom (a valuable trait her peers did not share) she identified two opportunities:

1. Get her members income fast. She set up seminars that tought techniques for income generation which her sales people could quickly adopt with little investment. Her members came.

2. In the midst of the crisis, selling houses short was considered a horrible practice and as a result there was a dearth of information. She became the first expert in her field on the subject and began offering classes that were attended by people across the nation.

Both of these strategies took advantage of circumstance. She read the environment and provided value her members could easily identify and as a result she not only survived hard times but also built her esteem in her chosen market.

Take a good look at your customers' needs. Put yourself in their shoes. Now is the time to act. More strategies to follow.
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If you're in DC on Tuesday, yes, this Tuesday - check out my seminar, Breakthrough Business Leadership. It promises to rock the house!

VisionaryLeadership.com