Life is ever changing, and any business that has ever existed has or will experience high and low seasons. Seasons of business can be wildly successful for the company, or detrimental to its survival.Intel, for example, patiently waited out the last recession. Once the demand finally returned, Intel’s profit soared and the company realized some of the highest earnings ever. Regardless, seasons in business are cyclical, and the key to surviving and thriving during these times of change isthe ability to be nimble. Here are 5 tips to help your startup adopt a nimble mindset and navigate any change while running a business.
Don’t dwell in negativity
It is still possible to grow profit during hard times. But change is a challenging concept that can be crippling if not embraced. While some easily adhere to it, others find it to be difficult to accept. The best way to face change head-on is with a positive, glass-half-full mindset. How can you do this?
Regardless of the season of your business, it’s important to create a business model that can shift to needs and demands. Continuously evaluating your business model will provide insight into potentially new ways to conduct business. For instance, if your business is built off of face-to-face interaction with your customers, considering other ways of communication such as virtual meetings and package deliveries with a person touch may be a good approach to maintaining your customer relationships.
Strategically cut back expenses
When business is in a low season, it is not uncommon to cut back your expenses. But where you cut matters and can make or break your success. Conduct a detailed analysis on your business operations and expenses before making any final decisions.
Keep your marketing – but budget less for it
Many companies decide to head to the marketing department (or team) when it’s time to make budget cuts. But don’t be fooled, marketing is an integral part of your company’s success, brand, and quite honestly, survival. Marketing will ensure your business’ brand awareness is present, it will continuously highlight your value to customers, and it will bring in new prospects. Don’t cut out your marketing, just size down. Look for other options, like organic initiatives and networking, to push your brand forward.
Build and maintain your network
Everyone has heard it before – your network is your net worth. When tides are high or low, it’s vital that you continue to make connections. Word-of-mouth, support, and simply acknowledgement from your network is free marketing. Keep your network fresh and growing weekly.
Using these tips with care will help your startup put its best foot forward in any environment. Coupled with the right financial advisement, these tips can assist in maintaining your track toward managing a successful business. Even in challenging times, a nimble and adaptable perspective can position you for future success.
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