Do not Abandon Your Growth Plans
It is amazing to me how fast companies, leaders and sales people are abandoning their growth plans during this time of economic turmoil. Truth is, this is the best time to create a competitive advantage in the marketplace. How? By maintaining a mindset of abundance over scarcity. The chicken little’s of the world are having a grand time explaining how the world is coming to an end as we have known it for the past century.
While it is true that some things have changed and will change in the future – the key is to not panic and join the chicken little club. It is time to stand up for what is right and prepare for a new future. The sky is still above us and we can win. Adversity is a character building opportunity rather than a panic zone trigger.
Personally, I believe that this time can be utilizied to create new opportunities for an organization and clients. The method we are using is to invest in our infrastructure. New technology and the means of serving our clients faster, easier and with more value has become a priority. It is also a time to create new products and services for our clients to use in the future. Most importantly, it is a time to build and rebuild relationships with clients, old clients and potential clients.
Remember that in a free market economy, you will have a series of ups and downs in the economic cycle. We are currently in a deeper cycle than most – mostly due to the greed and short term mentality of so many executives. Again, this is just a temporary issue ( this could take longer than what we have experienced in several decades) and the upside will come again.
The important thing is not to give up or completely give up the path for growth. Cost cutting is effective in the short run – but not in the long term. Smart growth wins hands down in the long run. Smart growth combines the top line growth with steady profit growth, which in turn funds the expansion necessary for growth policies to succeed. Poor growth is either debt funded with no cushion for reversals or unprofitable growth which leads to a lack of cash and usually higher debt. Financial 101 – it takes both cash and profits to retire debt. A lack of either one and a company is in a world of hurt.
One additional point for companies and organizaations. This is a great time to prepare your people for the future. Take time to educate, train and practice new skills (or old necessary skills called fundamentals) so they can create a competitive advantage now and in the future. These people will be prepared to help their customers at a higher level which insures a more loyal customer which leads to a more profitable customer for the organization. This is not rocket science or Louisiana voodoo – it is just plain old common sense.
People want to be on the winning teams. Winning teams prepare for each game and situation. So what are you doing to prepare your team for winning? We can assist you and your team to prepare for the future. Contact us at 901-757-4434.
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