Soar to Success

for Financial Information Month

Admit it! Soaring conjures up an image of gliding effortlessly, almost aimlessly, in sync with the elements, above and beyond the trials of what lies beneath.

But alas! Let’s take the scene back a few slides…, before the gliding, before the cooperation of the elements, there is foremost a decision to take flight, a period of frantic fluttering of the wings against the elements, then consolidation, as familiarity set in and there is relative comfort amongst the flock…but then the desire to “soar” and stand out.{{more}}

The flight of a bird is in no way dissimilar to the stages that a business goes through. By now, it is accepted that we are in a global recession, a very prolonged one as well. It can be tempting to just stay focused on improving operations and lowering costs, where possible, hunker down and hope things will be fine. This strategy may help your business to survive a little longer, but is not necessarily geared toward long-term success. You have got to change your game to soar.

Let’s examine some principles that will help to transform your small business and enable it to soar to success:

Think new markets:

Open your mind’s eyes and seek opportunities to source new markets. Instinctively, a call for new markets is equated to “export.” Now, that is only partially true. Seriously, it may simply involve opening a retail shop on the other side of the village/island/the Grenadines. In other words, where can I make my products/services accessible to a grouping that is otherwise constrained or inconvenienced by my present location?

Reassess your customers’ values:

The recession has forced consumers to change their mindsets, not just their spending habits. While it is not yet certain what long-term impact this will have on customer behaviour, one must be aware that a more cautious, anxiety-ridden consumer has evolved. People are re-evaluating their values and consequently their purchases. Determine as best as possible “how have my customers’ values changed in the recent past, and how have their needs changed?” The answers can help to guide new ideas to satisfy value- conscious consumers.

Serve ‘even’ the customers you don’t like

Every type of business you can imagine has customers it sees as undesirable from a cost or profit perspective. But as entrepreneurs, this is where your individual genius and guile must come to the fore. Here is your opportunity to focus on what is important; divorce your emotions from the transaction and remember success is not just hinged to the customers that you have learned to love but, in fact, customers you have learned to dislike and figuring out innovative ways to make them great customers.

A good product always sells. Consider these products/services that have made our daily existence easier:

Ipads, cellular phones, on-line banking, debit cards, ATMs and the list goes on. Now, consider this: most game changing products were launched in very tough times, economic low-points. So, what does that mean to you and your business? The known secret is simple. Just because times are tough doesn’t mean people aren’t willing to PAY for things that help them to solve their problems or simply make their lives easier.

Acclimatize to chaos

Yes, you heard me correctly. You MUST get comfortable with chaos. Nothing is normal anymore; globalization and technology are contributing to constant economic turbulence; recognize and accept this new normality. There is going to be continuous turbulence, punctuated by spurts of prosperity and downturns; understand that you are NOT going to be able to count on uninterrupted periods of prosperity.

Empower yourself through training, and proactively LEAD your business through paths unknown toward greatness!