The current climate is undoubtedly creating significant headwinds for business owners in our community and beyond. You’re likely facing tough decisions and navigating uncharted territory.
Here are 5 practical strategies to not just stay afloat, but to build a stronger, more resilient business that can thrive even in the face of uncertainty.
5 Not-so-secret Secrets to Navigate Uncertainty:
- Gain a Competitive Advantage: Recognize that your competitors are scared, and that gives you an advantage. They are likely to make poor decisions out of fear. For example, they may slash their marketing or let key employees go. But if you stay calm and adjust your marketing instead of cutting it (see #3), you can steal their market share.
- Take Control of Your Finances: Get a clear picture of your business health by mastering your key numbers. Watch my webinar replay below for more detail on this. When you know your numbers, you’ll make better, more informed decisions. Most importantly, knowing the numbers allows you to make adjustments where needed to see you through whatever the current situation is.
- Calculate Your MVA: Focus your marketing efforts on your Minimum Viable Audience (MVA) for efficient and effective outreach. Watch my webinar replay below where I go over how to calculate this in detail.
- Identify Profitable Opportunities: Discover strategic niche selection to connect with markets that are still thriving. No matter what the current situation is, there are always some people buying. Narrow your niche to those people and adjust your offerings accordingly. Make sure you choose a niche that is as big as your MVA.
- Maintain Momentum & Achieve Growth: Prioritize the right actions to drive your business forward, regardless of the economic landscape. Many of the same success habits that made you an entrepreneur in the first place will still apply regardless of the situation, so keep doing those things. Don’t lose your focus in the face of uncertainty as so many people do.
If you’re looking for actionable guidance and a clear path to building a resilient and successful business during these uncertain times, I encourage you to watch the replay of my webinar below, where I go over the 5 strategies in detail.
Looking forward to helping you navigate these challenges and build a thriving future for your business.
Author: Mark McNulty, Business Coach