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Thursday, May 14, 2009

Growth Ideas For Times of Economic Uncertainty

The normal reaction of businesses during times of economic uncertainty is to pull back, spend less, and wait things out. The contrarian view is to use this time wisely as a strategic planning platform for future growth.

Instead of adding fuel to the economic "death spiral," smart business leaders see this time as one of increased resolve, focus and determination.

Thinking about what opportunities to look into - for the next wave of economic growth? Don't wait - consider one or more of these now, and you'll be in a better position than your competitors:

  1. Introduce new products or services to current customers
  2. Cross-sell existing products or services to current customers
  3. Sell existing products or services to new markets/customers
  4. Eliminate low-growth/slow growth products and services from your portfolio
  5. Anticipate changing customer needs/wants (for the next wave)
  6. Track your competitor's reactions and activities
  7. License your product or service
  8. Franchise your product or service
  9. Set up strategic alliances or partnerships
  10. Globalize your product or service

BOTTOMLINE: With all the doom and gloom, use this time period wisely. Focus on the internal activities and results you can measure and have a impact upon. Continue to execute your strategic plan, and look for appropriate activities to "stop doing" (that don't negatively impact your strategic vision.) If activity begins to slow down, use the time to research new growth opportunities and options.

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