News for 20th February 2012 :: GROWING AGAINST THE FLOW

It’s tempting to see the almost daily barrage of bad economic headlines as an omen of impending financial apocalypse.

Certainly there is clear evidence that the economy is doing very badly. GDP is still growing – just. And both business and consumer confidence remain at rock bottom.

A January survey of senior economists’ predictions for 2012 by the Financial Times read like the minutes of a doomsayers’ convention.

Despite the rate of inflation creeping down, the high cost of living is still eating into people’s disposable incomes. And unemployment is steadily creeping up as the public sector cuts bite.

In the face of such difficult economic headwinds, many businesses are struggling to make ends meet.

With so many companies battling just to stand still, the idea of growing a business in the current climate may seem bold to the point of rashness.

But it can be done – and is being done by businesses in many sectors.

I work with entrepreneurs and long established businesses.  The ones that succeed at times like this always share two key traits - courage and focus.

Focus is key; whether your business sells products or services, you must never let the quality of your service slip.  Whatever your plans for growth, if your customers’ experience tails off, you will undermine any progress you make.

Never stop listening to your clients and responding to their concerns, and tailor your company processes accordingly.

You must be flexible and responsive, and avoid the temptation to overcomplicate your company processes.

Clearly you must take a long hard look at your costs, and trim them where you can do so without damaging the fabric of your business.

Becoming more competitive is rarely as simple as just wielding the knife – while streamlining and cost saving are important, there may be areas where you need to spend more in order to increase income.

Confidence and the willingness to aim high are crucial too.  While the business environment is tough, it is vital that you stay positive and enjoy what you do.

Never be afraid to ask for advice either, or to discuss the challenges you face. Your business contacts may have reserves of knowledge and experience which you can tap into, simply for the cost of a phonecall.  And a problem shared is a problem halved.

While these are far from boom times, businesses which concentrate on their core strengths, keep on top of their cashflow and actively chase opportunities should be able to both thrive and grow.

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