How to Navigate a Slowdown
Does your business advisor help position your business to withstand anything? Americore works with businesses, delivering business advisory services that strengthen positioning, align team focus, and organize a strong growth strategy. Regardless of all the tools that Americore business advisors use to guide clients toward their goals, sometimes a simple approach is the correct one. When you first see signs that the sluggish economy is beginning to affect your firm, it is time to act. For many small businesses, the best way to gain ground during the economic slowdown is to implement a few simple ideas now. Actions taken sooner yield much better results than later.
Taking Aim at Prosperous Prospects
Targeting wealth is not about elephant hunting. Remember the five C’s? It is about attracting and retaining clients who have the “CAPACITY” to afford your products and/or services. If you have been targeting any customers regardless of budget, you might aim for upper middle class with more disposable income. Depending on your products or services, you can alternatively aim for clients in the upper income bracket. Prosperous clients are affected less by a slowing economy than those in lower income brackets. Did you know the income gap between the upper and middle income brackets is widening? It has been since the great recession of 2008. Just as in 2008, if the slowdown worsens, you may lose the less affluent portion of your clientele. Replace those clients before that happens to prevent a desperate situation from occurring. Since there are more millionaires today and fewer middle class, you should be able to discover new prospects.
Review and Modify Your Strategy
When you initially opened for business, you began with a plan, or strategy for how you wanted to proceed. With new consumer or client buying behaviors and changes in the economy, it is important to take the time to review your current strategy and measure it against the changes we are experiencing. Your strategy is your roadmap to your business goals. It can succeed, but only if the strategy is periodically modified as old roads become impassable and new roads become available. Without a plan, your actions are wasted, but a strong strategy can take your business to claim a bigger market share while your competition crumbles under the weight of the changes.
Positioning Your Business
When your business has a strong disposition, all of the distractions and competition no longer matter. Your business becomes the new bar that others use to measure their own relevancy. To determine the strength of your business’ niche, ask yourself: “Does your business stand out in its niche? Are you clearly communicating your value to your prospects, customers, or clients? Does each member of your business team act with consummate professionalism at all times? Does your branding communicate all your attributes and worth to prospects and returning customers alike?” If you answer no to any of these questions, it is time to take a hard look at what steps must take to position your business for success.
Americore is the rare business advisor that works with your team to ensure your business is poised to not only withstand the economy, but to thrive in it. There are many ways to ensure the success of your business; our services help align the right strategies. Americore is a business advisor that has been servicing businesses like yours for years. We use our dedication to innovation and problem solving, as well as rare blue apple programs to the benefit of your business. We should have a conversation. You’ll be glad we did.