Everything in business (and nature) operates in cycles. Ups and downs, ebb and flow. Experienced business leaders know this and adjust their thinking and actions to adapt. Understanding the cyclical nature of business can help us adapt to dark times while we prepare for the light at the economic tunnel’s end.

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Listen to the Podcast – Wake-up and smell the opportunity.

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In the past we’ve emphasized that every crisis creates opportunities. In this H-mail, we’ve collected ideas and insights from several experienced business leaders about how they’re preparing now for the coming economic upturn. We’ve distilled their ideas into 7 sound tips to help you get ready to sail on the turning tide.

1. Keep a wide-angle view. It’s easy to be overwhelmed by busy-ness while your business idles, waiting for someone to take the wheel and move forward.  Focus on your most important priorities each day, and take time to look at the bigger picture of the market in which you operate.  More than ever, you need this wider, broader perspective to spot opportunities that may be developing and how you can maneuver to take advantage of them. (From Dan Sinnott, for HealthLeaders Media News)

2. Hold fast to your values. The passing economic crisis was partly caused by a crisis in values. Many decision makers were more determined to achieve quarterly earning projections or their own incentive goals and as a result, they bent the rules to reach those goals. Your integrity, courage, and commitment to excellence are values that can guide you and your employees into the future.

3. Grow through improving relationships and customer loyalty. In a recent article that appeared on Harvardbusiness.org and co-authored by a group of business heavies (Thomas O. Jones, James L. Heskett, Gary W. Loveman, W. Earl Sasser Jr., and Leonard A. Schlesinger), the authors emphasized that if profit margins and market share are your only concern, you’re making a big mistake. Now is the time to focus on growing through tending to customer satisfaction. Why? Because, when you figure in referrals and repeat business, the long-term value of a customer is invaluable to your business.  In their study they listed seven fundamental propositions that are links to leveraging the service-profit chain:

1. Customer loyalty builds profitability and growth
2. Customer satisfaction drives customer loyalty
3. Value drives customer satisfaction
4. Employee productivity drives value
5. Employee loyalty drives productivity
6. Employee satisfaction drives loyalty
7. Internal quality drives employee satisfaction

4. Target growth industries. When developing your growth strategies, focus on building relationships with businesses in growth industries that will take off once the economy and consumer confidence returns. Study consumer trends and needs and target areas that can provide sustained growth for the future. (Assessing Industry Potential, online article from The Kaufmann Foundation for Entrepreneurship)

According to an April 2009 report from the U.S. Department of Labor and the U.S. Bureau of Labor Statistics, these are 15 of the top growth industries in the U.S. for jobs: healthcare including general medical and surgical hospitals; home healthcare services; services for the elderly and persons with disabilities; post-secondary education; educational support services; information technology; utilities; facilities support services; gambling industries; biotechnology, scientific and technical consulting; employment services; financial investment services; internet publishing and broadcasting; construction; advanced manufacturing.

5. Re-imagine yourself and your business. Even in the worst of times, some businesses prosper and grow. To grow your business, grow the way you think about it. Focus on what’s working (do more of that) and either fix or let go of what’s not.  According to Peter Drucker (the father or modern management), “A strategy is a sense of direction around which to improvise.” Don’t focus on the past. Stay flexible and open to opportunities. Watch market indicators and be willing to adapt to the changing market needs.

6. Give yourself permission to declare the recovery is happening now. You don’t have to wait for the Federal Reserve chair Ben Bernanke or the Wall Street Journal to officially declare the recovery is underway. Be a leader. Develop your own personal or business recovery plan now, and make your move when your own internal and external lead indicators say the tide is turned. (From Dan Sinnott, for HealthLeaders Media News)

A New York Times poll, published April 6th, found that “the outlook on the economy is brightening” in the 11 weeks since President Obama was inaugurated. Consumer confidence is shifting and the economy will soon follow. So, dust off your marketing plan and get ready.

7. Here’s some suggestions from The H Agency to get you started:

• Update your database of clients and prospects
• Revisit your competitive advantage based on the current market environment
• Assess your strengths and weaknesses compared to your competitors
• Make a list of ways you can leverage your core strengths now
• Examine ways you might utilize social marketing techniques and media to spread your marketing message and raise awareness of your products or services
• Update your business card – a fresh look can have remarkable impact on your presentation and your psychology.

If you need help and guidance on how to jumpstart your marketing plan, give us a call, 504-522-6300.