— March 28, 2019
Driving growth is the only way to continue to scale your business success. But after years of growth and success, sometimes things slow down. The economy or other factors could cause the slowing of an expansion. If you feel that the business you own and manage has been affected by a slowing economy, there are things you can do to continue expanding your operations. You just have to be willing to get a little creative and work a little bit harder. In this post, you will learn how to drive growth through a slow economy to continue your expansion for months and years to come.
Step Outside Your Comfort Zone
As the business owner, you will need to step outside of your comfort zone in order to revive business and drive growth during tough times. You are the reason the company has come this far. But until now, you have probably limited the company to your own personal skills and expertise. In order to grow your business past a tough economy, you need to be willing to build relationships and partnerships in areas in which you are not familiar. Look to expand business operations into new territories. Just be sure to source expert advice or consulting services to make sure you do things right. By stepping out of your comfort zone, you can gain some new skill sets or expand into new areas for increased potential.
Reconsider Your Pricing
Reconsider your business’s pricing model. As your company has grown and changed, it is likely that your pricing has stayed relatively the same through strong and weak economic times. This can be problematic. It can limit business growth and force your sales to slow down. Revisit your current pricing model to see if it still best serves your expansion goals. You may not be able to offer the lowest prices around if you want to continue to grow. On the other hand, you might have to lower prices during economic hardships. In turn, this could lead to greater volume of sales and revenues overall. Reconsider your current pricing policy to help push your business through a rough patch and drive further growth.
Offer A New Product Variation
Next, overcome business stagnation by introducing new products to the market. Rather than going through the entire new product development process, offer new product variations. The product should offer something new and unique to the market. Since it is a variation of your existing product lines, you can implement this strategy quickly while learning and growing as an entrepreneur. With a unique new product, you can set yourself apart from the competition. Your new product will make a strong impact in the market before competitors catch up. This will give your business the edge it needs to overcome an economy that is slowing down.
Consider A Merger
A business merger can be an excellent strategy to drive growth during slow economic times. Mergers and acquisitions can be the single best way to grow and expand rapidly in a market. Of course, you need to find the right partner if you are going to merge with a company and maintain your current culture. You want to be sure that the organizations you are considering will add to and improve your current model. A merger needs to be beneficial for both parties in order to be worthwhile. The same is true if you decide to acquire another company to gain customers or market share. If you find the right partner, consider a merger to grow even when the economy starts to fall.
Rebrand The Business
Rebrand your business to drive growth and expansion after the economy takes a turn. As the years go by, styles evolve and change. Your branding should evolve and change too. Outdated designs and concepts can be the main thing holding your business back from additional opportunities. Look to revamp your branding and imaging to push past a plateau. Customers may meet you with resistance when changing a brand name, logo or identity. However, you should remember who really owns your brand. Through good times, bad times and plateaus, it’s your decision to change the brand as needed. This is one of the best ways to learn how to drive growth through slow economies. That way, your company can experience growth and success for many more years to come.
Improve Your Online Presence
In slow times, build and grow your online presence to handle a business plateau. Growing an online presence generates brand awareness beyond the local confines of your physical location. This is one of the best ways to grow exposure for the company and expand your customer base. With a strong website and social media profiles, you can give your online presence a fresh look to connect with a wider audience. However, consider keeping your original domain name so existing customers will find you easily. Take ownership of all online business listings and create highly relevant social media profiles. Then, focus on expanding your online following. Doing so will help you drive growth to overcome a slow down in sales.
Lower Overhead Operating Costs
Cash flow can cause a business to slow down after periods of growth. During a growth phase, the additional sales provide the necessary funds to expand the day-to-day operations. However, after the sales slow down, your company could be strapped for cash. Even with modest profits, the business could require significant investment in expensive technology to get to the next level. In order to continue to grow consistently, cut back on your overhead costs. This will free up the cash flow needed to invest into people, equipment or inventory. Moreover, it will make your operations leaner which further contributes to overall growth.
If you want to know how to drive growth in a slowing economy, consider the strategies detailed above. These growth strategies will help you promote additional expansion in difficult economic times. It can be challenging to overcome this time. But with the business expansion tactics listed above, you can overcome this slump and revive your rapid expansion for continued success.