Business Recovery: Are You Planning for it in 2010?

For most businesses, 2009 was a disaster. Question is, where do we go from here?! Sitting back and waiting for the other shoe to drop is not an option. It is likely that you have evaluated your business and have implemented some cost cutting measures. But now it is time to develop growth plans and boost your performance in 2010.

Growth
I have repeatedly said in my previous newsletters that focus is crucial. And here it is no different, focus on some key growth activities. Here are some initiatives that companies are employing for growth:

• Develop/launch new products
• Strengthen brands
• Develop new markets
• Improve market share

Opportunities
Revisit opportunities you have outlined in the past as contributing to your business. Likelihood is that you never finished it. Evaluate the opportunity and determine if it is something that you should contribute to any of the above objectives. According to a research study, only 4% of companies address or follow through with any strategic planning.

Upturn in the Market
The above objectives will help you through the upturn. By that I mean, when the economy recovers and we produce more jobs. The reality is that consumers will behave very differently when it gets better. Consumers will be more price sensitive and reluctant to purchase. So competition will be fierce.

Act Now
There’s a time to plan, and there is a time for execution. Without the latter, planning is nothing. Look at all your options to improve your services to your customers and your employees today!

So ensure as you plan that your initiatives are actionable and measurable. Make them simple.

Change: How Will You Get Noticed in 2010?

My wife considers me “Metrosexual”; I won’t define it but you can look it up at Wikipedia. I am no longer as concerned about my appearance as I used to be(okay maybe a little), primarily because I live in Central Oregon (being athletically fit is more of a concern here), have four children and have now been married to my beautiful wife for 13 years! However, in the last few months, I have decided to engage in a little experiment. I have been making a few changes to my fashion and appearance without going “over-the-top”, all the while keeping tabs on how my family, friends and acquaintances react or do not react. Keep in mind that in the last four years I have maintained a fairly simple approach to my wardrobe; however, with a little bit of flair that is not always within what is considered normal in Central Oregon, thus... metrosexual.

The changes I made were to wear a scarf more regularly, a hat that is not of the baseball variety (duckbill), ankle boots that would not be considered formal in metropolitan cities, and a hairdo that is not my typical style. I, of course, wore these at varying times in different combinations, and never all at one time, so as to minimize the “make-over” impression. Needless to say the reactions were plentiful.

The most interesting observation I made were the repeated comments to the changes. Even after two to three weeks into the change, my circle of family, friends, and acquaintances continued to comment. The hat of course was probably the most popular, garnering the most comments, while my wearing the scarf and changing my hairdo were not far behind. The shoes certainly made an impression but were not nearly as successful in soliciting praises as the previous three. I could go into detail into each one, but the take-away from the story is that change gets attention. No matter how minor the change, your audience takes notice.

Integrate an element of change into your business in 2010 and get noticed.