Change Your Mindset and Grow Your Business

So, they tell us that the economy is "tanked."  Maybe your forecast isn't what you had hoped it would be at this point.  Maybe you've lost a key account or a huge customer because they just couldn't hang on in this economy. 

No worries.  The best thing to do is to literally wipe the slate clean.

There's no sense in working a plan you developed in a different environment.  Here is how you can take control of the situation and rescue your business.

Adjust Your Mindset

THE most important thing you can do is get your head out of negative mode.  You have to understand and internalize the fact that there are businesses in every economic situation that are successful and profitable and yours is going to be one of them.

Do not focus on loss, focus on gain and increase. 

This may seem silly, at first, but it is absolutely necessary if you're going to make the most of the situation.  Literally tell yourself that you see new opportunities and that your business will thrive in this economy.  Do not pay attention to the whining and gnashing of teeth, put your brain's focus on seeing new opportunity.  People may laugh and call you names, but they are just the ones who want to wallow.  Wallowing is not for you. 

Research, Observe and Take Note

Now that your brain is in a new "gear," and you've given it instruction to look for opportunities, that's what it will do.  Start paying attention to businesses that are doing well.  If you're a retailer, check out where there lots of cars in the parking lots.  Overlook your fear of the stock market and check out which companies actually have good solid results — despite their share price. 

• What business are they in? 
• What service are they providing?
• Which customers are they serving?
• What problems are they solving? 
• Is there something there that you can adapt for your own?

Adjust Your Business Model

When the economy shifts around the way it has, take a look at your existing business and see if a change in your business model might make things better.  Check out this example:

A CEO I know noticed that a huge potential piece of business he wanted
was out of reach because his company wasn't strong in the technology
the prospect was interested in.  Instead of losing hope he changed his
thinking.  He asked himself how his company can serve the client
WITHOUT pitching technology – and came up with a completely new
offering that he may not have considered before.  The client was
thrilled and instead of choosing a competitor, they are considering his
company as a PARTNER in helping them choose the right company.

Of course, he was freaking out a bit because this was a model they
hadn't done before – but they had the skill set, they had the resources
and they had the experience.  Nothing was really holding them back -
except for their mindset.

Make a New Plan

A few weeks ago, I did a review of Palo Alto's new Marketing Plan software that they developed in a partnership with John Jantsch.  This software is ideal for creating a new plan in a hurry.  There are 3 basic versions of a marketing plan.  You start with the 30-minute plan to document all the observations and ideas you have.  Then move up to the basic plan to put more detail into it, and if you need to, you can work your way up to the complete plan.  The point is to stop, regroup, set new goals and act.