The conventional wisdom is that during economically challenging times you have to spend less, cut expenses and hang on for dear life hoping that you'll make it through (there's always an end to the cycle).
The "possibility thinkers" see things the other way round and embrace the situation as an opportunity. While their competitors are "hunkering down" they seize the moment and take innovative new approaches to enhance their position in the marketplace.
Edward De Bono (the "father" of lateral thinking) points out that "Sometimes the situation is only a problem because it is looked at in a certain way. Looked at in another way, the right course of action may be so obvious that the problem no longer exists".
Here's how a few of my clients looked at things in another way.
A delivery company approached major retailers in town with a proposition that explained the cost and overhead savings they'd achieve by outsourcing their furniture and appliance deliveries to my client. In addition to attracting more business now, the odds of these retailers adding back the fixed overhead of staff and trucks when things turnaround are pretty slim
A website company now offers financing options with terms that are eclipsing their competition. They can do this because they're not burdened by any significant "manufacturing or raw materials" cost. They're attracting many small business owners with low monthly payments and a reputation for service and creative excellence. Do you think they're not going to hold onto these clients in the future - and of course benefit from referrals from those clients?
A small accounting firm suggested to their clients that by prepaying their year end and chunking it down into easy to manage monthly payments that they wouldn't have to write a large cheque at tax time - thus preserving their cash flow. This simple option virtually guarantees retention of clients, is a responsive customer service strategy and also improves cash flow for the accounting firm.
A personal development seminar facilitator promotes his seminars as "free". He offers not to charge a fee but to accept donations from participants based on what they thought the seminar was worth to them. This of course removes the barrier of spending money "frivolously or selfishly" in these times. The reality is that in most cases the "donations" end up exceeding the published fee for the seminar.
The point being that these small business owners "looked sideways" to build their businesses. They became "possibility thinkers" and turned that thinking into positive and rewarding results.
Theodore Hesburgh said, "The very essence of leadership is that you have to have vision. You can't blow an uncertain trumpet."
It may be a time of "uncertainty" but you can certainly seek out the opportunities, look sideways and develop winning strategies for building your business in this downturn.
Sound the trumpets! We've got a business to build.
The "possibility thinkers" see things the other way round and embrace the situation as an opportunity. While their competitors are "hunkering down" they seize the moment and take innovative new approaches to enhance their position in the marketplace.
Edward De Bono (the "father" of lateral thinking) points out that "Sometimes the situation is only a problem because it is looked at in a certain way. Looked at in another way, the right course of action may be so obvious that the problem no longer exists".
Here's how a few of my clients looked at things in another way.
A delivery company approached major retailers in town with a proposition that explained the cost and overhead savings they'd achieve by outsourcing their furniture and appliance deliveries to my client. In addition to attracting more business now, the odds of these retailers adding back the fixed overhead of staff and trucks when things turnaround are pretty slim
A website company now offers financing options with terms that are eclipsing their competition. They can do this because they're not burdened by any significant "manufacturing or raw materials" cost. They're attracting many small business owners with low monthly payments and a reputation for service and creative excellence. Do you think they're not going to hold onto these clients in the future - and of course benefit from referrals from those clients?
A small accounting firm suggested to their clients that by prepaying their year end and chunking it down into easy to manage monthly payments that they wouldn't have to write a large cheque at tax time - thus preserving their cash flow. This simple option virtually guarantees retention of clients, is a responsive customer service strategy and also improves cash flow for the accounting firm.
A personal development seminar facilitator promotes his seminars as "free". He offers not to charge a fee but to accept donations from participants based on what they thought the seminar was worth to them. This of course removes the barrier of spending money "frivolously or selfishly" in these times. The reality is that in most cases the "donations" end up exceeding the published fee for the seminar.
The point being that these small business owners "looked sideways" to build their businesses. They became "possibility thinkers" and turned that thinking into positive and rewarding results.
Theodore Hesburgh said, "The very essence of leadership is that you have to have vision. You can't blow an uncertain trumpet."
It may be a time of "uncertainty" but you can certainly seek out the opportunities, look sideways and develop winning strategies for building your business in this downturn.
Sound the trumpets! We've got a business to build.
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