By Jim Mikula, President/CEO
Throughout the year, I’ve heard from Chamber members that their business levels are down vs previous years. While we have been looking at numbers – economic statistics, local visitation figures, and the like, it is difficult to pin down specific reasons for the decline in business. So, what can we do while we continue to search for answers? Sometimes we feel the need to take action, even without sufficient information. General George Patton once said: A good solution applied with vigor now is better than a perfect solution applied ten minutes late. Here are some ideas to explore.
Leverage Customer Insights
Let’s turn to our customers for guidance. Engage them through surveys, social media, and the most accurate way to get feedback - through direct conversations. Understanding their needs, wants and desires can help you tailor your offerings more effectively. This customer-centric approach not only builds loyalty but also positions you as a brand that listens and adapts.
Innovate to Create New Revenue Streams
Sometimes necessity can breed innovation. Consider taking time to do some blue sky thinking with your team. Generate as many ideas as possible before evaluating the ideas. Sometimes crazy ideas have a kernel of brilliance that requires defining and refining. Also, don’t forget to take “half-baked” ideas and build them into something better. And, take a hard look at poor performing revenue streams and eliminate the products/services that do not contribute to your bottom line – replace them with better ideas!
Foster a Culture of Resilience
Cultivating a resilient mindset within your team can turn disadvantage into advantage. Encourage your employees to view challenges as opportunities for growth and learning. Create an environment where failure is seen as a steppingstone to success. This approach can lead to increased innovation. At the same time, help your team learn to assess risk and ROI, so they can become empowered to take calculated risks and explore unconventional solutions.
Build Strategic Partnerships
If your business struggles with certain capabilities—like technology or marketing—consider forming strategic partnerships. Collaborating with other businesses can help you overcome limitations and leverage each other’s strengths. For example, a small online retailer might partner with a logistics company to enhance delivery services, creating a win-win scenario that improves customer satisfaction.
Tell Your Story
Whenever I meet a new Chamber member and learn about how they took an idea or saw an opportunity, I feel I am learning one more great story. Authentic narratives about ideas and overcoming challenges resonate with customers and build brand loyalty. Share your journey openly, highlighting how you’ve overcome numerous challenges to create success. This transparency fosters a deeper connection with your audience and positions your brand as relatable and resilient.
Focus on Continuous Improvement
The Japanese word for continuous improvement is Kaizen. This practice is as much a part of business discipline as accounting, human resources, marketing, etc. Kaizen should be in everyone’s business plan. Regularly assess your business processes and seek ways to enhance efficiency and effectiveness.
You’ll develop a proactive approach that not only addresses current issues but also prepares your business for future hurdles.
Being proactive can create powerful opportunities for growth and innovation. Embrace the journey, pay attention to the lessons of both your successes as well as challenges, and watch as your business flourishes in unexpected ways.
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