FORBES ARTICLE


As a member of the expert panel on the exclusive Forbes Council Marian was asked to contribute to the following article

14 Strategies For Maintaining A Successful Business
In Challenging Times

Relying on what’s always worked well can only take a business so far. And when a business is being shaken up by larger industry changes, entrepreneurs have to buckle down to develop a way to ensure their company is able to overcome challenges and persevere.

As experts who have battled their own share of challenges over the past few years, the members of Forbes Business Council know what it takes to survive in a difficult market. Below they each share a strategy they've found helpful for maintaining a thriving business in changing times.

 

1. Embrace A 'Test And Learn' Mentality

Things are constantly changing. As a leader, you want to empower the people in your organization to experiment with new ideas, so allow them to fail fast, adjust and learn from those experiences. A culture that embraces a “test and learn” mentality, while also keeping the customer at the center of its strategy, will always be well-positioned to deliver value in a changing environment. - Frank Vella, Constant Contact

2. Be Open To Pivoting

Don’t be afraid to pivot your plan. In changing times, you must adapt and remain flexible. What once worked now may not. Be creative in serving your current and future customers. Consider what resources you have to utilize. Might those resources be able to fit a higher demand consumers have? Look for what is in demand and how your resources can fill that gap. - Cami Powell, The Self-Employed Journey

3. Maintain An Objective Viewpoint

You need to be aware of what is happening around you, to you and because of you. Being able to see what the other side is going through and objectively relate it to you and your actions will give you the ability to adjust and make decisions that will greatly benefit everyone involved. If things change and you just worry about your side of things, that will equal difficulties. - Jean Paul De Silva Clauwaert, Web Content Development

4. Communicate

Use great communication with employees, customers and also with other stakeholders. Sharing information, acknowledging challenges, reassuring individuals with facts and providing a sense of direction even if the details aren't yet clear is important. This helps everyone involved in your business manage the anxiety often associated with change. Help them to see the opportunity. - Marian Evans, Elevate BC Ltd

5. Find Your Niche

One strategy that has worked well for me is to create a niche market. By focusing on a specific area of science instead of trying to appeal to everyone (in my instance, novel cannabinoid ingredient formulation solutions), I can better serve my customers and attract new ones. Additionally, this allows me to stay ahead of the competition by being the predominant expert in my field. - Chris Gerlach, Synergy Life Science

6. Set SMART Goals

From my perspective, setting goals that are SMART (specific, measurable, achievable, relevant and timely) is a no-brainer to increasing sustainability and productivity in the long term for any organization regardless of the time. The key parameters here is having a short-term tactical plan and a long-term strategic solution in place. - Michael Ede, Uplift11 Sports

7. Establish Different Revenue Streams

Creating multiple revenue streams provides financial security and reduces risks, especially during times of market uncertainty. In luxury sectors, companies add new sources of income by planning for multiple pop-up stores across different locations, collaborating with like-minded companies on events and opening wholesale accounts to forecast predictable sales. - Marilisa Barbieri

8. Start Listening

Your customers have a vested interest in your success and are a wealth of information if you ask questions. You'll learn the most critical issues they are facing and how you can help while also gaining a micro understanding of what's impacting your business instead of feeling swept along by macroeconomic conditions. You'll also boost retention, which is key, so keep listening. - Hilmon Sorey, ClozeLoop

9. Be Transparent With Stakeholders

During changing or challenging times, I believe that being transparent with your team and shareholders can go a long way. It gets everybody aligned and onboard with the necessary shifts that need to take place. - Lucie Marchelot Shukla, Straight Teeth Direct

10. Devise Ways To Serve Others

Whenever you find yourself or organization struggling, search for ways to serve others. Over the years, I've found that giving is a very interesting thing where the more you give, the more you get back. Find new ways to serve your friends, clients and network. When you look outside yourself, you notice new avenues to innovation, productivity and sales. Not to mention, you'll also have helped people along the way! - Sabrina Shafer, Transformation Continuum

11. Focus On Your Clients' Needs And Desires

Seek to understand the greatest wants and needs of your clients. These don’t only include the ones you can fill, so listen to everything they tell you. The better you understand what's going on in their lives, the better you can guide them toward the products and services that will solve their needs and toward services outside of your business that will solve their other needs. When they see you care, they put their trust in you. -Nadir Qazi, DO, Qazi Cosmetic Clinic

12. Empower Your Team

Empower your team to provide an ultimate level of care for your clients and reward them for a job well done with each and every milestone hit. When your team is empowered to provide their best to your clients, they take pride in their jobs and your clients know it. Clients' needs don't dwindle during a recession, but where they invest their money might. If you make sure your value matches their needs, you'll thrive. - Kevin Coker, Proxima Clinical Research, Inc.

13. Have A Backup Plan

Don't marry your plan. The best way to prepare for a crisis is to have a plan, but it's more important to have a plan that can adapt to the changing circumstances on the battlefield. So, when you're creating your plan, don't marry your plans to your ideas about how things should go. Instead, create multiple options that can be adjusted as needed and then test them out. - Meg Yim, MSA Security

14. Be Malleable

All times are changing; some of them require us to respond quickly while others allow for more contemplation. Adopting a malleable mental mindset allows a business to respond to what is happening without being broken by it. By accepting that the market around is dynamic, we can avoid frustration when it does not remain static. Stay on your toes! - Christopher White, Eques, Inc.

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