How to Grow in Any Economic Environment

Updated: October 11, 2010

The two primary ingredients of business growth are Value and Market Opportunity. You can't have one without the other and expect to grow.

  • Value in search of a market willing to pay for that value isn't true value.
  • A market opportunity without any value to meet it, well, that's not a real opportunity.

Only when we continuously map Value to a Market willing to pay for that Value can we grow.

First lets talk about Business Value.

Value can be a pretty complex thing, especially since we get so much Gravity thinking involved in our Value perceptions.

What was really valuable in your market six months ago probably isn't as hot today. In a year it will most likely be ‘me too.' That's how quickly today's world changes and evolves. That means we have to evolve our perspective on our value - or get stuck in gravity. Yet we fall in love with our value - and often hold onto it far beyond it's time.

Just look at Blockbuster, who recently filed for bankruptcy. Netflix came along and changed the way we all thought about movie rental. Then the cable and satellite companies started offering On Demand movies. Poor Blockbuster was stuck in the way they'd always done it when it came to their value. They couldn't adapt their value to match the dramatic changes in their market. They tried, but they were just too stuck.

Value lives in the eye of the beholder - and in the case of our businesses, the beholder is our customers. That means we have to constantly be tuning into the requirements and perspectives of our markets. As they change, so must we - unless we want to crash and burn.

But what About Market Opportunity?

The same dynamics apply to our markets. We live in a world of 360 degrees of opportunity. Some are great, some are bad, some are emerging, some are waning. A great opportunity two years ago may be foundering now. Our best opportunity may have cropped up in the past 6 months.

We must be focused on seeking the right opportunities or we'll end up stuck in a waning opportunity, missing a better opportunity or limiting our growth by staying focused on an opportunity that is spiraling away from profitability. When we focus on the wrong markets for our success - we get stuck in gravity.

So here's the flight plan for growth.

When we deliver unique true compelling value that matches opportunities where buyers will pay for that value, we fuel our growth.

We do that already, you say. Well, maybe we think we do. But what if our Gravity has us thinking we know our best Markets and Value -and we're wrong. What if we're stuck in a downdraft and we don't even know it yet?

We tend to create a business flight plan and then follow it. While sure, we make course corrections at our annual planning meetings - which are way too late in today's changing markets.

To grow, we have to ready to be dynamic - prepared for continuous and constant change. I'm not saying we run around like chickens with our heads cut off - changing our plans every day. That would be silly. but we certainly need to adjust our perspectives and be ready to change with the winds of our markets. Either that, or we crash and burn.

Featured Research
  • The Social Side of Service

    Did you know that 83% of Twitter users who tweeted a complaint said they loved receiving a response from the brand? In order to provide the best possible service to your customers, you MUST provide service on the channels that they are utilizing. Social customer service might seem scary and undefined, but can be much more effective and less expensive than traditional channels. more

  • Video Conferencing

    For many, the mere mention of video conferencing brings about bad memories of conference rooms full of people staring at a screen with dodgy sound, fuzzy images, and broken connections. What if we were to tell you that over the past decade, video conferencing solutions have evolved to where they are affordable to businesses of every size and have evolved beyond just the standard boardroom. Today, 74% of B2C marketers and 94% of B2B marketers use video in their marketing efforts. more

  • EHR Implementation

    More and more medical practices are selecting and implementing electronic health records (EHR) than ever before. In fact, statistics show that the number of practices who have purchased an EHR has doubled in just three years. That being said, many practices fail to prepare for their new EHR and thus do not gain the full benefits that come with implementing a solution. more

  • Selecting the Right EHR for Your Practice

    The purchase and implementation of an electronic health record (EHR) system is no small feat and is a big step for a practice, small or large, to take. Selecting your new EHR is one of the most important decisions that you will make for your practice. more

  • 8 Ways Business Travelers Can Save with VoIP

    Do you or any part of your workforce travel for work, or even telecommute? If that answer is yes, then you should be utilizing mobile VoIP. With VoIP, businesses have been found to save as much as 40% on local calls and a whopping 90% on international calling expenses. more