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Blog POST 

by | Jun 8, 2020

The 3 Biggest Mistakes Business Owners make during an Economic Downturn that keep their profits too low

…and what to do about them.

Read On  ↓

1.

Not Getting Known

This is not the time to hold back. There’s a lot of noise out there. Instead of adding to the noise, rise above by laser focusing your efforts.

  • Understand what your core market needs now and speak to this so that you can connect more deeply
  • Nurture relationships with your key partners and advocates
  • Be consistently positioning yourself and your business as the ‘go-to’ in the places where your target audiences show up.

2.

Not Evolving

The world is constantly changing, sometimes incredibly fast. Business owners who don’t keep up to date risk becoming irrelevant. 

  • Identify what gaps you have in knowledge and skills that are critical to lead your business today and tomorrow. There is no business growth without personal growth
  • Lead your team, structures and processes into and ahead of the leading edge
  • Keep what’s working if it’s still aligned to your goals and ditch or evolve the rest to deliver your value in more expansive and future oriented ways.

3.

Becoming Isolated

Business ownership can get lonely and fixating just on growing your team and customer base can be ultimately reductive, creating an echo chamber that theatens to undo all your good work. Connecting with peers not only keeps ideas being generated, it also keeps you motivated and plugged into current thinking as well as providing a support network when needed.

  • Listen – you don’t know what you don’t know, until you do… and this crucial knowledge usually comes from an interaction on some level with another person who’s been where you want to go
  • Leverage the reverse funnel effect – one relationship can provide access to a shower of leads and opportunities
  • Mind your mindset. It’s what drives true success. Tapping into the best mindsets of other business owners is a catalyst for your own growth and the growth of your business

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