5 Strategies Profitable Business Owners Use to Thrive in Any Economy
No one starts a business with the hopes that it fails, yet business failure rates remain astronomically high. Cory Mosley, Principal & Founder, Mosley Strategy Group shares his insights.
When you look around social media or turn on the TV, you see and hear about all of the people killing it with their business. This company just hit another record, or that one is celebrating 7 years of record revenues.
For many business owners who aren’t yet able to celebrate these types of wins, they ask themselves ‘how did that company or business owner make it happen?’
After working with business owners for almost two decades, the saying ‘success leaves clues’ comes to mind. As I look across the landscape of some of the most successful solopreneurs, small business owners or major corporations that I have worked with, I have found five strategies that stick out the most for a business to succeed and thrive.
Continued Strategic Investment
As the saying goes ‘when the going gets tough, the tough get going’ – that is a core mantra of consistently profitable business owners. No matter the business climate, profitable business owners are continually investing in their business. That means investing in training, systems, software, and people to solve issues and pursue opportunities. Take notice, though; it’s about a strategic investment and not just throwing money away.
Follow a Simplify to Multiply Model
The best growth strategies are usually counterintuitive. Consistently profitable business owners aim to find simplification opportunities in their operations, systems and offerings. They never allow the ‘that’s the way we’ve always done it’ philosophy to control their business.
Cross-Training Teams to Minimize Unnecessary Hires
The idea of running lean isn’t new, but the problem has been running lean with the wrong people, or the crippling dependence on individuals is what becomes problematic. That doesn’t mean your web developer needs to know how to balance the company’s checkbook; however, integrating them into email design and social media would be valuable as an example. Even if you are using freelancers or virtual assistants, look for cross-training opportunities to maximize return on your human capital investments.
Keep the Brand Fresh and Modern
Consistently profitable business owners don’t treat their brand as an exercise in ‘set and forget.’ Look around and you will see brands of all types refreshing their look, feel, mission and logo. Refreshing your brand applies to small business and major corporations; take a look at General Motors, Uber, Century 21 and tons more that have rethought their websites, offering and brand logo. Just as fashion trends and hairstyles change, growing businesses need to remain visually valuable to their customer base.
Add Product Extensions to Increase Revenue
Instead of creating entirely new products or services, consistently profitable business owners find ways to increase revenue through product extensions. When Uber needed a way to create more profit and opportunity for their drivers, they started Uber Eats. A hair salon that wants to increase revenue doesn’t have to take on the risk of more employees or bigger retail space; it could start a private label product line and implement an upsell process amongst its staff. When Pecan Jacks wanted to increase revenue at their candy company, they turned their recipes into sauces and offered them for sale to customers.
The one hidden common denominator amongst these strategies is an intentional commitment to grow and a willingness to take action. Just as the saying goes, “fortune favors the bold,” so should it be noted that “growth favors action.” Which strategy are you ready to implement to accelerate your growth in the marketplace?
Cory Mosley, CSP, is an award-winning business strategist, speaker, and coach. For almost two-decades, Cory has been dedicated to one thing, helping entrepreneurs, small business owners, and corporations grow. His past client list includes family-owned small businesses and major corporations like Audi, Mercedes-Benz, Berkshire Hathaway, and BBDO. Currently, Cory is the company principal of Mosley Strategy Group, where he trains and coaches business owners nationwide through his Cory Mosley Business Academy on how to increase revenues, gain a competitive edge, and thrive in the new economy.