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How to thrive when others stumble

thrive

Article by Mike Anderson (NSBC Founder and CEO)

We have all heard it before: it’s in tough times that we find out what we’re made of.

How do businesses continue to thrive even when their competitors, or even the economy, stumbles? What makes such fast-track businesses tick? How do they prosper in the hardest of times?

Whether you run a small or mid-size business, these timeless tips will work for you.

Be brutal on the cash

Growth sucks cash, so construct a business model that fuels your growth without the need for outside capital. And to stay focused, look at your cash position daily. You’ll sleep better knowing the business can fund its own growth. Remind yourself everyday of what Warren Buffet says: ‘If you buy the things you don’t need, you will soon be selling the things that you do need.’

Own a few key words in the minds of your market

Brand is about owning a phrase in the minds of your market. How do you know if you own the phrase? Google it and see if your company pops up. If you don’t have a phrase, find one and get it out there.

Hyper-focus on a single measurable priority

Align the entire company around a single measurable priority each month, one all-encompassing focus for the next thirty days that removes a significant growth obstacle in the business.

For example: one company needed to have representation in Cape Town, another focused on slashing expenses by 20%, and a third concentrated on its Google ranking.

Seek out that significant advantage

Find an underlying significant advantage over the competition to enable you to dominate your industry. Look at your industry’s biggest cost and time constraints and challenge the conventional thinking in those areas of the business.

Flood the market with your phrase

Flood the digital market space with blogs, videos and Twitter messages etc. that align with the phrase you own, and then enhance your authority by writing articles for publisihing. Published content is king in establishing you and your company as the authority in your industry.

Keep moving and accelerate

If you want to move faster, accelerate. The executive teams of the fastest-moving companies interact daily, as if in constant crisis mode – driving on priorities, new ideas, daily results! Formally meet once a day with your team to get some talk time around the six strategies.  It’s about having a total commitment to action.

Proudly brought to you by the NSBC.