“More Bad News” is the new normal for business growth.
Reading business headlines in today’s business climate is not for the faint of heart. The fact is, growth is stalling or even declining in some industries. But the silver lining is that growth is now in the hands of a company, not on any external forces.
We talk a lot about growth. In fact we’re obsessed with it. So when we see a headline like “More bad news: Street sees Q1 profits declining and full-year growth rates cut in half” we take notice. And we start to wonder how companies should react. If all the analysts are saying growth is stalling or declining, what should your strategy be? Should you step aside and ride the slowing tide or take control of your growth and pivot your strategies to find new areas of growth?
We believe that any given company can grow in any given market climate with the right strategy. Which is why, when we see dire headlines, we see opportunity. As Barron Rothschild said “the time to buy is when there's blood in the streets,” meaning the best time to grow is when everyone else is panicking.
So how do we grow when everyone is saying there is no room for growth? It’s no easy task, but it can be done.
Take control of growth
The first thing we need to do is to take responsibility and control of our own growth. Growth for your company isn’t predicated on some external factor, but things that you can control. Understanding that you and your company has complete ownership of your growth is the first step in making the right decisions towards that end.
Find growth in new areas
In times of stagnation or decline, playbooks shift dramatically. What worked last year when the market was up, probably won’t work this year. We need to find new areas for growth. Whether it’s a new product mix, a new service or even a new experience offering, we must react to the marketplace and what it’s allowing. At Chinatown Bureau, we believe that there is tremendous untapped potential within the consumer experience itself. You can read more about it here.
The best time to invest in yourself and your future is when “blood is in the streets.” Now, we believe in continuous innovation, but there is no better time to heavy-up on innovation activities than right now. Not only will you find new avenues for revenue in the short-term, but will set yourself up for massive growth in the long-term. When innovating in today’s business climate, we should look for ways to deliver new products, new services or build stronger relationships. The future of growth will depend on the relationships that we build with our consumers. Retention is more powerful than acquisition. Lifetime value is more valuable than a single purchase.
Ready to chat more, feel free to reach out.