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by David Leffler, Esq.

The forces that affect our economy are beyond our control, especially in today’s interconnected world of global markets.  But, following some proven business processes, in good times and bad, will help your business navigate rough seas when they appear and gain speed when the storm passes.  Here are five strategies to follow.

1. Take a hard look at your goals, both business and personal – If your business and personal goals are not in sync with your business, you are going to suffer from a lack of focus and commitment, which will impact your business a lot more in bad times than in good times.  Ask yourself, “What do I want?,” and don’t stop asking until you are sure that you have the right answers.  The answers may fit with the business you are running now or they may vary, sometimes a little and sometimes a lot.  Perhaps, you really want to be living in a different part of the country, or you want to refocus the direction of your company. Knowing this is a good thing, even though it may involve some work to make the changes you want, because with this knowledge, your inner desires will be in harmony with the direction of your business.  This will, in turn, make you a more committed and effective business owner.

2. Review your business and marketing plans – Update them as necessary to meet the new economic climate. If you don’t have business and marketing plans, create them.  These plans help you to be focused and efficient.  They also are excellent tools for identifying potential time and money savings, as well as growth opportunities.

3. Analyze diversification of your business lines – Can you extend your current offerings into a new market?  For example, if you sell a product to schools, can it also be useful in a business setting?  Or, to take a service industry example, if you are a psychotherapist with regular patients, might businesses be interested in hiring you to counsel their top executives on human relations skills?  Analyze carefully. You want to be sure that diversifying is logical and does not compromise the stability of your business.

4. Turn to your existing clients to spur growth – This is the most efficient and effective way to grow your business.  Existing clients not only may increase their purchases from you, but also are a source of highly-qualified sales leads.  If clients are happy with you, they will gladly refer you.  But, you have to ask for those referrals because people don’t usually think to offer them.

5. Consider exporting – Too often, business owners feel they are too small or too inexperienced to sell abroad, but it isn’t as difficult as you may think.  The U.S. Government has an abundance of free information and assistance on how to export, as well as detailed country-by-country reports on primary products imported and other local conditions. (Try www.buyusa.gov as a start.)  You can easily research markets and learn about ways the government can help you.  You owe it to your business to explore this option because it may carry you through a time when U.S. markets are tight, and you can keep your overseas sales going even when the local economy bounces back.

Growing and sustaining a business is both an art and a science.  Making tested processes like these a regular part of your business activity will help you survive a downturn and thrive in prosperous times.

David Leffler is a WLE National Advisory Board Member and a member of the New York City-based law firm, Leffler Marcus & McCaffrey LLC, where he represents technology clients, women-owned businesses, and other entrepreneurial and growing companies.  Leffler recently conducted a WLE teleseminar on this topic.

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