07 Sep Don’t lose focus on Growth, be intentional about it.
Although it might sound strange right now, stay focused on your growth.
The global economy is slowing down, and a recession is predicted to follow. Businesses are facing a challenging operating environment because of inflation and rising costs.
Therefore, Cost-savings and survival are the dominant topics of conversation. And indeed, there will be businesses that cannot think about growth and may even have to shut down.
However, I would like you to explore business and personal growth opportunities in this brief blog post. In simple terms, difficult times often offer opportunities for those who are proactive about looking for them.
Regardless of your situation, these challenging times present opportunities for most businesses. However, business owners and leaders must be intentional.
Three potential ideas for business growth are listed below.
Business combination – There will be opportunities to acquire or combine your business with others to create a much stronger company. As the business leader, it’s your responsibility to lead your team to identify these opportunities.
New markets – There will be opportunities to enter new markets leveraging your existing resources such as cash, capabilities etc.
New investments – There will be capital and investors looking for high-quality assets during this period. It may be an opportunity to raise money to take advantage of growth opportunities.
As you focus on growth, I am confident you will develop more ideas and opportunities.
People and personal growth
Investing in growing your people is another critical area to focus on during this period.
As a leader, you need to view the capabilities your business will need and ensure that you make suitable investments in this area.
Finally, ensure that you are constantly investing in your growth. In the words of Marshal Goldsmith, What got you here won’t get you there!
In summary, even as you navigate the current economic challenges, set aside time to think about growth opportunities.
Let me know what other growth ideas you have in the comment section.