How to Grow When It's Slow, Part 4: What Not to Do Right Now
4: What Not to Do Right Now
How to Grow When It's Slow
How to Grow When It’s Slow: What Not to Do Right Now
Cameron Herold is a top business consultant, speaker, and author of Double Double – How to Double Your Revenue and Profit in 3 Years or Less.
We got to take a peek into a conversation business expert Cameron Herold had with one of his clients via a recent podcast interview on Real Estate Rockstars Radio. He’s the mastermind behind hundreds of companies’ exponential growth and teaches today’s most dynamic business leaders.
Cameron asked his client, “What revenue ideas have you come up with?”
“We haven’t had time for that,” she replied.
“So, what marketing have you been doing in the last 10 days,” Cameron asked?
“We haven't had time for that,” she repeated.
“You've never gone two weeks without doing sales and marketing and business development in your history,” Cameron explained. “Why would you stop now?”
This series has been offering ideas on what you can do to grow your business, it seems appropriate that we share some suggestions for what NOT to do. For example, don’t stop marketing!
There is a lot that business leaders can do to ensure their company grows when it is slow. However, some mistakes could prove costly in the long run. Inspired by Cameron, here are some things we would discourage during a crisis:
Don’t Change Your Strategic Plan
Crises can send business leaders into a frenzy as they take measures to protect the company and employees. To avoid making mistakes, you should look at the areas where you can cut costs while at the same time remaining focused on the future. When the ground starts shaking, avoid the temptation to change your strategic plan immediately. It would be necessary to think, consult, and discuss the business's future with the relevant stakeholders to help you grow both during and after the crisis.
Don’t Lie to Achieve Short-Term Goals
It can be difficult to deal with the pressure that comes with a crisis and slow growth. Companies will do everything in their power to ensure they get paid for their products and services. You should be careful not to lie to achieve short-term revenue targets. When managing a crisis, it is important that you think long-term. Having a long-term plan will allow you to do your sales and marketing while at the same time mitigating risks and losses.
Don’t Put Unreasonable Pressure on Teams to Deliver Results
Some managers will double sales goals or ask employees to deliver higher numbers to the company in tough times. However, it is important to understand that the employees are trying to adapt to changes as well. Crises present a challenging working environment that may make it difficult for many employees to deliver the expected results. It should not feel as though business leaders are out of touch and tone-deaf. Managers should set realistic targets that will encourage employees to deliver.
Don’t Give Bad Behavior A Pass
When trying to navigate the tough environment and lead your team forward, you should remember that this is a stressful time. Your employees may be under pressure both at work and at home. However, this is not to say that bad behavior should be condoned in the workplace. An angry outburst at work can erode trust and ruin relationships between colleagues. Whenever you notice any bad behavior, you should not give it a pass. Instead, call out the bad behavior to ensure it does not undermine focus and hard work.
Don’t Be Slow to Adapt
Most crises will lead to a change in interests and habits, which can cause a shift in the competitive landscape, making it necessary to respond quickly to the changes. When circumstances appear to be dire, keeping a competitive edge can be very challenging. However, you will have to adapt quickly if you want to pursue new markets and opportunities. Failure to do this may see you falling behind on the competition and struggling to recover when the crisis fades.
For information about how to become a better business owner or operator, check out the Second In Command Podcast at CameronHerold.com/podcast.
And stay tuned for the next article in the 6-part series How to Grow When It’s Slow on the topic of how to change your business for the better.
To view parts 1-3 in the series, visit the Chamber's blog page.
View part 1, How to Increase Productivity
View part 2, Build A Company Culture in a Remote-Run Business
View part 3, What Your Team Needs Right Now