How to Grow When It's Slow, Part 5: Change Your Business for The Better
5: Change Your Business for The Better
How to Grow When It's Slow
How to Grow When It’s Slow: Change Your Business for The Better
“Companies are getting good at ripping off the band-aid and making decisions quickly and swiftly,” reports Cameron Herold, business expert and author of Meetings Suck. “That's a good skill to have now that they've all benefited from making those tough decisions confronted with real facts.”
We got to eavesdrop on business expert Cameron Herold in a recent Real Estate Rockstars Radio interview. He’s the mastermind behind hundreds of companies’ exponential growth and teaches today’s most dynamic business leaders.
There are tons of lessons that companies and business leaders can learn from a crisis. We see this period as an opportunity for retooling businesses and making them better. Cameron Herold offers the following tips that we think can help you thrive.
Create a more empathetic workplace
One of the most important lessons that you can learn during tough times is empathy. After a crisis has passed, there should be a shift in your business culture. Both the management and employees should appreciate each team member's contribution to the running of the organization. There should be more humanity, with colleagues looking out for and seeking to understand each other more. This will create a sense of belonging and make employees feel valued and appreciated.
Make tough decisions swiftly
For any business to grow when it is slow, the management has to make a lot of tough decisions. The changes that such events bring require that businesses adapt quickly to survive. Considering the fast-changing world in which businesses operate, the ability to make decisions quickly is an asset that will deliver great benefits. Herold says that these are skills that will stay with people beyond the crisis. When decisions are made based on data, there is a good chance they will make your business better.
Focus on innovation
Making your business better will also involve focusing on innovation and investing in technology systems that facilitate mobile working. Most crises will create barriers to business, making it necessary to develop better approaches and new ways of thinking. Greater innovation will create an environment for employees to explore, exercise creativity, and develop problem-solving skills. In the end, it will be important to ensure that all employees are comfortable with technology.
Leadership will be instrumental in guiding the team through tough times and improving business operations going forward. In uncertain times, business leaders will adopt the most effective behaviors and attitudes. These include communicating clearly, thinking long-term, staying calm and strong, taking decisive action, and demonstrating empathy. If you want to make your business better, you should demonstrate the true leadership character that a crisis reveals. You should make these values part of your business culture to ensure sustainable growth in the long term.
Renewed career opportunities
The adjustments that are made during a crisis will create work that allows for more diversity. The use of technology will also make work more flexible as employees work remotely. Business leaders will encourage engagement to ensure that all employees play their part in overcoming the crisis. Depending on how the process is handled, there will be numerous career opportunities for staff as the management broadens the definition of responsibilities, reassesses critical jobs, and motivates employees.
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 remote hiring.
To view parts 1-4 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
View part 4, What Not To Do Right Now