What Matters Most During Difficult Economic Conditions
It’s not the easiest time to do business.
Right now, most of the companies we work with are growing. But they are scrapping it out for every dollar.
Buying cycles are longer.
People are less willing to part with their money.
The cost of capital is still high.
The macro is impacting the micro. Things may not be bottoming out, but from what I’m seeing on the ground, our companies are facing challenges.
And during hard times, it’s easy to lose sight of what matters most.
Scarcity mindset clicks in. The tendency for most entrepreneurs? Jump from one thing to another, trying to find out “what works.”
Look for a magic bullet.
Spend more time worrying than doing.
You may have legitimate worries.
But if you’re stuck ruminating, not taking any action, you aren’t helping yourself.
Potentially, you’re making things feel worse.
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Whenever I feel a scarcity mindset start to take over, I focus outside of myself instead.
In business, I know exactly where to turn my attention.
We use the three pillars of “What Matters Most” in the Growth Method. At the end of the day, here’s what counts:
- That your customers absolutely love you
- That your people love working at your company
- That the business makes money
Serve your customers. Serve your team. Serve the business.
Rather than hyperfocus on your own personal problems, ensure that these core elements of your company are in place and running smoothly.
Your customers are nervous, too. How can you reassure them?
Your team is worried, too. How can you support them?
Be part of the solution as much as possible. That’s what makes you sticky. That’s what builds loyalty.
And that’s what helps you grow during the times when cash stops flowing freely.
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We face similar challenges inside our consulting business. We feel the same pinch that you do.
So I can tell you 100% from experience that when things get tough, these are the concepts I go back to.
They’ll keep you grounded. They’ll keep you moving. They’ll keep you growing.
Good luck out there.
P.S. If you need some support guiding your business through a more challenging period, set up time with our consulting team. We’re here to help.
