Strategic Planning; Avoiding the Upcoming Downturn
I saw a video interview with Harry Dent this week, in which
he predicts an economic down-turn this summer. He’s been accurate
thus far about the market. You might want to consider his point of view.
But since you are here at my blog, keep reading and I’ll suggest a
method for managing Harry’s predicted down-turn, and the basic premise
is all contained in trees.
If there is a much larger economic slump waiting in the summer weeds,
Harry suggests that if you can survive, you’ll be able to buy up competitors,
increase market share, etc… but the answer is how to do you survive, how
do you remain standing when others are struggling or failing?
Think of a tree, a big tree for a moment.
Imagine your business is a big tree. Imagine that a drought is coming,
but at present there is enough water. How would prepare the tree
for the drought? Two possible answers, which would you choose?
1. Would you grow the tree above ground (put on more leaves, grow more trunks)?… or
2. Would you grow your the tree underground, get a deeper, broader root structure?
I grew up in a plant and garden nursery – hopefully this makes remotely as
much sense to you as it does to me.
The 2nd answer is the correct one. All that extra extra leaves and branches
on the top just represent more overhead for the roots to support. You don’t
want that in a drought. Trees drop their leaves in a drought. You want an
extensive, deep root system that can access every last bit of water and nutrients
Translation: If you had an extra $10,000, or $100,000 or $1,000,000 or…
to prepare for what Harry Dent is telling us will be coming, you would:
1. Invest it in getting close to your customers,
2. Extend yourself more broadly into the niches you already compete in,
3. Make it easier and more satisfying for your existing customers to work
with you, you get the idea.
And because it could possibly mean your business life, you would carefully
manage and track the process using a technology like ManagePro. This is not
create a new marketing brouchure time, its getting very focused on how to
improve the “underground” part of your business and then making it happen.
If Harry Dent’s projections of upcoming financial downturn this summer
resonate with you, get busy now building better connections with your
current and soon to be customers. And while you’re thinking strategically,
put it into play systematically so that you can carefully monitor the follow-through.