Who said you can’t thrive in the downturn?

April 2nd, 2020/ 0 comments/ andreapetrone

It’s a hard time for small-medium businesses right now. We expected that.

Clients are stopping major projects and initiatives. They are quickly closing the tap, so small businesses and consultants are now a nice-to-have solution. Not a must-have anymore.

For you and your clients, this is a new race. The winner is who saves more money, so how can you cope and thrive in the new normal?

We are into a new downturn, but this is not the first time. Many businesses and organisations have learned how to thrive during recession time, and they are now ready to thrive again. And they will. Rest assured on that.

Here’s the thing. If you are a small business, you have essentially three options:

  1. Do nothing
  2. Do some, in the old way
  3. Do the right thing

Let’s have a look at the three options more carefully.

  1. Do Nothing

You can choose to sit still and wait. Who knows, it maybe this situation won’t last so long as many experts said, right?

If you have enough cash, this sounds a potential option. In reality, this is the worst option, as the market and your clients are deeply changing their way to operate, to compete, to win.

If you fail to understand this and adapt when the market will open again, you will be left behind, and other competitors will serve your clients more and better than what you can offer.

You guess how this is going to end, right?

  1. Do some, in the old way

Many will prefer to keep doing what they did so far, with some adjustments. Cutting expenses, cutting investments, going back to previous clients and asking if they can help right now, posting more often on social media.

I might have missed some more stuff, but you get the point.

In a few words, the strategy is to save money and chase clients through emails and boring marketing contents.

If you follow their strategies, you might get some opportunities somewhere, but your business will fluctuate with ups and downs for months around the survival line. You will probably go through this (if the downturn doesn’t last too long) but it will be a painful journey. Very different than what you experienced in the past or from your vision.

  1. Do the right thing

There is a third option. You can thrive while others are failing.

During the recession, many of your competitors will just vanish because they will choose the two options above. This brings a massive opportunity for you, as you can build or reinforce your leadership in your niche so become the true go-to-person to solve their new problems.

It’s not just about the new problems of your clients though. It’s about your new offerings and the new model to deliver your value to them. This is what successful leaders do during the downturn. They reshape their business by pivoting their message and remodeling their business and offerings.

Oh. One more thing. They do it very fast. They don’t settle. They fight back.

So, guess who is going to win this round?

Andrea Petrone

 

And, whenever you’re ready… here are 5 ways I can help you grow your business:

1. Subscribe to my blog

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2. Join our consultants tribe group on Slack

Last week, I just launched a new free group on Slack with clients and friends involved in consulting. With my inputs, insights, and moderation, we share ideas, lessons, tips to build, grow and scale a successful business. JOIN US

3. Join our FREE masterclass

“How to redefine your strategy and offerings to thrive your consulting business in the new normal”

For those didn’t attend the previous masterclass, here are the details of the next class on Thursday 9th April, 4 pm GMT: TELL ME MORE

4. Join our 8 weeks intensive program and be a Case Study

I’m putting together a new coaching case study group starting in few weeks… stay tuned for details. We will build together the foundations for your business to accelerate results for the next 12 months to take this new downturn opportunity. If you are interested, just reply to this email and put “Case Study” in the subject line

5. Work with me privately

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