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Steering Your Business Towards Growth During Challenging Times

10th December 2023
In this instalment of our Tools for the Times series, ENC asked Debs Taylor-Hayhurst of Success Factor Consultancy and Coaching for her advice on steering your business towards growth during challenging times.
Steering Your Business Towards Growth During Challenging Times
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Strategic Adaptability: Setting yourselves up to be resilient in tough times means having a process you can use to prepare for environment and economic changes. This means identifying how you can analyse market dynamics and recalibrate your strategies. It also means recognising emerging opportunities and optimising your existing resources. Businesses can pivot to meet changing demands and remain resilient in the face of a recession.

Operational Efficiency: It’s important to know and understand the relationship between your business’s input and output and acting on making essential changes in cutting down on any unnecessary costs. This means streamlining processes and identifying cost-saving measures. This not only ensures your business weathers financial constraints but also positions you for sustainable growth when the economic climate improves.

Leadership Development: Continuing personal and professional development is crucial and reaching out for support is imperative to enable you to have a sounding board as a safe place to explore ideas, opportunities, and options. Coaching plays a crucial role in developing resilient leadership. During a recession, leaders face unique challenges requiring adaptability and strategic thinking. Developing and using great leadership skills enable you to navigate uncertainty, make informed decisions, and inspire your teams to achieve collective goals.

Talent Management: Recruitment and retention of good staff to ensure a strong and loyal workforce is essential. This requires robust talent acquisition, development, and retention strategies. During a recession, identifying and retaining key talent becomes paramount, as a skilled and motivated workforce is a key asset for business recovery and future growth.

Innovation and Diversification: It’s important not to lose your creative streak, by being innovative in how you can either consider diversifying product or service offerings. This proactive approach enables business owners to identify new revenue streams and markets, reducing dependence on a single source as well as fostering long-term sustainability.

 

 

Success Factor Consultancy & Coaching is a valued ENC Business Service Partner that provides services to North Canterbury businesses using a holistic approach to navigate recessions with the provision of tools to strategically adapt and improve operational efficiency, develop leadership, manage teams effectively, and help to foster innovation.

This is a ‘done with you’ and ‘done for you’ service covering personal, professional, operational, and strategic aspects of running a business and navigating through challenges enabling and empowering clients to further develop existing skills and learn new skills. Get in touch with Debs to find out about Success Factor’s One-Hour Complimentary Consultation: www.successfactor.co.nz

You might also want to check out the Success Factor communication tool linked to your personality 

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