How can I grow my business fast? (THE TRIANGLE)

If you're a business owner or an entrepreneur and your business has been impacted by inflation or the global crisis please leave a comment below. Today I have some insights to share that can greatly influence your business. Specifically I will discuss 4 phase strategies to help your business thrive during this crisis. Whether you run an enterprise or manage a $100 million organization these principles are applicable, to you if properly implemented. Firstly it's crucial to disregard any existing plans you may have for the 12 months. Like the Titanics original plan was to sail from Ireland to New York your growth plan needs adjusting due, to the iceberg called inflation or global crisis you know it's, like this. When you're planning your trip to New York you might have all these things in mind like parties and meeting friends. But then suddenly something unexpected happens – a crisis strikes. Now our focus shifts, from all those plans to just surviving. Survival becomes the priority because when we survive can we eventually thrive. So let me tell you about the aspects that come into play in these situations.

Phase one (Mindset)

Before we dive into the details it's crucial to adopt a mindset. Now is not the time to panic or become overly anxious. I understand that this situation is challenging. Its essential to remain composed and collected. Panicking will only hinder your ability to make decisions for your business. Your team looks up to you for leadership during these times. It's an opportunity for you to step up as a leader whether you're a CEO or an entrepreneur and guide everyone through this together. Lets focus on what needs to be done and strategize accordingly. Now let me share with you three steps that can help grow your business amidst this crisis in phase one.

• Suspend, 
• Shut down and 
• Sell off.

1. Suspend, for a moment what do I mean by that? Cease all essential expenditures. This is not the time to make investments. It is not the moment to take risks because in order to prosper and flourish our primary focus should be on stability. Our priority should be stabilizing what you currently have. Therefore it would be wise to postpone all those plans that require financial outlays. Instead carefully examine every expense. Consider areas where you can make cuts. This is of importance. So put on hold any essential expenses, even your personal ones. Put thoughts of buying that car or taking a vacation aside for now; they are not suitable at this time. It is crucial that you prioritize your business, over desires. Your business must. It requires as much cash flow as possible.

2. Shutdown, So if you're considering a group of projects that need to be executed and implemented it's an idea to prioritize shutting down the ones that consume the cash. In times of crisis cash is valuable. There might be matters that require immediate attention. It's important to apply the 80/20 rule and focus on the projects that're still viable today, than ones that were good three or six months ago but may not be as promising now. Some projects might have potential in the future. Considering the uncertainty and the significant financial investment they require its better to set them for now.

3. Sell Off, The third step you should take is to divest any performing assets. Unfortunately not all businesses can be Rescued; circumstances change and some businesses may not be rescued. If you approach it without emotion there are cases where you have to make the call. Sometimes walking away is necessary because you can't predict when or if things will bounce back. Even if the economy does recover your business will likely undergo changes in terms of its model. How it serves customers and delivers value. So in situations you must make decisions and I understand that it's not easy to walk away. Whether through selling or giving it away you shouldn't waste time trying to revive something that's, beyond repair. A lost cause is a lost cause. 

These are the three strategies—phase one of the plan—that you can start implementing immediately.

The second phase

The next three ways to grow your business are to 

• Digitize
• Systemize and 
• Virtualize

1. Digitize, Lets start by examining the aspect; what aspects of your business, delivery, products and services can be digitized? Consider this scenario; currently you are selling a product, which's perfectly fine. However is there a chance that you could transform it into a format and offer it through technology? For instance could people download the product instead of having it physically shipped to them? This would make an impact. Not would it reduce your delivery expenses. Also open up opportunities, for expanding your market reach globally.

2. Systemize, Can you organize your processes and procedures in a way that relies less on individuals and more on technology? If you aim to enhance efficiency consider implementing systems, for aspects of your operations. For instance you might consider hiring a team to handle tasks. Once you establish a defined system it becomes easier to accomplish these goals. During times it's beneficial for your business to not rely heavily on resources alone. Ideally reducing the factor and leveraging codes, technology and software, for automation can be advantageous. While not everything may be automated entirely it's worth considering which aspects of your business could be systematized and automated to make an impact and increase the likelihood of survival.

3. Virtualize, I have a group of friends who used to rely on organizing events to generate a significant portion of their business revenue. However due, to the crisis they have adapted by taking the experiences and improving upon them through virtualization. They are now hosting events, seminars and trade shows as a way to deliver value and establish connections. So consider whether you can also transform your event or experience, into a format and potentially create a better outcome while reaching a larger audience simultaneously.

Third phase 

Now, the third part is to:

• Count
• Collect and 
• Conserve Your Cash. 

1. Count, Why is it important to keep track of your money? Well it's simple really. You should be checking your cash balance on a regular basis. Reviewing your cashflow statement, at least once a week. Why is this crucial? Because in times having cash, on the other hand is what will help you in the storm. Cash becomes the lifeline that gets you through tough periods. It's crucial to carefully monitor how your cashflow is moving. The key is to know where your money is coming from and where its going out. Remember, running out of cash is the way you can go under financially or have to close down your business. So make a habit of counting your cash every day.

2. Collect, So here's what you need to do; first focus on collecting cash as you can. Take a look, at your accounts receivable. Identify who owes you money. Your goal is to minimize the amount of money owed to you and collect all payments. Additionally it's important to negotiate with your vendors and suppliers regarding your accounts payable. Can you renegotiate the payment terms? Is it possible to spread out the payments over installments? Maybe even consider extending the payment deadlines from 30 days, to 45 or 60 days? The idea is to hold onto your cash as possible given the uncertain times we're facing. Nobody knows how long this situation will last or what lies ahead in terms of recovery. Thus conserving cash becomes crucial in preparing for any challenges.

3. Conserve, So make sure to save that money. Do everything you can possibly do. Utilize any means to preserve your cash because it is essential, for the survival of your business.

The Last Phase

And the last part is to:

• Re-energize
• Reactivate and 
• Retain your clients.

1. Re-energize, So how can you regain the enthusiasm of your client base? Is there anything you can offer them? Remember it's likely that your customers are going through the same experiences and challenges as you and I. They're facing uncertainties and confusion. What can you provide to support them to bring them comfort? Perhaps you could extend assistance to them. Maybe simply reaching out. Asking, "How are things? How can I assist you?" would make a difference. Lets focus on revitalizing communication with your existing customers. Here's a thought provoking question, for you; If hypothetically speaking no new customers were to come in for the 12 months what changes would you make in your business approach? How would you prioritize your existing customers? Take a moment to reflect on it. Wouldn't it make sense to concentrate more on adding value for the customers you already have? So go ahead. Do that – think about how you can enhance the experience of your existing customers.

2. Reactivate, You'd like to reactivate. Who are some of the customers individuals who used to purchase from you but haven't done so in a while? Can you reach out to them? Revive that connection by asking how they're doing. If they need any assistance? It can make an impact. Reconnecting with these customers won't cost you anything. They have already engaged with your business before. Somehow communication was lost along the way. Now is the perfect time to reach out. Give them a call; this is where your closing skills come into play. Connect with people. Reestablish those relationships. 

3. Retain. So finally you're looking to hold on to your existing clients. Its becoming quite costly to acquire customers these days. Perhaps you're lacking the resources or the funds, for advertising to attract customers. In that case lets focus on retaining the ones you already have. I'm not necessarily suggesting this. In some situations you could consider offering a slight reduction in rates. It may bring in some cash flow and having some cash is better than having none it's important to be mindful of your finances. The goal here is simply to keep your current customers satisfied.

Now lets think about what actions you can take within the 30 days to ensure customer retention. During times of crisis like this it is crucial not to lose people who're already loyal to your business. Even if they've decided to leave for some reason it's worth asking them why. If theres anything you could improve upon. Consider conducting surveys or seeking feedback, from those who have stopped buying from you – perhaps there are ways you can adapt and meet their needs differently.

You'd be surprised, at how easy it can be to change their minds with a request. Sometimes believe it or not they feel hesitant to share that they are facing some challenges. Instead of them leaving us we can suggest an approach. How about we postpone the payment for 30 days? We're, in this together than losing them. Lets defer the payment for 30 days and revisit the situation if it doesn't cause you significant inconvenience, in delivering your products or services.

So that's essentially the 4 phase strategy to expand your business amidst a crisis.