Six Ways To Stay Nimble During Uncertain Times
Since the beginning of the pandemic, you have probably heard stories of businesses staying nimble. This simply means that they are open to pivoting and adapting to changing needs. Rather than falling back on old ways of doing things, nimble businesses look for ways to adjust in a rapidly evolving situation.
Barry Moltz, a speaker and small business expert, says this kind of startup mindset can help companies of all sizes weather shifts and bring in new customers. If you are looking for ways to innovate, keep reading this issue of Promotional Consultant Today. We discuss Moltz’s six ways to stay agile to meet the demands of the moment.
1. Embrace risk. Many leaders avoid risk, but Moltz asserts that having a healthy appetite for risk can open the door to new opportunities and revenue streams. Instead of being set on price, delivery and more, be ready to take a risk and pivot. If your prospects do not respond, try something new. Get feedback and try again.
2. Keep your costs low. Just like startups operate on a shoestring budget, now is the time for businesses to adopt the same mindset. Moltz recommends that leaders aim to keep fixed overhead low and limit their inventory as they work to get more paying customers.
3. Use what you have and outsource the rest. Your team is full of talent. Help them stay flexible by showing them how to wear many hats to get the job done. If your current team does not possess a certain set of skills, consider bringing in external help in the form of contractors.
4. Let customer feedback guide you. Business success comes down to delivering what customers need. Have you checked in to see how you can best help your clients in this unique season? What they needed earlier this year may not be what they need now. Talk to your customers and prospects and get a feel for how you can help them overcome their current challenges. When you get their feedback, you can think of ways to potentially pivot.
5. Experiment and learn. The only way to know if a new strategy is working is to test it. Moltz suggests testing small initiatives continuously and changing based on what you learn in the process. New businesses conduct back-to-back tests involving products and services and make adjustments based on what they learn. Think of ways your team can try new ideas and see what works.
6. Pursue all the networking opportunities you can. Even in a time of physical distancing, networking should still be a priority. There are many ways to connect with potential new leads without being face to face, whether that’s reaching out on Zoom or FaceTime or simply using your expertise to add value for someone else.
In today’s market, it is critical to embrace agility and uncover new ways to solve problems. Businesses that stay nimble can meet customers where they are and capitalize on new market realities. Use the six tips above as your starting-off point to building a nimble team.
Compiled by Audrey Sellers
Source: Barry Moltz is a small business expert at Shafran Moltz Group. He is a nationally recognized speaker on small business who has given hundreds of presentations to audiences ranging in size from 20 to 20,000. As a member of the Entrepreneurship Hall of Fame, Moltz has also taught entrepreneurship as an adjunct professor at the Illinois Institute of Technology.