Keys To Thrive In Today's Economy

As a business success and peak performance strategist, I am often asked what an entrepreneur, business owner or executive can do to increase their probability of success in these uncertain times.

Too often when uncertainty sets-in, so does closed-mindedness and myopic thinking. What I mean by this is the psychology used by the business owner during these times is narrowing rather than expansive. The greatest opportunities exist in these times and require us to think expansively. The greatest growth and innovation will during these uncertain times.

Here are four recommendations for helping entrepreneurs, executives and business owners build their practice and generate more revenues are:

1. Automate your marketing system. Many times entrepreneurs, executives and business owners have a very limited amount of time, energy, and money when it comes to marketing. The key to success is in creating a system that works and then automating it. This needs to be a Daily Mode of Operation (DMO).

A marketing system includes specific goals and activities a professional commits to doing in the next 30-60 days. Common marketing activities include: going to networking events, speaking at a seminar, sending out client satisfaction surveys, or submitting an article.

2. Clearly define your target market. One of the worst things you can do is to not have a clear definition of their ideal target market-who they want to do business with. In a recent publication and survey 73% of those polled sated that they had no plans for specialization.

This is a mistake. This means there is no focus and without focus there can be no system. Your profile should include common demographics, specific needs and challenges, and their industry or profession. To thrive in today's economy requires one to gain distinction through mastery at a deep level. This can only be accomplished through a focused approach.

3. Focus on value. The Law of Economic Value dictates that all transactions in today's economy must be swap based on the value provided by each party to transaction. Whether you are an employee or a business owner, the market will require you to continually increase the value provided in order to allow you to increase the profits derived (or compensation paid).

Too many times CPAs and professionals have a misplaced focus on the past and the cost. CPAs by training are taught to consistently look at the past. However, the value is in the future and the past is only helpful to us to the extent is provides a path to the future or a path to avoid in the future. The average CPA focuses on billable hours instead of the value provided to the client. It is important to highlight the value of the CPA's experience, background, certifications, unique experiences and sum total of all the accumulated business experiences when the professional meets with a referral source or prospect. This is the first step to differentiation in marketplace that is at risk of being commoditized.

4. Get your head straight. Many entrepreneurs, executives and business owners have a great idea, product or service yet do not have the proper psychology to successfully monetize the opportunity. We tend to focus on the failures as failures and then search for folks we can blame rather than take responsibility for our contribution to the results, extract the learnings and make the shifts to continue on the path of growth and ultimately profits. This is the beginning of the psychology of success & peak performance.

Most people will focus on the fear and uncertainty that exists in the media, economy and society. Unfortunately those are the people that will not only continue into a downward spiral of despair they will fail to see the many opportunities that exist or may exist right in front of them.

I invite you to eliminate the boundaries of the psychology that brought us to this juncture in society and to find a more dynamic, expansive and productive way to focus your energy for future growth, solutions and success.