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The following article was published in our article directory on January 10, 2014.
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Business Strategy and Development - When Things Slow Down, Use Your Time Even More Effectively

Article Category: Business Management

Author Name: Wayne Messick

Is there more than one business strategy and development objective? Maybe, but if it has to do with anything other than getting new customers, it comes in a very distant second.

I have never met a company owner who believes their business strategy and development should focus or anything else, because everything else requires the money generated from new and expanding business

When YOUR economy goes down how will you invest your time effectively to get your business strategy and development plans back on track?

First let me say that unless your business depends on people walking in the door, you should never suffer a slow down or decrease in new business. Heresy you think? Not really.

You have to work harder, take on projects you considered beneath you during boom times, and go through your accounts for all that business waiting for you. When you got around to it, business you told yourself you 'd follow up.

You can't do anything about the whining and the "poor us" news broadcasts. The media is not your friend, their job is to run around blowing out all the candles and them complaining about how dark it is. The media specializes in telling what's wrong and blaming someone for it.

You don't have to get sucked in to the spiraling effect of blaming others, turning your future success over to the so called business cycles and whatever environment others think controls their business strategy and development agenda.

Considering how to adapt your business strategy and development plan is a place to start if you think you're in a hole stop digging and look up.

When it comes to a bad economic situation, nobody planned for it to happen, certainly not you. You may find yourself there however and no one but you can get you out.

If business is slow you should have a plan to use the time you have now to effectively get new business, service existing customers and not let the "opportunity" of this otherwise unappreciated free time go to waste.

For example, this would be a great time to reconsider your business strategy and development. If business is in fact down, don't sit around hoping to get through it, instead consider for example the low hanging fruit I mentioned about, sales and service opportunities that will make you even more important to your existing customers so you'll be even better positioned for profitability when the economy (that you have no control over) pick up.

Your attitude toward time is critical. Consider "found time" as precious. There is never enough time to do all the things we want, whether it is time with family, business, sleep, reading or community. Treat found time like a gift and spend it doing something positive to grow yourself or your business. Avoid consuming it doing "more" of what you are already doing. If you won $1000, would you divide it proportionally among all the things you now spend money on or would you put the whole $1000 toward a special investment or expenditure? Treat time the same way.

Second, always know how you would spend that marginal hour of time. You may already know where your time most effectively puts you on the path to achieving your business and life goals. What would a little more time do for you?

Tip: Make a list of things you could do with a few hours, a day, and a week. Update the list throughout the year as your needs and priorities change. This is a good exercise to keep you focused on balancing your business and personal life. If you have a week and your priority is to spend it all in one place, what does this say about how much time you are spending in other areas of your life?

Whether you believe it or not, you hold the key to a lot of business growth.

Sadly when it comes to business strategy and development most of us rely on occasional, often coincidental connections with our peers for the insights that could make all the difference. When the economy is down, this is especially true. We seem to be drawn to complaining and blaming.

Conversely business owners who regularly integrate the experiences of their successful industry peers into their decision making process will certainly outpace those who simply set goals and hope for the best.

Effective business leaders know that when you make better business strategy and development decisions you get better results. They also know that their best decisions are those made in collaboration with people whose success they respect and whose opinions they trust. It is universally true that when we harness to power of our peers, we make better decisions 100 % of the time.

Keywords: business strategy and development, business planning process, strategic planning template, small business plan, strategic competitive advantage, strategic competitive advantage, what is strategic planning, developing a strategic plan, management process, business plan structure

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