Tough Times suck. Or at least that is what most people think. By thinking bigger and reaching higher, we realize that Tough Times are a great opportunity to make more money, advance our business, and realize our breakthrough. The key is to make that shift.
In this post we examine five ways to make more money in these Tough Times. This may seem contrary to many who are worried about just staying afloat. They claim they don’t have time to do anything but put out the current fires. Remember Warren Buffet’s investment strategy. The downmarket is a great time to buy because that is when we find the best opportunities, but only if we have the right mindset. To succeed, we need to think bigger and reach higher.
Murfield Coaching works with clients to solve significant problems with disruptive thinking. We utilize 17 ways of thinking disruptively to shift paradigms and solve specific client problems.
In my second book, Making More Money in Tough Times: by asking one powerful question, I detail how and why difficult economic times are a great time to make a paradigm shift, position a business, and make a break through.
1. Think Virtual.
This may be a no-brainer but we have to mention it. Use webinars, videoconferencing, or conference call lines to connect with current clients and attract new ones. Sales and marketing presentations may be even more effective using these methods, especially when most of us working from home. This is also a way to connect with current clients.
THINK BIGGER: How can you connect in new ways with current customers?
2. Think Compassion
As we have written in “Leading with the Power of Compassion,” the most successful businesses come alongside their customers (and employees) to help alleviate their pain. You have been successful because you solved someone’s problem, i.e. alleviated their pain. In Tough Times, our customers are in plenty of pain. Instead of just thinking, “I can make more money,” think, “I can make more money by solving more problems for my current customers.” That is a big shift. Ask, “How can I help you today?”
Like many of you, my wife and I had to cancel our April trip. We were pleasantly pleased when Alaska Airlines makes the cancellation painless. One click, or maybe two, and our points were returned to our account and taxes refunded. Painless!
Meanwhile we hear stories of other airlines saying it will take approximately a year to receive a refund. Ouch!
As we return to the new normal following this shutdown, which airline do you think we will use?
THINK BIGGER: What pain are your current customers feeling? How can you create new products or services that would help alleviate that pain?
3. Think New Markets
Tough Times force us to change because the old way no longer works as well. That forced change creates a pain for leaders. Consistency and efficiency make leader’s lives easier. Notice their pain and strategize how you can help alleviate that pain with your current products and services.
THINK BIGGER: Think outside your current wold to find new markets?
4. Think New Product Lines
Tough Times create pain for business leaders seeing their people and equipment sitting idle. Wise organizations think bigger and reach higher by exploring what other products or services they can supply. For example, distilleries are now making hand sanitizer. Sound crazy? How about car companies shifting production to make ventilator parts? These are great examples of modifying current equipment to make radically different products. Think radically different. Hand sanitizer isn’t just a new market for distilleries, it is a major shift. Use this opportunity to look beyond the work of your current market and product lines.
THINK BIGGER: How can you use your current operations to temporarily provide desperately needed products?
5. Think Radical Change
Change is often difficult. As humans, we love to live in what I call Civilization where life is predictable, safe, and comfortable. Why would anyone want to voluntarily change that if it is still working? (There is value in being flexible that we discuss in previous posts.)
But once that civilization is no longer working the way we want, it’s time to initiate the change. After all, if we have to change, why not make it radical? This “shelter in place” shutdown may be the perfect time to reassess your effectiveness and efficiency for management, operations, and human resources.
THINK BIGGER: Now that you must make a change, maybe it should be a radical change.
Contact us today. We want to help you solve your problem and break through in this Coronavirus Pandemic.
Blog Schedule (suspended to provide pertinent information to solve your problems during the COVID-19 shutdown.)
- Mind Shift Monday features a powerful quote that sets the tone for a week of innovative thinking.
- Thinking Bigger Tuesday expands on the topic and provides pillar content of innovative thinking.
- Why Not Wednesday introduces you to books, articles and research that I have found useful in solving significant problems with innovative thinking.
- Transformational Thursday explores a TED Talk on the topic of the week. These talks are likely taken from the ones I have featured in my TED Talk Think Tank mastermind for radical change over the last five years.
- Far Out Friday features crazy ideas that just might lead to solving your persistent problem.
CREATE YOUR BREAKTHROUGH!!!
Loren Murfield, Ph.D.
We work with leaders and organizations to solve significant problems with innovative thinking. What problem is frustrating you? Contact us today.
Two important books you should have on your self to solve Coronavirus problem are: “Making More Money in Tough Times” and “Now What? Secrets to Sensing and Seizing Opportunities When You Need it Most.”