A highlighted business tip from an EKS&H article:
No 4: Lead with Balance
It pays to lead with balance, especially during troubled economic times. When business slows, you might be tempted to lean the way of the strangler. However, stranglers rarely maximize the growth potential of their businesses. Do your best to stay balanced. Stay open and take a careful look at the possibilities. If there aren’t any, maybe it is time to hunker down. Opportunities may not exist for every business.
Read the full article with more business tips here.
How to Lead with Balance
Most of us would like to think that we are always leading balanced. But this often skews our perceptions and can cause us to lead unbalanced thinking that we are. As with life, maintaining balance is an ongoing process. In order to ensure optimal changes are made with your company to maintain balance, one must always keep a little ribbon to remind oneself that balance is a constant and an operation must be reviewed every now and again.
Here are a few business tips on how to re-balance your mode of operation:
1. Constantly be thinking about the big picture.
Ask yourself, “What might be the source of slow business?” “Am I taking all the measures I need to reach out and satisfy as many types of customers as I can?” “What more is in the market to expand upon?” It’s a big world out there we all know, which means that is an infinite more way than one to expand your business than when you first began. This is the kind of thinking upon how franchises are created. Ask for opinions from a wide variety of clients or potential clients what they are seeking from your business, what they like and what they would like to see improved upon. Strengthen that information to build a more balanced company that reaches beyond your initial outreach and mode of operation.
2. Look over your books but don’t just measure the dollar signs.
Think about the little details as to why each cost is or isn’t important. Remember that cheapest isn’t always the best when maintaining quality. Consider what your customers appreciate and what they come to you for. Weigh the pros and cons and always be on the look out for a better source with better prices and quality. If you bring your quality down too low, customers may recognize this and not return for a less than satisfied purchase.
3. Optimize your time and the time of your employees.
Keeping the lives of you and your employees balanced will reflect on the performance of your company and customer service. Try not to hire too much with too little hours or vice versa, too little with too many hours. If business is slow don’t expect to do the same kind of work that you do when business is regular. Change the pace in direction of what kind of work needs to be done to reach more customers and to make higher revenue. With just the right amount of leisure, hard work and restructure, your company will be better equipped mentally and energetically to handle business with a steady flow.
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