I get it, we’re all a bit (a lot) confused about what’s happening in this economic climate.
During these uncertain times, the business world is still reeling from the pandemic, and many companies are struggling to stay afloat. The negativity can be disheartening.
Add to that the mixed messages we are getting about a looming recession, it’s understandable that some businesses may be hesitant to expand right now. Let’s put everything on hold, right? Wrong.
There will never be a better time to double down on your plans to expand, grow & scale in my view…
What’s to lose?
It's understandable that you may feel hesitant to take on additional risk when the future is uncertain. However, the pain of stagnation and missed opportunities is far greater.
Companies that are too cautious can miss out on valuable opportunities to gain market share, build brand recognition, and attract new customers.
Worse still, it could seal your fate.
Diversified Revenue Streams
The current market is undoubtedly challenging, and there is no denying that many companies are struggling. But what if expanding into new markets could help alleviate the very pains that we think they might compound?
It's no secret that the pandemic has caused a shift in consumer behaviour, and many industries have been forced to pivot their strategies to remain relevant. By expanding into new markets, businesses can tap into new customer bases and reduce their reliance on one particular market, thereby diversifying their revenue streams.
The alternative is bobbing around in the waves hoping they crash us back to shore.
Additionally, expanding into new markets can help businesses stay ahead of the competition. In times of crisis, companies tend to become more conservative and risk-averse, which can result in missed opportunities. By taking a calculated risk and expanding into new markets, businesses can gain a first-mover advantage and set themselves apart from their competitors.
While everyone else is hunkering down, what if you were bold?
Now, you may be thinking, "But how can we expand when the market is so uncertain?" That's a valid concern, but hear me out.
The current market presents a unique opportunity for companies to expand and scale quickly.
With many businesses struggling, there may be more affordable acquisition opportunities or the ability to attract talent that may have been out of reach before. More than ever, retailers are looking for brands that can deliver or that carry a resilient story. Providers are more open to price negotiation, deals are aplenty. I could go on…
But how can companies take advantage of this opportunity?
Firstly, conducting thorough research on potential markets and assessing the risks involved is important.
Secondly, businesses should leverage technology to expand into new markets more efficiently. For example, virtual events, online marketplaces, and social media can all be used to reach new audiences and build brand awareness.
Finally, it’s important to remain flexible and adaptable to changes in the market and to have a solid strategy in place to mitigate risks. Of course, an experienced partner with deep experience and rich resources will be invaluable in avoiding risk.
Scaling back, saving money, putting a hold on growth initiatives and playing it safe during these challenging times may be tempting, but as cliche as it may be…fortune really does favour the brave.
Companies willing to take calculated risks and invest in their future are much more likely to come out ahead. Sure, it requires some upfront investment but the rewards are significant.
The current market presents a unique opportunity for businesses to expand and scale quickly and I urge you to spend a few hours considering your possibilities and brainstorming what a game plan might look like for you.
I hope you’ll at least take that challenge and participate in the exercise of consideration.
I’m rooting for you.