From a long-term perspective, ups and downs in a business cycle are expected and normal. But that is small comfort if you happen to find yourself in a business slump today. Business downturns are due to many factors that may be affecting you, or your customers - from external economic conditions to internal business issues. Turn a "slump" into an opportunity to re-energize your self and your business. Taking the time to "get back to the basics" can re-focus your business and re-energize your team.
Even if you have a current operating plan and budget in place, when is the last time you reviewed the "Brand Charter" of your business? From a marketing viewpoint, your brand is the heart of your business, how you best serve customers and how you uniquely position yourself against competitors in the marketplace. I define "Brand Charter" as your unique positioning in the hearts and minds of your customers. Your unique "reason for existing" which should be communicated in your vision statement (the why) and achieved by your mission statement (the how). The Brand Charter is the soul of a business and should drive business plans and marketing strategy.
Does your business still excite you? Are you energized by your daily tasks and do you look forward to going to work each day? How about the people that work for you, are they focused and motivated? If the answer is no, then chances are you are off-target with regards to your brand identity…your purpose for being. Investing time now to "get back to basics" will be a valuable exercise to get back on track and re-energize your business.
Getting Back to Basics: 7 steps to re-energizing your business
- Re-view your Vision statement
Why are you in business? Does your vision statement answer this question; does it motivate and guide the organization? Is your business currently fulfilling its vision?
- Refocus
What are your core strengths as a business? Who is your customer, how do you best serve them? Who is your competition, what is going on in your industry?
- Reprioritize
If the Vision is purposeful, look at "how" the business does work. Does daily work support your vision or have you been pulled off-track by urgent, but distracting tasks? Keep a time log or look back at your calendar for the last few months. How much time is spent on your "bread & butter" business -what pays the bills? How much time is spent on secondary goals and projects? Are these projects consistent with your vision? How much time is spent reacting to daily "urgencies" or just putting out fires?
- Refine
Since we cannot be all things to all people (nor do we have unlimited resources), reprioritize work to achieve your core business goals, then prioritize what else has a high probability of success. Remember it is better to work well on fewer goals than do many things halfway.
- Rejuvenate
It is hard to be an inspiring leader if you are exhausted, overwhelmed or distracted. In addition to refocusing on the business basics, consider a little R&R to rejuvenate yourself personally and professionally. Whether that be a taking a mini-vacation, day-off, or calling that personal coach you've been thinking about. Or re-energize professionally by networking, attending a business conference, or taking a class to sharpen your business skills.
- Recommit
Now it is time to rally the troops, and recommit together to key organizational goals. Chances are your employees could also use a little inspiration and motivation as well. Whether that is a formal retreat or a brown bag lunch, spend time communicating goals and reviewing the basics. Remind employees of the big picture - why you're in business and how your business delivers value to customers. Helping employees refocus & prioritize work, and asking for their ideas and in-put can be very empowering and can instill new life into a workforce. Everyone wants to feel they are part of something worthwhile and that they make a difference.
- Rejoice
Remember to celebrate your successes! Recognize progress and small milestones, as well as the big wins.
Spending time reviewing your original brand assumptions is the critical starting point of this exercise. It is easier to change how you do business than why you do business. If you are in line with your vision and purpose, and can communicate your Brand Charter to others, it is much easier to reprioritize tasks and refocus resources for the next successful business cycle.
Kathleen Peters is President and owner of KMP Marketing Inc., a business consulting firm specializing in strategic marketing solutions. Formerly a Marketing Brand Manager with Disney, Ms. Peters has her MBA from Georgetown University , is a contributing author to New Product Success Stories (Prentice Hall) and has also taught business and marketing at Seminole Community College, as an adjunct professor.
©2005 Kathleen Peters, President KMP Marketing Inc.
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