Move forward even in uncertain times. Over the next 12 months, companies will need to deal with health-care reform, changing regulations and still volatile economic times, but they can't let those uncertainties paralyze them, says Jeffrey Fox, a business author and consultant in Chester, Conn. Even in the worst economic times, some businesses thrive, says Mark Stevens, founder of MSCO, a marketing advisory firm in Rye Brook, N.Y. He advises companies to aggressively investigate potential new markets, invest in marketing, and test new ways of promoting themselves to bring in new customers and revenue.
Tap your employees. Your employees are a tremendous resource for new ideas, says Ken Blanchard, co-author of best-selling classic The One Minute Manager (William Morrow, 1982) and founder of the Ken Blanchard leadership training companies based in Escondido, Calif. For example, he notes that a Southwest Airlines employee proposed the idea that led to Business Select, which allows passengers to pay extra for such perks as priority boarding. "That one idea has made the business millions of dollars," Blanchard says.
Reconnect with your purpose. When you started your business, you had a vision for what you wanted to create. Find ways to rekindle that fire in your belly, Blanchard says. Whether it's sales, finance or product development, spend more time working in the areas of your business that excite you, he suggests. "If you don't love what you're doing, you're never going to work hard enough to be one of the best."
Diversify your income opportunities.
