Continuing straight on from part one of this article, here are the final three points that business coaches have identified to help you through troubled times.

4) Set yourself apart

Put bluntly, the only way you will succeed in taking market share from your competitors is by offering a product or service which is better and different. Simply being as good as the market is not good enough. You wouldn’t switch your domestic electricity supplier if all you were offered was the same price and the same level of customer service as you already had – just think of the hassle and time it would take, for no real benefit.

To weather the storm and to drive long term and sustainable growth, quite simply your business has to differentiate itself from others.

5) The impact of change on existing resources

Once you have clarified your business focus, you need to look internally at the impact of the growth strategy. What will your business need to look like in order to realise the plans you have in place and what additional people, processes and resources will need to be made available?

Fundamental questions need to be asked about your business processes. Operational thinking might say: ‘we need to invest in a new plant’, but strategic thinking might say ‘we need to outsource the whole manufacturing process or licence production if we are to achieve the right volumes and reduce costs’. In the retail sector, you might need to examine whether it makes sense to revamp your existing stores, to expand your chain, or if it would be more profitable to invest in an online model.

6) Plan….. then make it happen

It’s a fact that over 80% of strategies are created and never implemented. They sit on a shelf gathering dust and are often never seen again. Don’t let that happen to your growth plans. Monitor progress and performance rigorously, communicate widely to the business and explain ‘what it means to me’. Embed the strategy in the business and lead the organisation through an exciting transformation.

Times are tough, but there are clear and methodical steps that can lead you to be a winner, even in uncertain markets. Take the challenge and guide your business to longer-term success, the view from the top is breath-taking.