Elliot Wise is a self-made serial entrepreneur, business growth expert and mentor. He is the founder of Limitless Mentoring – an entrepreneurial skills programme for aspiring business leaders.
Look, let’s be honest here; the economic forecast for the back half of 2022 is looking bleak. But, rather than battening down the hatches, I’ll be kicking things up a gear and riding straight into the eye of the storm. There is always an opportunity to be had in times of economic hardship; you just need to know what to look out for and be prepared to seize the moment when it arises. So, without any further ado, here’s 5 key skills that I believe you need to ensure business growth for the remainder of 2022.
5 key skills to driving business growth in the rest of 2022
Learn to understand macroeconomics.
You don’t need to become an expert by any means. But with a looming recession, increasing inflation rates, and price hikes (basically just economic turbulence all-around), you absolutely need to understand macroeconomics. Having insight into what is driving your consumer’s spending habits at a macro-level will help you spot potential disasters further off, bolster your spending (or saving) when needed and allow you to exploit gaps in emerging markets long before your inward-looking competition does.
For example, ask yourself questions like; is your customer base likely to be impacted by tightened purse strings? If so, what is the factor of magnitude? Are you positioned in their mind as an essential service to their economic security? Can you be? How long-term is this situation likely to affect your business? How long will it affect your customers?
Understanding factors such as these will help you make far more calculated decisions when growing your business. This brings me to my next key skill…
Risk Management
Tough economic times always bring abundant opportunities for those willing to take risks. When business is good, it’s easy to become complacent and keep doing the same thing on repeat. But when the proverbial hits the fan, you can quickly find your business in unchartered waters. So, you need to understand how and when to take calculated risks. Having the economic foresight to spot opportunities isn’t enough by itself. You still have to know when a risk is worth taking and when one is best left alone.
For example, we all know that marketing budgets are one of the first things to be slashed in hard times. But, when competitors cut their advertising spending, you’re presented with an opportunity to seize their share of the attention economy. So, do you fall in line and drop your marketing too, or do you risk increasing it and potentially reaping the rewards?
Self-Introspection
Self-introspection is essential for growing a business because it allows you to identify areas where you can improve personally and at a business level. Self-reflection is a difficult skill to master, but once you can add it to your toolbelt, your business will grow faster than ever. Accepting that you have weaknesses or flaws will allow you to either improve those skills or find the right person/ people to bring onboard to plug your skills gap.
Identifying your strengths will also allow you to focus your time and attention on the areas of your business that you are personally most useful in. Understanding your strengths can also enable your company to pivot and rely more heavily on them in shifting or uncertain markets.
TikTok…
No matter how hard you try – you cannot ignore the immense powerhouse social media can be for ANY business. Now, more so than ever, you should be maximising your social media presence. And no, having a Facebook profile is not enough. You need to be a social media hydra. Trending platforms, content styles and engagement change so frequently that you can’t afford to have all your eggs in Mark Zuc’s basket anymore.
TikTok’s user demographic has shifted massively this year. More than 50% of users are now over the age of 30. That, coupled with its ability to put you in front of an audience of BILLIONS without the need for building a follower base, makes it an insane marketing tool.
Considering most of your competition is likely late to this party too – if you make the most of it now, you can capitalise on all that under-priced attention before anyone else.
Focus on the Basics.
This one is super simple but probably the most effective use of time you can possibly have. It’s easy to develop “shiny object syndrome” when growing a business. So, the most important skill is intense focus and staying firmly on the path of things that got you to where you are. Keeping these fundamentals on point will make everything else you do day-to-day so much easier.
Elliot Wise is a self-made serial entrepreneur, business growth expert and mentor. He is the founder of Limitless Mentoring – an entrepreneurial skills programme for aspiring business leaders.
