Leadership videos fill you with so much positivity that you may want to implement those ideas in your business right away. But it's easier said than done. Unless you mix a little bit of self-help into the mix, you cannot follow everything religiously. After all, the speaker talks about the ideal scenario that people want to reach. In reality, you need to cross many hurdles to reach that place.
What type of leadership does your business demand? Is it similar to what the best business coach defined or do you need to tweak a few things here and there? This is the time when self-help becomes crucial. You are aware of the ground reality and the challenges you may face to expand your business. But there is always scope for self-improvement. And you can commit to self-improvement even when you are at home.
Importance of Committing to Self-improvement
Self-isolation, to many, is the root cause of depression. But when you have lots of thoughts of your business going on in your head, self-isolation can help you come up with various ideas to expand your company. It makes you self-confident and gives you a sense of accomplishment. But how can you make the most of your time alone and improve yourself? Well, start by turning the TV off and make a checklist of where you want to see your business in the next couple of years.
Suppose you have a shoe store in your city. Would you want to open another branch or add a new collection of shoes to your existing store? The idea of self-improvement is not just bringing change in your lifestyle. It is also about how you balance your business by considering all the pros and cons. In this example, opening a new branch will mean investing a significant amount of capital. But with the economic turmoil due to Covid-19, do you think it would be best to invest so much money right after the lockdown ends?
On the other hand, entering the market with a new collection of shoes would help to reach your break-even point easily. You wouldn't need to spend a fortune on opening a new store. Instead, you can attract new customers by providing the new collection at a discounted price. This will not only help to meet the break-even point but also gather enough money that you can use later to start the new store.
This entire process of calculating the advantages and disadvantages takes a lot of time. Even the best business coach would say that you should judge everything according to the economic conditions around you. It is always best to think of short-term goals when there is an economic collapse before executing plans to achieve long-term goals.
Expanding with Existing Products
Let's take an in-depth look into the above example. How can you expand your business by selling the same collection of shoes you sold earlier? Suppose you already have a small shoe store in the city. But the lockdown forced you to close it. You have no idea when you can open it again. After thinking for a while, you decide to open an online shoe store. You see other businesses doing the same thing and you follow their path.
In this case, your product doesn't change. You just change the way you sell the same pair of shoes. But what if you want to sell a new collection of shoes altogether? Would it still be safe to open an online store? In this case, yes. You are anyway planning to start an online shop and sell the existing products. If you can add a new collection and market it to your target audience properly, the result would be the same. In fact, you may attract new customers also by shifting to an online store.
Sometimes tweaking your existing products can also help to expand your business. For example, if you continue to sell the same pairs of shoes but come up with improved soles or new colors, your target customers may want to try them out soon. Marketing the products strategically is very crucial here. Even existing products can sell like hot cakes if you market them properly.
Sending emails to existing customers and asking them to spread the news can be one way of letting people know. You can also take to social media by creating a business page for your company. Share the news that your store is now online and the first 100 customers would get a surprise discount offer.
The best business coach would encourage you to take chances in life. Business is after all a game where you need to take risks. But it must be a calculated risk. And that calculation starts when you commit to self-improvement. It's how you plan your business's future that matters.