How can you take advantage of a K-shaped recovery?
Let’s have some real talk around how you can benefit from the current economic conditions. The thing is tech-enabled companies and digitally-focused businesses are massive boom in the last few years. And it can easily feel like maybe you or your business has been left behind.
Your own economic stimulus awaits
So whether you’re a content creator or a small business owner with a brick and mortar, a digital following, it is absolutely possible for you to take advantage of the high peaks of this economic recovery. So it’s called a K-shaped recovery because there really are two completely different types of businesses and owners and people in current economic conditions. There are those that were doing well that continue to do better, top of the K. And then there are those who are already struggling or in some sort of kind of difficult transition, bottom of the K, and they’re struggling even more now.
Here’s the thing- small businesses, online content creators, creative professionals, they make up over half of the economic activity and create two thirds of the jobs in the United States. And yet, although you all are the lifeblood of the current economy, you also kind of struggled with where to go and how to reimagine or pivot in your business, and it’s definitely shown. It’s actually went from a pretty much anyone can live the American dream as it relates to business economy, to this really drastic difference between those who are doing well and getting better and those who are struggling and getting worse. And then of course, there’s this growing accentuation of corporate monopolistic activity that’s just making it even harder for you to get by as an independently-owned small business, creator or business owner, and it really does get in the way of your perception of how success can go and definitely makes the path a little less clear.
The strong will survive
I acknowledge that, but at the end of the day, I’m a believer that the strong will survive. And if you’re strong and you want to get better, there’s opportunity. And that’s what I choose to focus on. I choose to look at the glass half full versus the glass half empty. So while there is a widening gap in our economy, I want to speak to those of you that want to see the benefits of that. That when Warren Buffett says, “Be fearful when others are greedy, and greedy when others are fearful.” You perked up, pulled your shoulders back and said, “Let me figure out how to get that done.” Instead of really feeling the weight of the struggles and the challenges. And I just think there’s two different personality types there. And some of you will deal with the struggles, but not be able to really make the most of the opportunity and there’ll be an elite few of you that are really seriously dialed in to whatever it takes to continue this great trend and make it even better.
Consider if it’s time to change
So some of the things I think about is not only expanding your current business. So whether it’s going from digital to brick and mortar, brick and mortar to digital, going online hybrid live to on-demand, or maybe even just adding in things like e-commerce and retail into your business, or perhaps if you’re already e-commerce and retail base, maybe you’re adding services to what you do. The sky is really the limit. The concept here is to expand your market share and expand the share of your current clients and potential clients’ wallet. So this is where I say do more than just one thing. If you do one thing really well, that you have clients that are raving fan of your services, products, or offerings, it’s a great sign that you need to do more of what that target client needs. And so it may be time and to really invest in expanding services, adding products or vice versa.
Who is your target?
And so what’s important to do when you’re thinking about that is to understand exactly who is your target client and what is it that they need from you that they’re not currently getting? Are they putting money aside for it and spending it elsewhere and therefore it’s a client you could easily bring over into your business? Will you need to require an expansion of their purse or pocketbook for what you’re offering so maybe they’ve never spent money on it before, but it solves a problem that they currently have? Those are really great places to be with a following, an audience, or a customer base that already loves one thing that you do that has another need that you can solve. Those where great businesses get so much better. As another example, it may be that your client base has officially widened, meaning you were serving a certain group of people a very specific niche and doing it so well that you’re able to realize other aspects of different niches that may be able to come in and enjoy your services, products, or offering.
Do more with what you already have
Another great place to be is if you have a service or product that’s available right now successfully for a very specific ideal client. And yet, there is another ideal client, maybe in a different vertical or industry, maybe in a different skill set need, maybe they need some education to get to you but they’re available and you know that they spend money on what you offer and you just simply need to match make, you need to meet them, and offer them your services. It’s another great way for you to level up and do even more with what you currently are great at.
Focus on going from great to better
You see, I believe that going from great to better, although it’s easier, it still takes strategy, intention and investment. And that’s where I usually step in. Most of my clients call me their chief revenue officer because I’m obsessed with making them more money and I’m unashamed about it. Why? Because what is more money in your purse or pocketbook allow you to do even beyond supporting yourself and your family? It allows you to have greater impact in your community, whether they’re in person or online. It allows you to really help the people that you’re passionate and skillful in helping. And yeah, it allows you to take your piece of the economy into your hands and out of maybe big business or tech or the government.
I think those are all great things and likely a great idea for you to focus on making even more money. It is absolutely possible. And hey, if I can help in any way, I would be honored to. Let’s talk about your economy, soon.
Look for the opportunity in every situation and you’re sure to find it! KK FIT TIP #1270