Jim Connolly

Thrive: Problems, possibilities and potential

April 3, 2020 by Jim Connolly

I wrote recently that there are many, many businesses that should be thriving right now, rather than struggling. Your response was huge. Many of you asked me to share more of the thrive strategies I work on with my clients. So, that’s what today’s post is all about. I hope you find it both useful and eye-opening.

Let’s go.

The mass market right under your nose

Everyone is experiencing problems today, which they couldn’t have foreseen in January.

Let that sink in for a moment: EVERYBODY is dealing with one or more unexpected problems. That includes your clients, your marketplace and the people who live next door. They all need solutions to whatever problems they’re currently facing. And the bigger their problem, the more valuable the solution is. Hold that thought for a moment.

The thing about problems is that they lead to commercial opportunities.

For example, the problem of vermin infesting people’s property, led to the pest control industry. The problem of waiting too long for hot food on the go, led to the fast food industry and the problem of criminality, led to the legal profession. These multi billion dollar industries couldn’t exist without the problems they solve.

So, no problem = no opportunity.

Today, with an unprecedented surge in problems, there’s an equally unprecedented surge in opportunities; some of which you and your business can solve.

This amazing opportunity is easy to miss, if you allow yourself to dwell on, and worry about, your own problems. The key is to focus on how you can grow your business and create additional streams of high-profit income, by solving other people’s problems.

You and your business

Think for a moment about the capabilities of your business. I’m not talking about the range of services you provide. I’m talking about the range of skills and assets you have.

Then look at the problems your clients, prospective clients and wider marketplace are struggling with right now. How can your combined capabilities and experience be applied, in order to create a solution?

For example, at the start of February, I didn’t even provide a thrive strategy service. Today, it accounts for the vast majority of my work. That’s because it was developed as the solution, to the business problem of growing successfully during today’s unprecedented economy.

Look around you for problems to solve. There are many. Some are extremely pressing. And every one of them, which is within your capabilities, has the potential to help others… and help you and your business to thrive, at the very same time.

Note: At the moment, my thrive strategy service is only available to my clients and former clients.

As things return to normal

April 2, 2020 by Jim Connolly

Photo: Shutterstock.

A few months from now, we will all know a lot more about our business, our marketplace and the people we rely on.

That’s because when times are tough, we learn what people really think. We learn what standards they have and what their priorities are.

We’re learning how strong our relationships are, personally and professionally.
We’re learning who we can trust in the future.
We’re learning how honest our service providers are.
We’re learning who we can recommend.
We’re learning who the real leaders are.
We’re learning how people, systems and businesses perform under stress.
We’re learning who really does go he extra mile.

And our clients, customers and marketplace are learning this too.

Warren Buffett famously said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”.

As you have almost certainly seen by now, a lot of business owners are not taking his advice. They’re thinking very short-term and creating a far bigger problem for their business, than the coronavirus.

In a few months

Long before the pandemic ceases to be the main news story, business restrictions will start to ease. People will be able to move around more freely. Things will start to feel closer to ‘normal’ than they do right now.

As this happens, the marketplace will start regaining confidence. Spending will increase. Cash flow will improve and increase.

It’s at this point that many business owners will pay the price for short-sighted decisions.

We have to be smarter than that.

We need to be very aware that every decision we make has consequences. The marketplace is watching us. And it will remember. As Buffett said, one short-sighted move and a 20-year reputation can be destroyed in minutes.

The only way forward is to think ahead, because things will improve commercially, and a lot sooner than many business owners seem to imagine. Only then can you plan effectively and make decisions that are best for the medium and long-term.

How to grow your business and thrive, during a pandemic

April 1, 2020 by Jim Connolly

Photo: Shutterstock.

I want to share something with you today, to help you grow your business. It’s something to help you thrive, whilst many of your competitors fail to even survive. And it’s based on work I’m doing right now, with thriving service providers worldwide.

Allow me to explain.

I’m writing this on Wednesday morning, in lockdown because of the coronavirus.

Between now and the end of business on Friday, I have meetings scheduled with business owners in.

Nebraska, USA.
Melbourne, Australia.
Pennsylvania, USA.
Dublin, Ireland.
Alabama, USA.
Brisbane, Australia.
London, England.

And my son is currently having his guitar lesson via Skype for the first time.

Here’s the thing

Working during a period of lockdown does NOT mean you’re isolated. And it’s vitally important you are aware of this in very real terms.

Why?

Because if you operate from an isolation mindset, your thinking will be drastically limited. Limited thinking produces ineffective outcomes. It’s almost literally “thinking INSIDE the box”, massively reducing the vision you need, to successfully navigate the coming months.

Think about it

Many service providers, probably most, can grow their business very effectively right now. You can thrive, let alone survive! These include almost every consultant, coach, trainer, accountant, lawyer, designer, PR agency, communications agency, web developer and marketing provider.

Growth: You can speak with new, prospective clients via voice or video, whichever they prefer. You can invoice the new client via email as usual, and receive money via bank transfer almost instantly.

Retention: You can also render outstanding service to your current clients and help them, thus retaining them.

Now consider this

The vast majority of your competitors are in panic mode right now.

Their thinking is about isolation; “when will it end!?!”.
They’re fear-focused.
They’re wondering how they’re going to get through this.
They’re not looking to expand, they’re desperately trying to contract.
They’re seeking ways to limit their overhead.
They’re refusing to pay key people to their business.

In short, their focus is limitation, lack, fear, reduction, loss, contraction. And as people tend to move towards what they focus on, they’ll really struggle.

But not you, my friend.

Because with the right growth strategy, the sky should be your limit.

Whilst your competitor’s limit is the inside of their isolation box.

Grab your cape. It’s time to lead!

March 31, 2020 by Jim Connolly

Photo: Shutterstock.

Anyone with even a tiny interest in history knows exactly what happens in times of crisis. The vast majority of people wait and hope… hope that someone will come forward and lead.

For the marketplace you serve, that someone is you.

They need you to help them remain solution focused.
They need you to motivate them. Especially those who are most impacted by the coronavirus pandemic.
They need your fact-based optimism.
They need you to connect them with useful resources.
They need your outreach. Most providers are failing to remain in regular contact with their clients and marketplace. That’s a terrible strategy at the best of times. It’s massively damaging right now.
They need you to demonstrate calm thinking.
They need your ideas.
They need to know you’re there for them.
Plus all the areas of leadership, which are specific to your industry.

Leading in a time of crisis isn’t easy. Which is why your leadership is in such massive demand.

However, it becomes a lot easier when you accept that leaders, and those who choose not to lead, both feel the fear. It’s how they choose to respond to their fear that determines whether they step up and lead or step back and wait for someone else.

So grab your cape, my friend. Because your clients and your marketplace needs you right now. Maybe more than ever before.

Don’t underestimate the power of being first

March 30, 2020 by Jim Connolly

Photo: Shutterstock.

It’s 2020, yet we still remember Sir Roger Bannister as the first person to run a mile in under 4 minutes.

Apple became the world’s most valuable company, largely because of profits from the iPhone; the world’s first smart phone.

There are 2 useful lessons here:

When you are the first to do something, it’s remembered for a very long time. We remember Bannister, even though Australia’s John Landy broke Bannister’s record just 6 weeks later. Landy was faster, yet remained relatively unknown because he wasn’t the first person to go sub 4 minutes.
It doesn’t have to be perfect. The first iPhone was really buggy. It even lacked a basic copy and paste facility for over a year! However, it was extremely useful.

This begs the question

What useful adaptation to your service, could you be the first in your industry to create for your marketplace, in response to the current crisis?

We live in very uncertain times right now. Lots of business owners have almost mothballed their business. Whilst others are innovating and inspiring their marketplace, despite the coronavirus pandemic.

Fortunately, you don’t need to reinvent the wheel. For example, an idea that’s common in another industry may be unheard of in yours. It just needs to be new to your industry, profession or marketplace.

And it absolutely doesn’t need to be perfect. It needs to be useful, based on the new requirements of the market you serve.

Your 2020 marketing plan is now toast

March 27, 2020 by Jim Connolly

Photo: Shutterstock.

The marketing plan you developed in January is now toast. That’s because your marketplace is thinking differently today, than it did just a few weeks ago.

Very, very differently. And this will continue, until the pandemic has passed and the economy eventually returns to normal.

From a marketing perspective, this means the way you have traditionally sold your services or products needs to change. It needs to change, because the way your marketplace makes purchasing decisions has radically changed. Here is just one example, which is already having a massive impact on almost every industry.

In a typical economy, people don’t have to think too hard about making a purchase. As such, even poorly marketed businesses are able to generate a level of sales; just by ‘being there’ or contacting prospects at the right time.
When economies are plunged into crisis, people think far harder before they buy anything. Your prospective clients are anxious. They’re making fear-based decisions. As such, pre pandemic marketing and ‘being there’ just won’t cut it. Literally every marketing or business development decision you make, needs to take this into account.

Adjust and get the wind in your sails

The way we set our sail, determines whether we get the wind behind us and excel or end up on the rocks. We set our sail commercially, with the decisions we take (and the decisions we avoid).

A few areas to consider.

Reduce the risk attached to hiring you or buying from you.
Adapt your business, so that it’s more relevant to the current needs of your marketplace.
Increase the value of your services or products.
Introduce flexible payment options.
Grow bigger ears. (This one is really important).

Faced with what now seems to be a long-term challenge, it’s essential to adapt as early as possible. It’s what your agile competitors are already doing. And it’s what your marketplace demands.