Innovation for the Entrepreneur

November 17th, 2011

For startups and entrepreneurs, an unstable economy can instill the fear of God in even the most cynical. However, there are always those companies that succeed and grow despite grim forecasts.  What do they have in common? They think quickly, activate their creativity, and rewrite their business plans.

The Wall Street Journal recently held a competition for the most innovative small-business entrepreneur. They highlight several companies and the strategies they implemented in order to overcome economic unrest. All tactics were fantastic, but there are two in particular that I want to highlight: being open to new business opportunities and listening to the market.

New Business Opportunities. Keeping your eyes open for additional revenue streams is what helped keep winner Quadlogic Controls Corp. afloat. As their business began to take a downturn alongside the economy, the owners recalled some advice they received from a colleague years earlier about another source of revenue. They decided to experiment with a new product line and push a new marketing strategy. Because of this, their company is now set to pull in $5 million more than its previously high year, despite what the news says about jobs and failing businesses. The key for Quadlogic was to not only stick with what has worked in the past, but to examine and embrace all avenues that could bring in income. Having a Plan B and a Plan C gave them reserves to fall back on when they were running out of time and money.

Listen to the market. If customers are cutting back on luxury expenses and your company caters to the luxury market, it’s time to think about an overhaul. When it comes to business, you usually don’t have time to “wait around and see” if things will get back to normal. The businesses who end up on top are always led by quick thinkers who see where the market is headed and adjust their business plans, products and services accordingly to meet those needs. When customers start cutting back, adjust your service to reflect a price where they are still willing to buy. It’s an organic way to create opportunity when everything around you is shutting down.

You can read full article here to get further insight in to additional steps that companies took in order to grow their business. Since we provide office spaces for mostly entrepreneurs and startups, we understand how vital it is to remain alert as the market shifts. Please leave comments below and share the tips and strategies you have used to succeed despite the economy!