Posted by: changholt | December 24, 2014

Expend your energy, develop your business

How many times have you reached month’s end, found yourself burned out and exhausted, but unclear as to what exactly was accomplished? You worked so hard, but what, if anything, did you actually achieve?

This is a question that can plague many of us, particularly when working in fast-paced business environments. Whether you are a business owner, department manager or team member, determining how and where to use your time and energy to grow your business can be a critical question that often gets pushed aside by the day-to-day issues that loudly vie for your attention.

One effect of the down economy has been the great simplification of determining which business opportunities to pursue. To put it bluntly, you pursue the opportunities that exist … period. However, now as the economy recovers, having a strategy in place to determine which opportunities to pursue becomes critical as more and more business opportunities are available. If a “pursue what exists” approach continues to be used, there is a high risk of working very hard but having little show for it.

As the economy recovers, it is critical to decide on the business development strategy that is right for your organization and execute on it. Schedule some time to step back and look at your markets based on their potential for your business — having in mind that what is most profitable and what has the greatest sales might be very different. Examine your value proposition for each market and take a look at your competitors to determine where you have the strongest competitive advantage.

Once you have determined which markets make the most sense for your business, decide on a strategy of how to go about them. For example, within your key markets, is your strategy is to develop strategic relationships with a few large accounts? If so, you will want to determine who those accounts are and focus your energy and efforts on that select number of key accounts. Is your strategy to develop a large number of small to medium size accounts? Then your efforts will need to be more broad, and with the ability to move very quickly from one opportunity to the next.

You are going to put the energy into your business — that is a given. But being strategic in how you focus that energy will determine your success. Take the time now to decide the right approach within your organization so you will expend your energy effectively to develop your business as more opportunities become available. This will help prevent that feeling of implosion and exhaustion, and keep you steady and ready for the next period’s opportunities.

via Strategic use of energy can be critical to business success |

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