FP #132: Real Steps to Grow Your Business in Today’s Economy – Mary Kelly with James Rick
Everything boils down to economics which, as economist Dr. Mary Kelly describes it, is simply ‘doing what’s best for you with your resources’. That being said, entrepreneurs should bear in mind that the way they allocate their resources is what will move their business on to the next level or, at least, keep it profitable.
To Mary, helping people get through tough times is the practical role of an economist. Thus, she works more on the micro economy, that is, she helps small business owners of a certain locality by looking at their market, their focus, and their product, and teaching them how to tweak a few things to make a better profit margin. In this interview, she discusses what economists do and shares some key ideas and practical ways to grow your business in any economy.
Highlights from the interview:
THE ROLE OF ECONOMISTS
• They look at trends in the economy: housing, jobs, unemployment, gross domestic product, stock market, gas prices, etc.
• They try to make sense of that data so they’re applicable to other people.
THE GOALS OF ECONOMISTS WITH REGARDS TO BUSINESS (or the government)
• To enhance productivity.
• To improve efficiency.
• To determine how best to allocate resources (time, money, or capital).
HOW TO GROW YOUR BUSINESS IN TODAY’S ECONOMY
a) Figure out what you really want to do and act on them -
- Define your goals and make a strategic action plan.
b) Stop doing stupid things with your time and resources (like doing reports which nobody reads) -
- Encourage people to do more of those things that grow the business and less of those mundane, non-productive tasks.
c) Find out people’s frustrations -
- In a tiered organization, unleash people’s full potential by having less restrictions on roles.
WHAT REALLY HELPS A BUSINESS IN TODAY’S ECONOMY
- Make it easy for people to find you and say yes to you -
- Be sure you have contact information, whether you have a physical store or an online business.
- Make it easy for people to know what you do -
- Be sure people can easily determine the nature of your business from your webpage or calling card.
FINAL THOUGHTS
• Anyone who has done shopping is an economist.
Mary Kelly, PhD, is a nationally known and renowned economist, author, and a leadership and productivity speaker. If you’re one of the first 5 who will e-mail her at Mary@ProductiveLeaders.com, you can get a free copy of her book, 15 Ways to Grow Your Business in Any Economy. If you don’t make it, you can get a copy at her website at ProductiveLeaders.com or at Amazon.com as a Kindle book.
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