Business coach Stuart Waddington of New Arenas Performance Coaching, backed by HLB Mann Judd Brisbane, says business owners shouldn't be afraid to think like millionaires.

It is said that more millionaires are made during tough economic times that during good times. As counter-intuitive as it sounds, this can effectively determine if your business can weather a crisis or not.

I often remember the adage that 'the person at the top of the hill didn't just fall there.' So here's some tips that may help you to come out the other side leading the pack in your market-space.

Get focused

Ideally you are always crystal clear about the focus of your personal and business objectives. In tough times, however, it is tempting, and sometimes necessary, to grab 'out of focus' opportunities to keep the wheels of business turning.
It can become a slippery slope to becoming an 'everything to everyone' business- a model which very rarely competes as successfully as a focused and fit for purpose competitor.

Leading businesses ruthlessly 'sharpen' their focus and usually 'game change' their own space.

Get fit

So with a sharpened focus- or at least a clear consciousness of being 'temporarily opportunistic' - now is the time to look at where capabilities must be honed to get ahead of the pack.

By now, it being two years post-GFC, you have probably already cut back in a number of areas. Trimming fat alone, however, is no longer enough.

Development of people, processes, systems and your environment is essential - and often not as big an investment as you may think. Using the 'wisdom of your crowd' is likely to present great ideas that can be enacted relatively simply. 

Leading businesses use their focus to motivate the development of game-winning capabilities.

Get passionate

For many businesses and their owners, the demands of doing it tough over the past couple of years has probably drawn heavily from the well of business passion.

Whilst the prospect of a return to trend growth in 2012 may seem like an eternity, and that working harder is the only answer, attention must be always be given to the collective soul and energy of the business.

There are ways to celebrate even the smallest achievements and victories. Keeping people, including owners, healthy and alert ensures they are more likely to look for ways something can be done rather than why it can't be done.

Leading businesses find ways to rise above the slog to create possibilities and opportunities.

Wrap-up

Because most economic data is a lag indicator, waiting for things to 'get better' is likely to mean missing the opportunity to be a leading player in your market-space.

If you are stuck in the 'waiting rut' then now is the time to look at your focus, capabilities and passion. Whilst it's not just about becoming a 'millionaire', successful business is about getting ahead of the pack so thinking like a 'millionaire' is certainly a positive mindset.

 

About the author:

Stuart Waddington is an experienced director and business coach of New Arenas Performance Coaching Pty Ltd (backed by HLB Mann Judd Brisbane). For more information, contact Stuart or visit the New Arenas website at www.newarenas.com.

HLB Mann Judd Brisbane is a mid-tier chartered accounting firm with more than 30 years experience provides services including audit and assurance, business services, wealth management and tax consulting.Visit the HLB Mann Judd Brisbane website .