4 Strategies to Cultivate a Growth Mindset During Economic Uncertainty

Everyone has their million-dollar idea, but what if yours really is? During the 2008 recession, Netflix pivoted their business model from DVD rentals to online streaming and became the media giant they are today.

During economic uncertainty, it can be beneficial to pivot so that you stay not only afloat but thrive. Businesses are inclined to hesitate and pursue a protective strategy, which means that by taking the initiative to launch a new concept, your organization could gain greater competitive advantage. However, your million-dollar ideas need to be paired with strong execution. An idea only goes so far, but with the right team behind you the idea comes alive.

So, you have the idea, what’s the next step?

A discovery session with the Aciron team can help you navigate the complexities of the concept-to-launch process and identify the right next step. We meet you where you are in the process, and help you identify the right plan of action.

It feels natural to focus on the short term during an economic downturn, problem solving for the moment rather than planning for the future. That is not necessarily the right path to pursue, as short-term panic can result in long-term setbacks.

Instead, focus on building capabilities now so that your organization is ready for the next upswing. Start planning for the long term by reviewing your existing business processes to identify the pain points and challenges your business is currently facing. With this understanding you can then start working towards streamlining your processes.

But how do you start? Well, with the help of a firm like Aciron, you can create swim lane diagrams which help identify where the inefficiencies lie in your processes and create “to-be” business processes to set you up for long term success.

During a time when the cracks start to show and weaknesses become apparent, don’t just sit back and wait for the storm to pass. Use this time to take action to set yourself up for the future.

When resources are scarce and trends cycle quickly, innovation becomes increasingly valuable. You have to work harder to prove you are necessary to your customers, which means investing in new technology and strategies.

Excessive cost-cutting can stifle creativity and ambition, often fostering a culture of fear and over-cautiousness, that in turn limits any possible growth. Instead, use this time to update or replace your legacy applications to stay relevant and reap a return on the investment down the line. Investing now in building or implementing new applications that handle your current as well as future technological needs will give you an edge when the time is right.

Therefore, if your competitors are choosing to shrink, then introducing new offerings or operational improvements will snowball into advantages that keep your customers and audiences engaged and loyal.