Uncertain Economy

5 Tips to Grow Your Business in an Uncertain Economy

Featured image from Pixabay

Even in uncertain economies, small companies still must come up with innovative ideas, create unique goods, and devise novel marketing strategies, especially in the Iraqi economy. Each of these pillars of quality business is built on a foundation of innovation and expertise. Although it may sound counterintuitive, it is entirely possible to incorporate strategies that fuel not only employee engagement, but also creativity and eventually, revenue, without making significant investments in systems or personnel.

1. Reduce the Importance of Office Space

The conventional office environment, with its cubicles, overhead lights, and group politics, isn’t always the most conducive to generating the most innovative ideas. Allowing workers to work outside of the workplace will help to break up the routine and foster a creative workforce.

Moving the physical working place to the corner café or tea house may also generate a flood of creative ideas. These creative ideas may even set your company apart in an uncertain economy. Furthermore, several of these “third locations” provide free wireless internet access, meeting space, and enough coffee to keep everyone awake.


2. Create a Virtual Office Environment

In some cases, the office room can be an unnecessary cost in addition to being inefficient at times. When it comes to company overhead, the expense of managing an office space is normally the single largest line item. Many small companies have cut costs by not renting office space and operating entirely virtually. These changes are essential in an uncertain economy.

Transforming the company into a virtual operation opens new opportunities. For example, opportunities to recruit and attract talented employees from outside of your geographic region. Also, it frees up funds for other investments.

However, while there are numerous advantages to virtualizing an organization, the reduction in face time necessitates a shift in management style.


3. Use Collaboration Software

At the end of the day, the company is all about people. These people include the customers you represent and the employees you hire. Collaboration apps are excellent tools for connecting these people in the right way. That is critical to building and running a great business, especially in an uncertain economy.

Collaboration software opens up new channels of communication, improving team cohesion and breaking down invisible barriers within an organization. Intelligent implementation can turn a slow, stagnant organization into one with committed workers who devote more of their “discretionary time” to the company’s success.

4. Invest in Polishing the Skills of Existing Employees

Investing in the skill growth of your existing workers is a better option than hiring new employees with the requisite skills during an uncertain economy. Your team most likely possesses or can rapidly learn the necessary skills to complete these tasks. The added skills would certainly be highly marketable, ensuring that your workers are satisfied while the company’s needs are met.

Lynda.com, for example, offers online training in professional-grade software such as Adobe Dreamweaver and Illustrator. These are necessary tools for creating high-quality websites and beautiful marketing materials.

5. Create Cross-Functional Group

Finally, one of the most effective ways to generate creativity in an organization is to enlist the help of the entire workforce. Taking the company’s most experienced experts and bringing them around a conference table will assist your organization in developing creative ideas with minimal investment. These tips will help grow your business, even in an uncertain economy.