10 Practical Ways to Experiment With New Ideas and Minimize Risk
Running a business in the middle of a lingering pandemic, rising costs and the threat of a recession can be a daunting task for any leader. With survival as the top priority, the idea of experimenting and breaking the mold can seem like a luxury that cannot be afforded. However, businesses that want to stay relevant and competitive must continue to innovate and explore new ideas.
Below, 10 Rolling Stone Culture Council members discuss some practical ways that leaders can continue to experiment and break the mold while still keeping their businesses afloat during uncertain times. By implementing these strategies, businesses can not only survive but also thrive in the face of adversity.
Collaborate With Other Businesses
Collaboration can be a powerful way to break the mold and try new things. Join forces with other businesses or individuals in your industry to share your knowledge and experience. Sometimes by forging strategic partnerships, you can find synergies between businesses to win together, exploring new opportunities while limiting the risk. – Matthew Woods, AFK Group
Focus on Value
Staying afloat is hard when you don’t know much about what you are swimming in or what you have available to float. My advice is to look at your business strategy. Does your analysis tell you to cut costs? Can you actually do so and still provide value to your customers? If not cost, then think about other ways to add value that match the current needs of your customers. More value means staying alive. – Rene Nunez, Sensum
Cut Underperforming Programs
Stage a “minimize and thrive” session with your trusted advisors. Make a list of all the expenses and underperforming programs you can cut and brainstorm ways to invest some of that money into high-potential (relatively low-risk) growth opportunities. Be brutal and bold! – Nancy A Shenker, theONswitch
Identify What Areas Need Improvement
To survive the expensive effects of a difficult economic climate, focus on reassessing your business strategies and processes, identify where improvement can be valuable and then follow up with strategic planning. By doing this, you are becoming mindful and aware of what you can do to continue to grow in all aspects of your business, even during challenging times. – Sonia Singh, Center of Inner Transformations
Reevaluate and Update Your Business
The pandemic taught many of us that we could evolve and change with the times, so if your business or service was able to prevail, it’s time to take on the innovations that came with it to the next level. Consider how to relate more to a society consisting of more remote workers. Step up your digital presence through updated software and marketing. – Andy Hale, Hale & Monico
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
Find New Ways to Relate to Your Customers
Like consumers, businesses had to tighten their wallets for some time, but there is always a need for something. From simply revamping your social media presence to completely changing your mission statement, businesses can thrive when they aren’t afraid to pivot strategy and find their fit within a community’s ever-evolving needs. See this time as an opportunity to relate to your customers. – Cynthia Johnson, Bell + Ivy
Encourage Creativity From Employees
Breaking the mold can be as simple as encouraging your employees to get creative with optimizing their workflows or sourcing knowledge, skills and expertise from the people on your team. Your most valuable resources are the ones you already have access to, so dig in and figure out how to best make them work for you, your team and your business. – Evan Nison, NisonCo
Budget for New Ideas
The long and lingering pandemic has led to various insecurities for people. For many, it has led to mindset changes, making them more restricted and closed off to new ideas and experiments. During such times, it is important to maintain a small budget solely for experiments. This puts the focus on trying new things and breaks the mold. – Candice Georgiadis, Digital Day
Streamline, Focus and Implement
Start with expenditures and see where you can save. It could be simply ordering larger quantities, switching suppliers, asking current vendors how you can cut costs without cutting service or quality. Then ask yourself, do you really need to be offering all the services you are, or all of the menu items or all of the hours? Assess and then communicate. – Susan Johnston, New Media Film Festival®
Get Creative With Marketing
Maybe this is an important time to scale back and bring it back to basics, which isn’t necessarily a bad thing. I think it’s time to get creative with marketing while still trying new things, and if it works for your business, get involved more locally. Not only is this going to help your community, but it will also help build your brand and revisit why you started. – Karina Michel Feld, Tallulah Films