Strategy - Quaternary EconomyStrategy - Quaternary Economy

Thursday, October 25, 2012

Today’s mental workout evaluates several strategies to capitalize in the Quaternary economy. Strategy is instrumental for any small business. Most are following exactly the same strategy that has kept them afloat for years, however just barely making it should never be enough. Most small business owners started businesses to pursue their passion and to achieve financial freedom, however many are struggling while putting in countless hours. Executing new strategies is what makes the key difference. Small businesses may not have the huge marketing budgets of huge corporations, but they are more nimble and can capitalize upon unexpected opportunities much quicker. They are not saddled with multiple departments involved in the decision-making process. You will find that most small businesses operate with a static plan, when it should be in their best interest to constantly adjust strategy and adopt dynamic strategic plans.

Information overload often confuses small business owners. They know about the importance of leveraging the internet, however, have been told so many different things by various experts and so on. They either end up trying to do too many things all at once or fail to take any action whatsoever. Young people are already very comfortable with the internet, they can help small business owners set up online sales channels and increased automation in their lead generation. It doesn’t need to be complicated either, just help small businesses generate unique content that they can give away in exchange for an email or gather information on a contact form. Writing articles and producing free how-to reports is something anybody can do. A process or system for lead generation can be created by producing quality content, an efficient sales funnel that can change the future of a small business.

Anybody who’s under-employed or unemployed can allocate several hours a day to scouting the best-fit companies in their community. There’s no need to set up a fancy website to market your services, you can learn all you need to online, it just requires time and dedication which the small business owners usually don’t have. You need a little courage and initiative to start a conversation. These small businesses are struggling everywhere, right in your neighborhood, if you show some concern and a plan of action, you can open up doors. Don’t worry about not having a fancy website, any clients, past experience or track record, just explain to them that you are starting out in the quaternary industry. With the internet, you have the best resource known to mankind. Explain the potential of the industry and why they need to give you a few moments of their time. Focus on having a conversation, that’s all sales and marketing boils down to, conversations and engaging people.

Knowledge monetization in the quaternary sector provides huge potential to those willing to take action. If you are unsure of yourself or your skills, consider the abundance of good coaching programs available. Do your due diligence and find coaching that aligns with your values and goals. If you can’t afford online coaching, consider finding a mentor in your community. Any successful retired or active person should be willing to mentor you if you are trying to help out small business in your community. Use your initiative and make things happen. Don’t worry about not been qualified or a business student, you will find that most text books and business school resources are geared towards big business and corporations. Even though the latest figures suggest small business accounts for about 60% of the nation’s employment, they often get lost in the shuffle. Start somewhere, whether your local dentist or favorite restaurant. Engage some passion and curiosity to learn about their business as if you were learning a school subject and execute a strategic plan of action. Tomorrow’s mental workout concludes Quaternary economy week with resources to help you monetize your knowledge. As always, make it a strategic mental workout.