A few years ago, shortly after the economy tanked, many people were less tempted to start a new business. The business environment was tepid at best, and existing small business owners kept their cards close to their chest. How so much can change in such short time.

There’s a new conversation surrounding what it take to thrive in business under today’s recovery and expansion economy, according to an Ernst & Young study published recently.

Basically, to surmise the vast white paper entitled “Competing for Growth,” following the massive recovery period in 2008-2009, most business was back in the saddle by 2010. How’d they do it? It came down to four focus spots:

• Customer Reach
• Operational Agility
• Cost Competitiveness
• Stakeholder Confidence

These four primary drivers were a compilation of what 1,400 successful business owners cited as effective efforts during the “recovery economy.” Unsure how it works for you? Does it seem daunting? According to Ernst & Young, you have a right feel concerned. The current business landscape is volatile and very competitive.

But don’t fret. Here are 6 ways to thrive, according to CEO and founder of ceospaceinternational.com, Berny Dohrmann:

1. Quick Ramp Ups

That is, accelerate everything. “Personnel, inventory, expertise—with an eye toward the new models of efficiency and funding, the companies who succeed in the current economy will be the ones who are prepared to think expansively and move fast.” Think on your feet, but remain grounded.

2. Loyalty is Important

A business leader has to do everything they can to ensure brand loyalty. Focusing very heavily on incentives that create repeat customers and referral marketing. Loyalty keeps business afloat.

3. Don’t Be Afraid to Get Help

Never be afraid to consult with the best advisors for your business as possible, and let the weak ones go.

4. Focus Your Marketing for Impact

You have a niche, right? Because niche marketing is important for a recovery economy. Widespread marketing is a waste of your buck. “Pinpoint your target audience and go deep and hard with “super niche” strategies into the appropriate sectors,” says Dohrmann. But be transparent, and always operate with integrity.

5. A Well-Trained Team Should Increase Quality and Pace

Invest in those who run your business when you’re not present (and when you are). Your team members are the face of your business. “Provide training and create policies and culture,” says Dohrmann.

6. Change The Culture of Your Business

The “competitive culture” that lives inside every business needs to be eradicated. Instead, reward collaboration and instill teamwork. Competition mentality does nothing but reduce your bottom line and burnout employees. Teamwork will help your ride out any bad times, and will help your achieve your goals as the economy expands.

Are you and your business ready for an expansion? If so, contact us for information on how we can help you reach your goals.