A Rising Tide Lifts All Boats

As we get past the pandemic and the economy improves, we hope that those who struggled over the past year can find success. Some businesses had record years last year, others stayed the same, but many suffered. You may find your boat lifting this year not just because of a better economy but because of those on your board of directors.

When you help others by referring them clients, you actually have the ability to help many other individuals as well. For instance, if a realtor refers a client to a financial advisor, he/she will want to know if the client has a will. If they do not, the financial advisor will likely refer them to a wills and estates attorney, giving the attorney a chance to benefit from your original referral. 

The National Economic Tide is Rising

Federal Reserve Bank officials are forecasting economic growth this year of 7 percent, a level the U.S. hasn’t seen since the 1980s. With that growth comes inflation, projected at 3 percent (not counting volatile food and energy prices) for this year, reports Politico. Raising interest rates is usually a response to inflation, but the Fed stated that might not happen until 2023. They expect heightened inflation to come back down by next year.

That’s good news, so we should work together to make the most of what’s going on around us. More than a year of pandemic limitations caused lay-offs and business closures. Some industries had record years, and those who navigated the pandemic want to get out of the house, get their lives back, and spend money. Let’s take the ball and run with it!

Everyone Should Pitch In

With enough cooperation, communication, and goodwill, your board of directors could be the key to maximizing the opportunities that may await your company this year. You should also do your part to help the companies you’re helping as a board member.

As your business leverages the contacts you’ve developed, you may need more help meeting the demand. By relying on your board, and their connections, your success can spread to others. The businesses that count on you for your feedback and guidance should also reach out to you. They may need your help to exploit their growth.

When it’s time to buy supplies or services, turn to your board members. If they can’t directly help you, they may put you in touch with someone in their network. If you need to hire someone, turn to your board for suggestions if you don’t know of a good candidate yourself.

Buy Super Local

You need to develop a community of people who support each other’s businesses. The more members use their resources to aid each other, the faster and easier it will be for these businesses to grow. One of the main benefits of buying from local businesses is that the positive economic impact is more concentrated in your region compared to buying from a national chain.

One way boats rise is when their owners spend as much money as they can on each other. As the economy improves, there should be more to spend, and the benefits will rebound through your board of directors. This goes beyond buying locally in your town to buying super locally. Try to spend all you can on those you know and work with. They should return the favor, though it may take some time.

Take the Next Step. Contact Coaches for CEOs

How can you build a sales machine for your business? Build your board of directors. These people can champion your business while you return the favor. Contact me to learn more about how working with others can make your business grow. Fill out my contact form so we can talk about your business and how you can join a Zoom seminar to learn more.