How to Help your Business Grow in Any Economy

Seament has become a global leader in its industry. More than that, they have staying power. The company has learned many hard-won lessons over the years, including how to weather a dry spell or a down economy. Here are four ways for businesses to keep growing no matter what the economy is doing:

1.  Set the groundwork during the boom times – In a struggling economy, there's nothing you'll want more than a new client, a new contract or a new lead. Unfortunately, those are the worst times to prospect (not that you shouldn't try). Ideally, you should lay the groundwork long before you have a dry spell, during the boom times. Wise companies know that even when you have record numbers of clients, you should still be putting just as much effort into outreach, advertising, and prospecting. By lining up clients early, you'll be in better shape during slumps and, ideally, slumps will barely be slumps at all.

2.  Say "Yes" – Seament began as a small family business. Every small business knows that there are times when you should just say "yes" to a deal, even if it's less money than you had hoped for. Unfortunately, many larger companies forget this lesson and leave money on the table. Remember, even a project with a smaller profit margin is better than none at all. Today, Seament is still family-owned but is a successful multinational company, thanks in large part to hard work and compromise when times were lean.

3.  Never expand recklessly – One mistake that newer companies make as their business starts to grow is to immediately hire more staff and invest in more facilities or equipment. This isn't always wise. Look at both sides of your balance sheet: Do you have business loans to pay off? How much is in the bank for the future? If you lost clients tomorrow, would you still need all the new staff you're thinking of hiring? Being the most stable mid-sized company is often better than being the most precarious large company. When you're starting to grow, invest carefully at first and consider temporary or contract based workers before hiring new full-time positions. That way, you won't have to turn around and lay off staff at the next downturn.

4.  Always put the customers first – If there's one thing that pays off in any economy, it is customer loyalty. In any and every transaction, think about what is going to make the customer happiest long-term. Sometimes, you might have to throw in an extra service for free, spend more time on a project than you expected, or even rush to make amends over something that wasn't really your company's fault—but by doing right by the customer's expectations, your reputation (and your bank account) will be made of gold.

What are your tips for keeping a company growing?