What Time Is It? 8 Keys to Thriving in Uncertain Economic Times
In these uncertain times, I am frequently asked “how is the economy affecting your business?”
I answer that question by talking about how the economy is affecting my clients’ businesses and careers — and how they are choosing to respond to this current environment.
Some people would say that an optimist sees the glass as half full. But a good friend of mine says that optimism is not about how you see the glass, but how you choose to behave.
My clients are entrepreneurial leaders. They are optimistic not because they are in denial about reality, which they aren’t. But rather, they seek opportunity in every situation.
They ignore things they cannot control and focus on creating value for customers. They consistently take action to make the glass grow full.
As the great wisdom of old tells us, for everything there is a season, and a time for every purpose. In this season of uncertainty, entrepreneurial leaders recognize what time it is. Here are eight keys to thriving in uncertain economic times:
- It is time to check the time. Specifically, how much time do you have under your current cash position and access to credit? Get honest with yourself about the state of your business.
- It is a time to reinvent your business. Now is a great time to innovate in what you offer to customers. Where can you innovate?
- It is a time to reinvent your core processes and organizational design. It is a great time to take a hard look at how you make, sell, and deliver value. Where can you be more effective and efficient?
- It is a time to sharpen your pencil. Now is a critical time to get really clear on your value proposition to customers. When you are competing for discretionary dollars – and now everything is discretionary – you better have a crystal clear and compelling value proposition. What’s yours?
- It is a time to solidify your talent. Make sure you have the right people to build your business now and for the future. Who is ready to step up into a bigger role?
- It is a time to focus on extreme clarity and alignment of your plan and your team. Do not waste a day wondering if you and your team are working on the right things. If you are wondering, you are not. In good times, when revenue is easy, you can afford some waste & mistakes. Not now.
- It is time to start something brand new. This is counterintuitive, since capital is expensive, but prices are low for everything else from rent, to talent to technology. If you were to create a new business from scratch, what would it be? Engage in some creative destruction of your own.
- Finally, and most importantly, it is a time to reinvent you. When all of the promises of the system seem broken and you find yourself like Scarlett O’Hara in ‘Gone With the Wind’ saying “never again” do I want to be in this place, realize that all of the changes above start with you. Now, more than ever, is the time to reinvent you.
My challenge to you – take a few minutes to go through these eight checkpoints and figure out where you have the best opportunities right now – and then take action to make it happen.
