Businesspeople, especially CEOs, presidents and business owners, are always talking business. That sounds logical, doesn’t it? But it’s not just business – it’s their life. Most businesspeople have friends and associates that also revolve their interests around business. They have something in common with each other. They can understand each other. They can share stories. They can feel comfortable in their presence. When they’re with someone who is not a businessperson, they could feel as if they’re not being as well understood. We all know what it’s been like in the last year or two in business, the economy and in our personal lives – it’s been difficult. The next year, 2022, could also be very challenging with similar issues and new, unexpected issues. These ongoing unique business issues can lead businesspeople to ask: Is the current economy a time for panic or a time for business opportunity?
Let’s briefly explore why this is an important question for businesspeople, especially now.
So, what is a businessperson to do, in this economy that is unlike anything CEOs, presidents, business owners and entrepreneurs have faced or encountered over recent years or decades? It’s really a business environment like no other is how history may view it. A time of great change, adaptation and tremendous fast moving innovation.
Especially now, in these changing, economic times, a businessperson is to be a businessperson. That sounds almost repetitive, doesn’t it? But it’s true.
What’s happening right now?
What’s happening right now is… People in business are afraid; perhaps tentative about the future. Some businesspeople are just scared out of their minds; afraid of losing everything. These CEOs, presidents, business owners and entrepreneurs don’t know what direction to turn. They’re all pulling back. They’re saying to themselves: I’ve got to cut expenses. And maybe they do. For example: I was going to ramp up a new sales and marketing program but I’m not going to move forward with that now because it’s just not going to work. I was planning to upgrade some equipment for the business, but I can’t afford to take the chance now.
What does this mean in the future? It means that they’re certainly going to have a business problem.
Now, I’m not suggesting you go out and just do things that are above your means, or that you take unreasonable risks – that’s not my intent at all.
But do you know what else is happening in the economy?
Businesspeople see the economy as a time for business opportunity rather than panic.
For example, CEOs, presidents, business owners and entrepreneurs are buying. They’re buying equipment because they can get the best possible price. They’re merging with other businesses. If you listen to the news, you’re going to hear a lot of companies are buying other businesses.
Because businesspeople can buy other companies at, what is considered a bargain price, because they believe, and they also know all that is happening with the economy is going to go on for another year or so with shifts and much innovation happening in business. Those businesspeople are going to come out of this current economic situation more successful than ever.
Now, of course, you must have the business strength and the cash flow to do these things. You need to make sure you’re paying your bills and you can’t put yourself in a position where you’re risking everything unnecessarily.
You need to operate a good business year after year. Over the years, you’ve managed a tight business. You do have some business assets. You do have an understanding of what it takes to run your company. What you really need to understand is the most successful people in the world buy when everybody else is selling. They sell when everybody else is buying.
What are they looking for? They’re looking for business opportunity. Business opportunities to strengthen their company position within the marketplace.
Do you know what else these savvy, strategic businesspeople do?
The most successful businesspeople study business. They just don’t show up in the morning to work. They just don’t say: Well, you know … I’m here. I’ve turned the key. I’ve got my to-do list and I’m going out of my office and talk with employees while I grab a cup of coffee and then I’m going to talk to a customer.
Successful businesspeople study business. They study what’s going on in their industry. They know that there’s a shortage of materials so what do they do? They may put on new vendors. They seek out new sources. They review product or service offerings. They know exactly what they need to efficiently, effectively and profitably operate a business. They know exactly what stockpiles they need. They are relentless.
Businesspeople need to have a strategy. They need to determine exactly what’s going on in their business. Then they need to study it. Then they need to be in action. They can’t just sit back and say: Poor me… this just isn’t going to work. This is going to be a terrible year!
No, it’s not going to be a terrible business year. You must believe that. You have to make it happen. You have to understand what’s going on. You have to understand what your options are. And there are always options!
Options = Business Opportunity
But if you don’t understand what those options are, if you don’t take them, if you’re not aggressive… (I didn’t say foolish I said aggressive!) then when everything turns around you’ll be left in the dust while your aggressive competitor has done all the necessary research, all the necessary thinking, all the necessary strategic things to build the business, to be in competition with you and take your business from you. I know you don’t want that to happen.
So, let’s keep grounded. Let’s keep studying and being aware of what’s going on. Let’s be aggressive or assertive but not foolish. Let’s put ourselves in a position of understanding your business, your staff, your customers, the processes, job descriptions, and your sales approach. Let’s make everything stronger in the business.
If you see a business opportunity and it’s a calculated, smart bet, take that business opportunity. Whatever you do, don’t do foolish things, especially at this time. This is not the time to panic but to look for and seek out opportunities to make you prosper, no matter how small or how large, every day.
To your success!
Business expert and strategist, Howard Lewinter, guides – focuses – advises CEOs, presidents and business owners throughout the United States across a wide range of industries, to MORE success – MORE profit – less stress. Business people trust Howard’s vast business knowledge, practical advice, intuitive insight and objective perspective to solve business problems and issues. Get MORE from your business! Talk business with Howard: 888-738-1855.
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Article also published to Wire Rope Exchange Magazine.