Business is a constantly changing cycle. Many times you’re up, sometimes you’re down, yet all the time, you face challenges of varying degrees. How you address those issues matters.
Let’s take, for example, that July job creation increased by 534,000, far exceeding expectations. So many businesses continue to grow amid high inflation and supply chain costs. When I speak with owners, they are experiencing rapid growth while at the same time struggling to get supplies and the talent necessary to grow.
Watch any news story: inflation is sky-high, shortages are everywhere, recession looms, etc. When you hear about it all the time, you may begin to believe your company is affected even when the signs don’t point in that direction. Several leaders I’ve spoken with over the past month are preparing for a storm. A few are in full retreat.
So many mixed signals lead to greater caution. We tend to be risk-averse when it comes to uncertainty. It’s easier to retreat when times are good and stock up for a rainy day.
Should we listen to everything we hear?
Is it better to wait out marketplace adversity?
Maybe there’s another approach: Fall forward.
Life is about change. It is also about balance. Human nature is to be reactive instead of proactive. You may say to yourself that conserving and cutting when everyone is warning of a downturn IS being proactive. I would argue it’s not.
To me, being proactive is thoughtfully seeking opportunities while responsibly managing your risks.
Change Your Approach: Fall Forward
- Cut back where there’s waste. Re-allocate resources to places you can increase sales and profits. Fall forward.
- Evaluate Your Team. Be critical of your shortcomings and re-align talent to perform at their best. Fall forward.
- Right size your people and place your focus on your best talent. Pay them well. Recognize them. Continue to hire while being very selective for the right fit and knowing the value they bring. Fall forward.
Review what isn’t working and change your approach for better results. For everything that may seem like a step back, use the change to make a leap towards improvement.
Maybe you know what to do, but maybe you don’t. Q4 is coming, and your goal should be to finish strong. Your best investment will be taking action.