I’ve always loved fireworks. I remember traveling to the city as a kid to see Fourth of July displays. Today I only have to walk to the end of my driveway to see our town’s fireworks display in the park across from my home. Fireworks create excitement with the noise and flashes; You never really know what kind of explosion you will get.
Right now, it seems like there are lots of fireworks going on, but they are not the ones of celebration. Instead, the “Fireworks” we are seeing are coming at us in the form of supply chain issues, labor shortages, record gas prices, and inflation. These explosions are disrupting business in ways we could have never fathomed three years ago.
Is this impacting you? How have you prepared to deal with the challenges taking place today?
I know many businesses are struggling. The problem is production. It’s a combination of not enough people and not enough materials. What is odd is that (at least for now) work is plentiful.
Yet there’s a reality that other issues may bring growth to a head. Families are beginning to live on credit, and consumers are making tough decisions about how they will spend their money. Eventually, the trickle-down effect will slow growth.
Today’s fireworks will lead to many ups and downs.
How you prepare matters:
- Review your business and sales pipeline
- Evaluate your talent and optimize as needed
- Analyze which products and services are resilient within the changing economy
- If you aren’t already, figure out how to be nimble
- Update your strategy