Pre-boom economy: are you ready for the journey?
In a networking group someone floated the idea of living in a pre-boom economy, namely that we are now preparing for the next boom time. I think this a great way of looking at the situation from a creative point of view.
Imagine you are setting out on a trip around the world through all continents and you have a bit of time to prepare.
You will start doing some research on the places you would like to visit and the places to avoid that are maybe to volatile. You might look things up on the Internet or go to seminars and meet with people that have gone to these areas before you. In business terms research your market, where is the potential and where are the dangers. Speak to others in your market place and observe what they are doing or even businesses in similar market segments with similar customer. Now is a good time to analyze and learn what works and what doesn’t.
To prepare for your trip around the world you may have to work at your own fitness, the kind of equipment and clothes and even medication you may need, some places may even require injections against diseases. To make sure you enjoy your trip, you will take all the necessary action in the build up towards the journey. In your business it is equally important to look at what you have inside from people to processes to equipment, do they need to be brought up to speed in order to make it to the next boom. Does your business need an injection of customers, cash, skills, etc? If the answer is yes, then it’s time to look at an action plan to make it happen and work the plan. In Nike’s words ‘just do it’.
In your preparations for your world travels, undoubtedly the thought will cross your mind whether you are actually mentally fit enough for the journey. For some people this is the actual show-stopper and they will quit for fear of not making it all the way or running out of money or not having people to support them or home sickness. When I work with entrepreneurs mental readiness and ability to carry on even in tough situations will differentiate the successful ones from those that don’t make it. It is vital to build a support network that you can turn to and trust when you need advice or even just a small word of encouragement, who holds you accountable if you are the owner and are they supportive.
Then when you start your travels, there will be unforeseen circumstances that may send you on a detour such as a local train strike or natural disasters. whilst you are travelling you take them in your stride and deal with them as you go. In business it is exactly the same, customers may decide to go elsewhere or even close their business, staff suddenly leaves or strategies that used to work are now outdated and no longer deliver. The key is to analyze what the cause is and then to adjust your actions and take a different direction. It may sometimes mean parting company with people, clients or suppliers and whilst these decisions are difficult to make reaching the destination may require the tough decision.
On your world tour you will also meet interesting characters, visit beautiful places and experience wonderful things, so in your business equally make time for the good stuff and have fun along the way.