Predicting The Future During Tough Market Conditions

As many of us have been battered about by the market, we know all too well the demands and pitfalls of recession – falling margins, layoffs, financial concerns, collection challenges, and on and on and on. So, when is the right time to fire back up the growth engine?

The swings of economic cycles are a mystery. As the saying goes “if I could predict the market, I would be on a yacht in the Caribbean." Of course, I can’t, and either can you or all the talking heads on CNBC, MSNBC, etc. Another expression is that “people buy on greed and sell on fear." Now is the time to take on that fear.

The signs are pointing toward recovery. So, what are you doing to get ready to thrive? You still hunkered down ready to do all the same old things again? Good luck! You better get used to the new normal – tight margins, sketchy labor supply/quality, demanding schedules and more headaches.

I suggest that now is the time to pursue aggressively different ways to attack the market. Find new products to sell, new customer niches, new sales tactics, dust off old prospects and call, and rethink every portion of your operation. Have you evaluated your suppliers? Analyzed your employees to be sure they are ready to perform? Improved your estimating accuracy? Looked for partners?

Just don’t expect things to go back to the “good old days.” Those days are long gone. However, good days are soon coming. You just need to be better, faster and more competitive than before. Only you can know what works best for your business – just do something.

Next blog, I will share some of the things we are doing at FabTech to be ready. I welcome your comments.