16 Feb Focus vs Perception
There are moments in business when it feels like there is no way out, no possible solution and threats are coming at you left right and centre.
Let’s go back a few years, you are in the prime of your operations, you carved out your market and you are writing enormous amounts of profit. You are investing heavily into your business to maximise every single opportunity. More staff is hired, more relationships are built and as years go by you are in the best position you have ever been. Your business has taken to the next level like no other, cash flow is ongoing and steady. Margins are getting bigger and your brand is strong and recognised. In fact, things are going so well you feel invincible and you reach the peak of your game.
Then the unimaginable happens. Your market is putting a spanner in the works, it can’t supply, won’t buy or experiences an internal catastrophe. Everything you worked towards, every moment you invested into your business in the past few years seems lost. All you can focus on is the negative impact of all this, caught up in the wave of drama, grief and disbelief. Everything comes crashing down on you and you are experiencing rock bottom.
Let’s look at it from a different perspective for a moment. Every business is exposed to an economic cycle. There are 4 stages in each cycle. Expansion, peak, contraction and trough. The length of a cycle is determined by the time from one peak to the next, or one recessive trough to the next. Fluctuations occur around a long-term growth trend and are usually measured by considering the growth rate of real (without inflation) gross domestic product.
Whilst a recession, or trough experience is a hard one to swallow, we must remember that we never go back to where we initially started. In many cases it will correct oversupply of certain markets and it reminds us not to underestimate the underdog and go after various opportunities. There is always risk involved in doing business but spreading the risk will get you through your troughs.
Focus is how we look AT something. Perception is where we look at it FROM.
You can focus on the negative and shut yourself down from recognising other opportunities within, or you can change the way you look at it and lean into the strength of your business to exploit new opportunities.
Even if all your eggs fit into that one basket, spread the love and manage your risk.