Still Sparks Of Life In The Economy
One of the things I love about my business is that I get to interact with people in ALL kinds of industries. This helps give me a broader perspective on the world of business, and even on the state of the economy.
Recently I had a chance to lead a discussion with a group of software developers. It’s an exciting time for them, because business is booming and they’re struggling to find and retain great talent. Yes, this is a fairly rare exception, but I’ve seen a lot of other examples where the economy is now coming to life. Home sales (and things connected with that) are picking up, and there’s signs of optimism in home services.
I’m also seeing a lot of strength in the “buy local” mentality. My guess is that most of us know people who are struggling and out of work, so it makes us feel better when we’re supporting those in the community.
Mind you, there’s still plenty of other places where business is still dreadful. But I expect that this is what a recovery looks like – different industries will grow at different rates, and there may even be some sputtering along.
What do we make of this? Well, the first thing is not to lose hope. There ARE some bright spots, and they’re growing.
Second, make sure you meet customers where they’re at. Most people are very sensitive to conserving every penny, because the future is so uncertain. If you can adjust your products and services to make things more affordable, you’re more likely to succeed. You might even find that it’s a change you’d like to make permanent, if only because it might help attract new customers to your business.
And third, don’t make dumb decisions and blame it on “the economy” or “those idiots in government.” Make the best decisions that you can, then move forward and accept the consequences. Blaming others, especially faceless entities, is just giving control away for no good reason.
The economy is what it is, which is the rules by which business is played. It’s always been that way.
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