Opportunities Created by the Economic Downturn
Poor President Obama. Everybody wants him to do something—anything—to immediately fix the economy and create more jobs. So he put together another “fix it” plan, named it the “American Jobs Act” and hit the campaign trail to ask America for another half-a-trillion dollars. Unfortunately, that is not how economies work, which means that his immediate fix is not going to fix anything.
The current economic downturn is global, not local. And because the impacts of government spending and taxation aren’t felt until years—sometimes decades—down the road, any short-term impact of government intervention will be just a drop in the massive tidal wave that is the global economy. Despite what we try to drop into the tidal wave, the wave will continue along its natural course.
So what does that mean for our business? In my mind, it means opportunity. The global economy will always go through cycles, and every cycle creates opportunities. Potentially big opportunities.
Why? Economic cycles create problems, and we are all in business to solve problems. During a downturn, people need to do more with less. They need to change and adapt certain parts of their business to compete—or stay afloat. And while the bills our politicians pass may not provide immediate and long-term stability in the markets, they can create immediate and possibly long-term opportunities to enhance, expand or redefine offerings.
Let me give you an example. If Obamacare sticks around in its current form, many more people will have health insurance (at least in theory). So if you are in the health care business, what does that mean for you? It may mean a surge of new patients from niche markets that were ignored or underserved. It may mean you can expand into new communities or offer add-on services.
To uncover the real opportunities you need to get smart. Read the bills cover to cover—I know they are long, but the payoff could be great. Start by reading the American Jobs Act recently sent to Congress. There are so many seemingly small adjustments in this bill that could spell big opportunity for your industry or your company.
What problems have the economic downturn created for your prospective clients? How can you capitalize on them?
Howard Shore is a business growth expert who works with companies that want to maximize their growth potential by improving strategy, enhancing their knowledge, and improving motivation. To learn more about him or his firm, please contactHoward Shore at (305) 722-7213 or [email protected].