Over the past few months, I have been asking business leaders if now is the right time to improve their business. The answers vary from business to business.
First off external market factors can really impact business performance. If the market the business operates in is accelerating, then likely business growth will follow. Market growth will cover up a lot of challenges in your business. A quote I love is “success is a great deodorant.” Many businesses fall prey to believing things are working great because of the market. Meanwhile, their business is full of improvement opportunities.
On the other end, if the market is contracting, then business growth will be challenged. Most businesses pull the cost lever in this environment. They suspend non-essential travel, pull back on investments, and likely look to reduce headcount.
Ideally the business operates in a way that provides growth uncoupled from the external market factors. The business should be strategically designed and optimized to withstand market pressures and deliver growth.
When is the right time? The answer is now. In an accelerating marketing? Great. Improve your business now while the budget cycle is good. Drive more growth beyond what the market is delivering. Optimize where possible and create efficient processes that will withstand any market. In a contracting market? OK. Have the courage to invest in your business now. Take market share at the bottom of the cycle, build lean processes, and automate where possible. Improve so that when the tailwinds of the market arrive, you can sail longer and farther.
Inaction is the only bad choice. Hunkering down and hoping the market turns won’t help. Improve your business regardless of market cycles. At a minimum evaluate your business and take inventory of the opportunities. There is money under the couch cushions: Have the courage to find it.
