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Turmoil in the markets creates problems and uncertainty, but these shifts in the economic landscape can also offer unique opportunities. Greg Price believes that organizations that are able to maintain long-range focus while addressing near-term difficulties will be better poised to succeed as the markets calm
Greg: This is Greg Price with PKF Texas' Entrepreneur's Playbook.
Reading Microsoft's position on balance its noted that turmoil in markets shakes confidence, diminishes the value of the financial assets, and creates uncertainty for business, consumers, and governments. History, however, informs us that shifts in the economic landscape also off unique opportunities for those who are able to look past the near-term difficulties and seek out opportunities. Organizations can choose to retrench, or they can choose to prepare for success and leadership roles. If they take the latter approach, returns from hard-fought cost-reduction battles can be turned into infrastructure improvements and fundamental changes in market presence or positioning to fill new niches or those surrendered by competitors.
Seeing opportunity in times of turmoil reframes challenges in a way that projects the lessons of history onto the future. Suggesting that organizations seize new opportunities during economic strife does not minimize the significant difficulties that they will encounter. Although picturing the future is difficult, turbulent times call for balance against new factors.
Organizations that can balance near-term concerns with forward-looking expectations will be better poised to succeed as markets calm; those that retreat risk becoming an anachronism while the world reinvents itself.
To read and comment on the PKF Texas' Entrepreneur's Playbook, visit my blog, fromgregshead.com. PKF Texas – The Fit That's Right!
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