Written by: Vickie Sullivan | April 18, 2017
See Opportunities Before Your Competition Sees Them
As a small business owner, you are used to chaos. But it was the 2008 economic meltdown and choppy recovery that redefined uncertainty. Now that volatility has become normal, the best question to ask is how can you take advantage of all this disruption.
This article from Strategy + Business has three great ways to make risk a strategic advantage. The most useful insight is the strategy: Find and act on opportunities before your competition. Here are two ways you can adapt this idea to your situation:
• Appeal to the dark side. In volatile markets, fear is rampant. Use your market’s fear as a basis for innovation. The author’s example of Hyundai Motors is a good one. What is the real obstacle between you and your client? Address that with something different, and watch the opportunities roll in.
Listen: The 2 best fears you can use to differentiate your value
• Blow up the business. Pretend for a moment that you are just starting your business. Look around. What do you see happening in the markets right now? Too many of us try to wedge our current solutions into new market dynamics. Instead, start with the opportunities and create from there. You’ll be surprised how your gifts can be applied in new ways.
When faced with volatile conditions, many of us either horde cash and hope something changes or throw spaghetti on the wall and hope something sticks. Uncertainty gives us many opportunities—we just need to look for them with an open mind.
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