Learn to See it Coming
Focus only on controlling your mindset and actions
If you’re like me, you’ve found, much to your chagrin, that you cannot control everything. In fact, when it comes to life’s outcomes, you can’t really control them at all! The only thing you can do is control your actions and your mindset and hope for your desired result. While understanding life’s outcomes are out of your control may be disconcerting, that’s no reason to give up on trying. You may not be able to control what ultimately happens, but your actions can have a heck of an influence, and your actions are a direct reflection of your mindset, so it’s worth taking control of those two elements right now.
Unstoppable natural forces are inevitable, but they don’t have to be a disaster for you.
You cannot stop a storm from coming. Business, like nature, can be an unstoppable force, bringing conditions you must learn to adapt to and live with. Economic conditions, new technologies, workforce shortages, and more are realities you must adjust to and accept, then find ways to thrive regardless. With a healthy mindset focused on opportunities rather than limitations and progress rather than fear of change, you can capitalize on the ever-changing business environment rather than being victimized by it.
The keys are early warning and preparation.
Warning signs of coming storms are everywhere if you pay close attention. That’s both a blessing and a curse. It’s easy to become paranoid about every warning sign and lose sight of what matters. One article about a coming trend should not cause you to change the course of your construction business dramatically. That said, you shouldn’t ignore that article either. Instead, maintain a forum for your executive team to discuss opportunities and threats. We coach our clients to do this quarterly. You should also maintain a strong group of advisors to bounce ideas off. Our most successful clients regularly forward articles to our team for our take on a given construction industry trend. They’re doing the same with their accounting firm, law firm, bonding agent, and more.
With early warning of a legitimate business trend, it’s time to act. Begin taking steps to prepare your business for the eventuality and capitalize on your early action. If you’re early, there’s no need to panic. You can make small investments and adjustments to reposition with minimal disruption to your team. If you’re late to act, your actions will likely be more dramatic to prevent disaster.
You can’t beat nature
Like nature’s storms, there are those most at risk of losing everything, including their lives, when the storm strikes. Generally, they are those who take no preventative action despite early warnings. Many lack the resources to act. Without a vehicle of their own, they can’t get out of town, for example. In business, these undercapitalized businesses will sadly often fail. Others, however, are either too stubborn or apathetic to act. They rarely beat the odds and they learn hard lessons about nature’s power and their own fragility. Likewise, business owners and executives who press forward in a doomed direction despite all warning signs learn very hard lessons about their inability to defy unstoppable forces in business...just ask Blockbuster, Sears, and Blackberry.
What do you see coming, and how are you preparing your business to thrive in the new business environments we’ll face?
The Spark Notes:
Recognize that while life's outcomes are beyond your control, your actions and mindsets are not. Focus on influencing outcomes through proactive behavior and a positive attitude.
Business, like nature, is an unstoppable force. Maintain an opportunity-focused mindset to accept and adapt to changing conditions, such as economic shifts and technological advancements.
Pay attention to warning signs and trends without becoming paranoid. Use them to inform discussions with your executive team and advisors and prepare your business for future changes.
Act early on legitimate business trends to make gradual adjustments. Delayed action may require drastic measures, so stay informed and ready to adapt to maintain a competitive edge.
