Are the Weeks Flying?
Have you ever been at work on a Monday, then after what seemed like a day or two, you are getting ready for a Friday?
At my kid's school there is a saying founded in their history that time flies faster than a weaver's shuttle.
Time has moved faster than the weaver's shuttle. We are now in mid-year 2021, governments and private enterprise are launching starships, drones, and space shuttles!
Space travel is now no longer the domain of governments, advances in science and engineering have allowed new private enterprises to lead the way through companies such as SpaceX, Blue Origin, and Virgin Atlantic. Traditional companies in air defence are now playing catch-up trying to stay competitive.
There is a new velocity to change, and it feels like it is accelerating.
Can you feel the acceleration in your industry?
I spent a chunk of my career in business finance. I realised there was plenty of room for improvement. There are clear points of latency, pain points and inefficiencies that have existed for decades. That is how Procuret was created and continues to evolve.
But in other sectors, there are an abundance of problems waiting for their own solutions. These problems are not always solved; some problems change or become new age problems.
Currently there are a few baby elephants in the nursery room just waiting to leave ward - there is a growing shortage of microchips for local manufacturers, finding qualified people for niche professional sectors is proving difficult, businesses are running hard to find alternative export markets and others just can't seem to find the right risk adjusted investment to get that 10x return. All industries have their own problems and unique challenges, so why bother doing anything right now when there is so much new uncertainty in this market?
Resources and Priorities
There is a point to this post, and this is it:
There are unfortunately businesses out there in survival mode. There are also businesses having the best years of their life. But most are in between. The vast majority are living within two standard deviations of the middle, with feast at one end and famine at the other.
The middle can be a great place to hang out in for years, and for many it is a good sign of success.
But what happens when you wake up on a Friday and the middle has moved up a few notches?
Staying ahead of the middle takes prioritisation and refocusing. Testing, experimenting, and taking calculated risks in areas that are unpopular or unknown.
Reassess frequently where you are and where you want go and do it a few times a year. If your cash flow can sustain it, get in a professional with a proven track record to help you, whether it is an accountant, business advisor, consultant, or technology/transformation expert.
Prioritise two (2) or three (3) things and go hard, and yes, you must also be able to maintain BAU!
I simply don't have the money
For those in survival mode or looking to grow on a small budget, consider diversifying your revenue streams. This can require entering a new market or industry - one that your business does not currently operate in, creating a hedge for future uncertainties.
Consider internal development of a new product or simply form an alliance with a complementary business. Assess your risk and return - yes, it is true... the higher your expectation of a quick return on a small investment, the higher the general risk involved. So always make sure your core business continues to run well, or you risk failing at both.
I'd value your thoughts on some of the things you've done to stay ahead of the middle, so please reach out to me on LinkedIn or @BreitnerMarinas on Twitter.
