BUSINESS OWNER CORNER: 👍BIG PICTURE PERSPECTIVE: IS THE "PROBLEM" ACTUALLY AN OPPORTUNITY?

Of all the business classes I’ve taken, Macroeconomics remains one of my favorites. Why? Because it taught me that when you zoom out, the "threats" everyone else is panicking about can be massive opportunities.

Take an economic downturn as an example. Most business owners see a shrinking market as a bad thing and possibly pull back or “ride it out.” But a savvy entrepreneur looks at that this “problem” and sees two things:

• Increasing Market Share: While competitors are hunkering down, you can offer unique value or creative pricing to capture customers looking for a lifeline and work harder to keep current customers.

• Expansion by buying cheap: A "down" market is often a "clearance sale" for growth. It’s the best time to acquire struggling competitors or talent at a fraction of the cost.

  
  

The Bottom Line: Change isn't the enemy; not changing is. Next time you see a shift in the market or a move by your competition, don't ask, "How do I survive this?" Ask, "How can I use this change to pull ahead while everyone else is standing still?"