Good And Bad Business Times – Helpful Shifts That Will Serve You Well
Determine if you’re positioned to take advantage of the good times and navigate the bad times. It’s important that you expect one as well as the other. Fortunately, there are “shifts” you can take that will serve you well during both.
Being debt free.
The quicker you get out of debt, the better. You can’t take advantage of opportunities when you’re mired in debt. Opportunities are available in both good and bad times. There are opportunities that present themselves and debt keeps you from profiting from them. It also magnifies the negative because as the cost money increases then becoming an increasing portion of your expenses is debt service.
Think globally.
We can no longer afford to think and act locally. What we need is a broader vision. We must think about how our vocation, our business and our industry will operate in a global economy – because it already does.
Being an entrepreneur.
The age of the free agent is what this age is. Even if we are and plan to continue working in a larger company or organization, we must at least think like an entrepreneur. We need to be “in-dreariness.” Unlike before, seniority and experience doesn’t have the value anymore. Producing results – and profits – is what matters.
Become a capitalist.
The wealthy own assets, the rest own liabilities – things that cost money to own and maintain. Don’t mistake capitalism as a dirty word. Someone who owns assets is a capitalist and these are assets that produce income. Assets that generate income include stock, equipment, and businesses. Around 80% of all millionaires in America are self-made. Try being one of them.
Be flexible.
Things are moving at a rapid pace. This demands adaptability. It’s likely that things won’t remain the same and they won’t be going back to the way they used to be. Changing directions quickly is what we should be willing to do. The time has come to dodge and weave. It is time to embrace change. After all, shift happens!
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