The best times in a business are not obvious until you look back. Was it the market helping your business do well or was it brilliant management decisions? Maybe a little bit of both? You never can tell when the good times are coming to an end and the same can be said about bad times. As entrepreneurs our job is to manage our business well in both the good times and the bad times. Part of doing this means knowing the difference between the market forces impacting our bottom line and our leadership abilities.
Being in control doesn’t necessarily mean controlling the outcome as much as it means controlling the variables.Dylan Gallagher
There was a mini-housing boom that occurred over the past few months which now seems to be losing momentum. According to data released by the U.S. Census Bureau, sales of newly constructed homes have dropped to the lowest level since the beginning of the pandemic. There are many different reasons being given for why this has occurred including the price of lumber, increased mortgages rates, tough to find supplies, etc. There are always valid reasons for market changes. How prepared is your business?
Some will say change is what makes running a business exciting. Others will say that change is what gives a business the opportunity to be profitable. As entrepreneurs we need to know why our business is working or why it’s not working. The market is rarely the problem and is often the opportunity no matter which direction it is moving. Being in control doesn’t necessarily mean controlling the outcome as much as it means controlling the variables. Outcomes are a direct result of how you handle the variables in your business. Choose to ignore them and watch your business atrophy. Choose to understand them and watch your business thrive.