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.

As if it wasn’t hard enough to find a customer and generate sales, every entrepreneur also has to find ways of keeping customers happy and has to find new ways of keeping them coming back. It’s not an exercise for the faint of heart and not every business is able to do it. Business is competitive which means entrepreneurs need to constantly be watching for the next opportunity to offer their customers more or risk being left behind and becoming obsolete. More can mean more service, more options or choice. It can also mean a better experience. Paying attention to what customers are doing is important and your ability to do more is dependent upon how serious you are about building a profitable and valuable business.

Day in and day out things can often seem the same. As entrepreneurs we can get into the habit of keeping our head down and focusing on the numerous tasks and requests being made of us without looking up to see what’s going on in our market. Our businesses can often feel stagnant or uninteresting depending on the day of the month or the circumstances we are fighting against. The antidote for getting unstuck is to find inspiration. This can happen when we meet with other individuals or when we learn about what other companies or businesses are doing to keep themselves relevant and competitive.

Many entrepreneurs (myself included) are reminded today that we are only limited by our imaginations when it comes to realizing our dreams. Day after day we can get caught up in the details, issues and tasks that can take our minds away from pursuing our dreams. As Sir Richard Branson captures another dream through Virgin Galactic, what does this make you think about for you and your business? Do you have dreams you are pursuing?

It can be tough to keep your head on straight when life seems to be crumbling down around you. The financial crash of 2018/2019 was a tough time for many entrepreneurs. COVID has been very difficult for many entrepreneurs. Notwithstanding the difficult moments an entrepreneur might find themselves in, a new normal always sets in after a downturn. Sometimes the new normal means more change that many can’t keep up with and sometimes the new normal sets the stage for new success. As you look around the market and evaluate your new normal, what does it look like and how will your business continue to benefit from the changes that have occurred?