Episode 8: The Time Is Now
In this episode, we are continuing a series that tackles what we should do while a downturn in the economy seems imminent. Should we invest in certain aspects of our business? Or should we pull back to try to conserve resources? We’ll be taking a look at how some of our partner businesses and other successful companies have continued to scale and find success in spite of the ebbs and flows of the economy. We’ll be talking about this and why the time is now to continue to scale and accelerate your business when everyone else is pumping the breaks.
This episode is a continuation of a three-part series called, The Case for Partnership in a Downward Economy. Up next: Change the Game
Takeaways:
Don’t hesitate. When we hesitate to take action, it becomes more difficult to take action in the future. The reason for this is because as we wait and monitor the economy, the risk of an action continues to build and escalate to the point where we are frozen to inaction. The longer we wait the higher the risk, higher the perceived cost, and the lower the perceived probability of success.
Put yourself in a prime position. Set yourself up well for when the market returns. When we play things safe, we often position ourselves in such a way that we are behind when the market comes back. Instead, we should be strategic and use this time to prime ears, prime buying cycles, and make sure that our solution is really captivating the problem it solves.
Consider what you stand to lose from pulling away from partnerships. The instinct when there is a downturn in the economy is to pull back and protect your own business. But when we pull back from partnerships and business, we may not be able to get that connection back later or it may damage it to the point that it can not be repaired. We need to have a level of thoughtfulness around the relationship equity we get and give in partnerships and how they will further our business over the long haul.
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