It isn’t my intention for this to sound “doom and gloom,” yet I feel it’s a necessary conversation, considering everything going on in the world. It may not seem like it, but don’t be fooled, the world is changing around you. I’m hesitant to use the word “shift” because I feel like it’s been tossed around so much people don’t even hear it anymore and I’ve noticed many people have started to equate a shift in the market as a negative thing. Changes in the market create opportunities. It allows those prepared to take market share and find efficiencies in their business. Not sure what I’m talking about? The Fed recently raised rates .25% and they have indicated they intend to continue in the five subsequent meetings throughout 2022.
A mentor once told me “in order to be successful in any business, you must develop skills for the market you’re in and skills for the market you’re going into”. In order to do that, it requires you form your own opinion around how the market will react to changes. Once you have your opinion of what changes are coming, it usually becomes very clear what opportunities will be created. Having your opinion of changes and the impact they have will allow you to look at your current plan to see if it will be relevant for the market you anticipate you’re going into?
Will your current plan be relevant in the market 6-12 months from now?
Are there any skills you need to be working on in order to stay relevant in the future?
Are there any team members that may be at risk should the market change?
Do you need to adjust your budgets in order to be leaner or more aggressive in the market to come?
I would love to hear your crystal ball predictions around the implications of rate hikes designed to slow inflation and even what opportunities you believe will present themselves as a result.