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What about the risk of economic downturn?
Economic downturns can provide a tremendous growth opportunity for well-prepared businesses. Sound strange? Consider this: Is an economic downturn any different for your competitors than it is for you? Of course not. If the economic downturn is severe enough, the weakest competitors may not survive — leaving more for the survivors when the market turns around.
The key is for your business to be the strongest and most efficient you can be to ensure your survival in an economic downturn — and then use your position of strength to increase your market share as it is lost by your weaker competitors.
And if the economy is booming? The same logic applies. A rising tide may float all boats, but do you really just want to just go up and down with the tide? A solid business improvement program can keep you moving forward faster and stronger regardless of those factors you cannot control. Strive to achieve your true potential at all times!