May 14, 2010
Jack Stack believes the economic recovery is under way. In fact, he asserts it has been for quite some time. He then warns - if you don't have a business strategy or business plan developed and in place to take advantage of the upswing, you may miss it completely.
It may be difficult to believe, particularly in our tiny worlds where we still hear about small businesses struggling for capital or individuals losing their jobs. So, where does Stack get this perception from and what evidence is he using to support it?
"I’ve been speaking eyeball-to-eyeball with entrepreneurs all across the country — in places like Pittsburgh, New York City, Richmond, Va. and Fresno, Calif. — and when I ask them how they did in the fourth quarter of 2009 or the first quarter of 2010, I keep getting responses like, “amazing,” “fantastic,” “record-breaking” and even “best we’ve done in years.”
Yet it seems we're all a little afraid of admitting things might be getting better. Maybe for fear the the worst is yet to come, just as we've allowed ourselves to breathe easy.
But there is firm evidence pointing to companies around the country once again experiencing growth. Stack uses his own company as example, SRC. He admits he had spent so much time reflecting on the economic collapse that when portions of his operations were experiencing new growth, he missed it completely.
Another sign he claims to see -- an increase in lead times, the period ordering something and actually receiving it. This means more and more orders which means more money being spent. Can we get two huge thumbs up for that.
"If you’re still not convinced, do some research of your own. Ask your customers and peers how they’re doing (and tell us in the comment section below how you’re doing). Do your own eyeball-to-eyeball research. Just as importantly, start putting together a strategy to take advantage of the recovery whenever you believe it’s going to hit. If you keep looking in the rear-view mirror and forget to look at what’s headed your way, not only might you miss a golden opportunity to build your business, you might just give your competitors the chance to move ahead of you or, worse, to eat your lunch right out of your hands."
We'd love to hear what you're seeing, hearing and experiencing yourself that either confirms Stack's assertion or proves it wrong. Please share, do you think we're in the midst of recovery? What evidence do you have that supports your claim?
Depending on your answers this might be the perfect time to initiate buying a business that supplements current operations, compiling new financial projections or rebuilding your financial model for the improving economy or to begin the product launch plan you put off when the bottom dropped out of the market. Any way you look at it, it may be time for action!