How to Successfully Navigate Market Shifts

If anything has been made clear over the past several years, it’s that market shifts will happen—including major, fundamental ones. The most recent include job markets turning more worker centric, companies becoming more mission focused, interest rates skyrocketing, and real estate practices changing. But while these shifts may seem overwhelming, they can actually be good for your business.

Let me explain.

Significant change, for better or for worse, forces us to react. We’re made to choose between battening down the hatches and taking shelter during a market tsunami or being ahead of it and riding it to our own success. Here’s how you can thrive rather than just survive when such a shift comes your way.

Stay levelheaded

In business, market changes often cause panic or confusion, which, in turn, leads to either all-out chaos or freezing up. As a leader, you need to keep your cool and remain positive when others don’t; choose optimism, and your team will follow your lead. In addition, staying even-keeled will make you better prepared to see outside the box, allowing you to embrace the change for the opportunity it can be and position your company for greater gains.

Maintain a growth mindset

So what’s the key to staying upbeat? It’s pretty simple: continue to focus on growth, and persistently take action. Too often, people suffer paralysis by analysis—getting so caught up in assessing a situation and overthinking their options that they wind up doing nothing at all. But much like how many top investors seek to buy stocks in a down financial market, you can go all in during a market shift and zig when everyone else zags.

For example, in previous electronics evolutions, so many companies flying under the radar won because they saw potential in the situation and discovered how their company could take advantage. After all, iPod batteries need to be replaced, 3D printers need core components to be manufactured, and electric vehicles need charging stations. In the face of shifting winds in your own niche, brainstorm to determine if similar prospects are available for your business.

Sharpen your focus

Once you’ve clarified your vision, you need to determine how, exactly, you’ll go about tackling it. This requires being realistic; there’s a difference between being a wise optimist and a blind optimist. Personally, I’m a natural optimist and choose to start every day with immense positivity, but that in itself won’t magically lead to double-digit growth for my business. The key is to focus on sharpening your skills whenever there’s a market shift, primarily by educating yourself as much as possible. I can’t overstate this enough: confidence will lead people to believe in you and your vision, and that confidence will come from knowing you’ve done your homework.

As Gary Keller says, the best place to lead with is revenue. Review your numbers, and be super data driven, both about your company and the changing market. Then double down on what works for your marketing and client experience, casting a narrow, focused net instead of a wide one (while also identifying where you might be better off pivoting). Follow that up with digging deep into your communication, including your messaging to both your clients and your team, pinpointing how information should be conveyed in this new reality. And make sure to keep up with industry changes as they’re happening, always assessing how they’ll impact your customers.

Overcommunicate

Any time something big happens, people start talking in response, particularly about how it will affect them. So it’s vital for you to take control of the narrative in a shifting market as soon and as often as possible by communicating with your team, your clients, and even the public about the situation. By doing so, you can position yourself as a trusted expert who is there for them in times of trouble, ensuring that you’ll be remembered both during the chaos and after the dust settles. This can lead to even stronger professional relationships and opportunities for more leads.

Find your community

Finally, remember that you don’t need to do this alone—seriously. I’ve always said that one of the best ways to keep a growth mindset, especially in a changing market, is to step outside your own perspective to seek that of others. Lean on your executive team for ideas about your specific business, or even attend an event such as an industry conference or a mastermind meeting to see if you can gain any fresh insights into current events. It’s amazing how much this can get you jacked up about the possibilities—not only to learn and improve yourself but also to lead your company through a major shift.

Just because you encounter turbulent corporate seas doesn’t mean your company will be blown completely off course. As captain of your ship, you simply need to sharpen your focus, show a steady hand, and do some wise course corrections. In turn, you can keep everyone moving forward until you once again see blue skies ahead.

ABOUT THE AUTHOR: Luke Acree is an authority on leadership, a lead-generation specialist, and a referral expert who has helped more than 100,000 entrepreneurs and small businesses grow their companies. He hosts Stay Paid, a sales and marketing podcast, and has been featured in Entrepreneur, Forbes, and Foundr.com.

TAKE ACTION:
Apply these pointers to any current market shifts you’re experiencing, or keep them top of mind to be better prepared for future ones.