When I opened a news website earlier this week, I read a headline that said the value of cryptocurrency was on the rise due to concerns about coronavirus. I have to admit the cause and effect there evaded me on first glance.
Inside the article, it becomes a little clearer. Worries about the virus had already been having a negative effect on the Chinese stock market (a more understandable cause and effect) and investors were looking to cryptocurrency for increased stability. And really, when you have something global like a cryptocurrency, one can see how it could better stand up to forces that could put a heavy strain on the economy of a single country.
This highlights something that I often speak about when it comes to business clients, the importance of keeping your own house in order. When larger events that are out of our hands start to potentially affect our economic picture, you want to be able to move in a way to lessen the impact. You want where you stand to remain strong.
Does your business rely on one good in one market or do you have room to move? If you’re spending money on advertising, do you know if it’s working for you? Do you know what areas of your business are the most profitable? Heck, do you know if your business is profitable at all? If you don’t have answers to some basic questions you will be far less equipped to handle unexpected situations.
The first people who are going to be able to see and handle those moments are those who are looking at numbers, seeing trends, and noting differences. On a larger level, f you aren’t noticing how things are changing until those early movers have moved, it may be too late. On a smaller level, f you aren’t noticing how things are changing in your business until you’re shifting money around to pay rent, it you’re not positioned to take those next steps.
Chances are you even know some questions that you’d like the answers to. It could be that getting those answers would take more time and effort than you’re willing to spend. You are even likely making a good choice there, as there are other tasks in your business that only you can do. It could be that you are not even sure what is necessary to get the answers. Either way, know that we are here to help you get those answers. You tell us where you want to go, and we will help you get there.
This is not to try to make light of or downplay what is happening in the world. It is impossible to accurately predict where things are going, and the end of the coronavirus concerns do not appear imminent. We can only hope things take an optimistic turn soon. And unfortunately, the things that I’ve discussed here aren’t actions that are going to combat these larger, more globally impactful issues. We can use such moments, however, as reminders of what we can do better, how we want to live our lives, and use them as impetus for change.
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