Now the election has been decided, the opportunity to get on the front foot in your business is now. For business, elections are a pain in the backside. Why? Everyone seems to stop doing business once an election is called, or slightly before, because of uncertainty about the future. I remember a federal government calling an election nine months out, and then the SA state government calling an election directly after the federal election. It felt like business almost stopped for 12 months.
People put things on hold whenever there is uncertainty in their head. Elections are not the only uncertainty of course but government expenditure patterns, business confidence and consumer confidence will affect everybody’s confidence. Once an election is over and the incumbent government is returned, then at least we have certainty that tomorrow will look much the same as today. Therefore, confidence in the future improves.
This generally means:
- If you are thinking about employing an extra person, you employ the extra person
- If you are considering a new capital purchase, you make the capital purchase
- If your sales budget is looking a little light for the quarter/half, you can consider actions to fix it, knowing that the environment you will be working in is solid
- If you are not sure whether to launch that new product, website, campaign (insert anything that you think is important) then you do
An interesting discussion point, and something to consider, is that everyone else will be doing the same thing. Your suppliers, your customers and your competitors. So, what does this mean?
Can you work with your suppliers to leverage what they want to do and make it of benefit to you?
- Can your suppliers be encouraged to back you on your new product or direction and what help could they give to you?
- What is it that your customers will be doing and how can you join them profitably?
- How can you use your customers to leverage your action?
- If your competitors are doing any of the above, how will that affect you and what can you do to counter?
Overwhelmingly it is a time to get on the front foot. Forget about all the uncertainty and get on with business. Ultimately business is about risk and reward, and as Lord Varys in Game of Thrones said in Season 8, Episode 4 (spoiler alert) “With great risk comes great reward”. He was executed soon after this, so the other important point is to do your research and mitigate your risk.
Let Fit 4 Market help you avoid execution and yet still take reasonable risk for growth, contact us today.
Fit 4 Market are marketing consultants operating in Adelaide, Melbourne, Sydney, Brisbane and Perth