Are we about to see irrational exuberance again? Some of the same people who warned us last time are cautioning us again.
I was personally blessed by irrational exuberance early in my career–abundant wages, leadership roles in rapidly growing companies, and a couple of well-funded startups. Then, I like many business owners, felt the pinch of the financial crisis. Understandably, anyone that lived through this crisis is nervous about taking optimistic risks. But, if you don’t boldly leap forward you could miss significant upside and security from the next down cycle.
How (and when) to seize the opportunity in an exuberant growth market, was the topic of a recent conversation.
These are my notes on what you should be doing:
- Raise your profile – Businesses are gaining confidence, and they will need help. Make it easy to find, understand, and leverage your solution to accelerate their growth objectives.
- Educate you market on how to grow – When the market starts to take off everyone will be looking for clarity on how to get to get their share of the pie. Make sure you are educating your market on precisely the steps they need to take.
- Keep your eyes open for great people – There is a lot of great talent in the market or underutilized in their current roles. Aggressively look for these folks and snatch them up as quick as you can. Good people make businesses grow. Recruit you all-stars early. And then invest in growing them.
- Give yourself room to grow – Commercial space is super cheap! Consider expanding your footprint to allow for rapid growth and then make it a super cool space that reflects the personality of your people and you company.
- Encourage big thinking – The big winners in an exuberant market are those that pursue absurd goals and objectives. Make them and then go after them. Think big. Work small.
- Invest in innovation – Booming markets thrive on innovation. Everyone wants to try something new, something that might give them the edge in an increasingly competitive market.
- Say “no” more – Things are going to get crazy busy. If you want to grow your business while avoiding being crushed by it, you’re going to need to say “no” to projects and accounts that are distractions. Projects that are outside of your growth plan are inefficient for you to deliver, or negatively impact your team’s morale.
What do you think? What should you be doing to seize the early opportunity in a growing market?