93.3% and 97% means opportunities exist for your business
The New York Times reported on December 5th that the U.S. unemployment rate is at a 15-year high of 6.7%. What they didn’t tell you was that 93.3% of eligible employees who want work are working.
http://www.nytimes.com/2008/12/06/business/economy/06jobs.html?_r=1&hp
On the same day, Time reported that the foreclosure rate is running at record 3%. Again, they don’t tell you that 97% of mortgages are not in foreclosure.
http://www.time.com/time/business/article/0,8599,1864746,00.html?imw=Y
For friends or family members that may be struggling right now, the statistics are irrelevant. They are in pain and my prayers go out for them. But what can you do?
Plenty! If you own a business, you have the ability to contribute to turning the economy around. How, you ask? Begin by putting all the negative information presented daily by the media in perspective. The economy isn’t strong and there are challenges we must all face. But you can survive and even grow if you take advantage of what the market gives you.
Revisit your business plan and be open to change. For example, if you sell real estate, your business may have been built on second or third-time home buyers. That market is weak right now because few buyers exist for the home your traditional buyer currently owns. If they can’t sell their current home, they can’t buy a new home. However, the market for first-time home buyers with solid credit and a down payment is strong. The inventory of bank-owned homes is at its highest in years. By changing your focus and getting the education you need, you can shift your focus to the new market that provides opportunity.
Similar opportunities exist in many businesses. Are you willing to shift your focus from a market you favored but isn’t good now, to one which you avoided in the past but is where the money is today? Are you willing to work harder and compete smarter for the opportunities that are out there? If you’re not, your competition will.
Successful business owners are focused on the performance goals they have for themselves and are prepared to make the shifts necessary to take advantage of what the market gives them. Current economic conditions demand that you revisit your plan and make adjustments where necessary.
You never know. You may find yourself calling that friend or family member and offering them a job because your business is expanding!
Good luck!
