By Mark Stickel – Profit Street
Many of us may have been surprised and perhaps disappointed by the recent Presidential election results. The reality is we have a system and the results are what they are, whether it is what we wanted or not. That’s what is great about our country. It is important to make sure external events such as this do not interfere with our business acumen.
While there may be concern, the short answer is — the Sky is NOT falling. Why? Because nothing major really changes. This is not unlike when a VC-backed new franchise enters into your space causing you to wonder and worry about the ramifications to your business.
The reality is events are inheritably neutral; we place a negative or positive spin on them. They mean nothing. Take note of them, but remind yourself they are just noise.
Ignore the noise.
The best path through market uncertainty for your company is to be cash flow positive and profitable. That’s always been the solution and will continue to be the right course. This is where you should remain focused. Right after any election, there are always a lot of knee jerk reactions with twitter verse and editorials full of opinions. i.e. the sky is falling !!
Your philosophy on how you run and build your company is not going to require major changes based on election results. If you have a great plan in place, ignore the outside noise and commit to following the steps of that plan. If you were excited to be part of and building your franchise on Tuesday AM before the election, nothing should be different the day after.
If uncertainty about the business climate does increase, that may make some of your customers feel less secure. However, that hasn’t happened, and you’ll deal with that situation should it ever arise. Don’t stress about uncontrollable events, focus on controllable things; building your team, enlarging your customers base, marketing, etc.
Don’t listen to industry analysts and doomsday experts, instead focus on improving those items that are critical to your business and adjust as necessary. Ignore the noise and focus on those key factors for your business.
Embrace the future
There are going to be incredible changes in the business world in the next five years. We expect several new sectors of growth to come into being. We will see lots of new hardware, software, smart machines, energy innovations, and other technologies that we haven’t even heard of yet. Get in front of what is going to happen, rather than worrying about an event you cannot control. Don’t wait to get blindsided by a new innovation from a competitor. Get your thinking cap on.
Remember why you went into business. Ultimately, that’s the one thing you control. The passion, commitment, and work ethic of your team will lead to great things.
Ignore the noise and get back to building your dream.
Markus Stickel is the Managing Partner and Chief Analytics Officer of Profit Street, an online software analytics company specifically designed for franchises. He is a recognized leader within the franchise industry, with over 25 years experience consulting with over 300 companies on business operations and efficiencies. Profit Street has focused on automating informational processing via predictive analytics and prescriptive solutions to help increase franchisee profit margins. He can be reached at firstname.lastname@example.org. To learn more about Profit Street go to: www.profitstreet.com.