If There Are Positive Signs In The Economy, Fight the Lead/Lag Syndrome

There are some positive signs in the economy: the housing market is improving and consumer confidence is higher. It’s time to make sure you don’t have your business stuck in the Lead/Lag Syndrome. The syndrome is characterized by thinking and behavior based on the conditions that you have gotten used to. In the case of a down economy improving, you still think and act as if it is still down. It happens the other way too. So, forget what you hear on TV and radio or read in the papers, look at the signs around your own organization.Are things changing for your customers, in your trade territory? Ask your customers what they think. What are their plans for the year? Ask your customer contact people about what they are hearing and what is different today from 3-6 months ago.

The point is, if things in your specific world are improving, what are you going to do about it?

  • Will you be hiring new people?
  • What kind? When?
  • Will you be ratcheting up marketing programs and introducing new products and services?
  • What new opportunities are being created for growth in revenue, profits and market share?

If your part of the economy really is improving what are all the things you and your colleagues can do to fire up your people and lead and not lag?