Recycle the cycle
More work for your think tank?
The Great Recession was a great reminder on one great fact: the business cycle is not dead. There have been about ten recessions in my lifetime – one about every five to six years. Get used to them. If you are 35 now, expect another half a dozen before you retire.
There are a few other cycles we should also be aware of. There’s the life cycle of your products. They don’t remain fashionable forever. There’s also the life cycle of your business. It might begin as an exciting start-up. If it doesn’t crash and burn, there is a good chance it will evolve into a mature entity. But if it is like most companies, eventually it will go into decline.
It’s almost planned that way. Did you ever see a business plan that aimed to keep the business in the exciting start-up stage forever? No, the five year plan invariably targets some kind of stress-free, profitable existence by year five.
The life-cycle of a business mirrors your own life-cycle. The start-up stage is like adolescence. It’s high risk. It runs on adrenalin and hope is freely available. You work hard. You work weekends. Anything to get this great idea off the ground. Like many teenagers, it may run off the rails, but not for lack of enthusiasm. The startup business starts with a fully-charged set of batteries.
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How do you stay charged when you start to mature?
What do you do to avoid that decline in market position or youthful enthusiasm?
This a job for your think tank. I’ve talked about this notion before. To refresh your mind on think tanks, click here. When you’ve done that, throw any one of the following topics into the tank.
If you find inertia sneaking into your business, kick-start your think tank. Treat it like a venture capital firm. Give it a simple brief: look for exciting new investments that leverage off the infrastructure you’ve got, in the industry you know, using the people you already have.