Revert to these 8 Universal Business Truths in challenging times

Business is tough

Right now, everyone I know is overwhelmed by endless new challenges that business is throwing at them. So much change is happening all at once, that it’s hard to make sense of anything. To wait and watch isn't an option either, as the change is unrelenting. Like a sinister track playing in the background. On loop.

.......yet you control more than you think

I’ve had my own struggles in devising a coherent response to markets perpetually in flux, the shock and awe of tech invasion and shrinking slices of the business pie. Ironically, its only by accepting that these are outside my control, that I realized I can still do meaningful things to 'sharpen my saw'. By that I mean cutting through the noise and confusion, and doubling down on what's relevant to the times.

So here’s what I try to remind myself of, internalize and apply everyday:

1. Knowledge is overrated

Whoever said knowledge is power probably never anticipated the internet. Now knowledge is what you get in copious amounts on Google, largely for free. Or what you can buy from a professional or a consultant on a needs basis.

Today true value singularly lies in the ability to effectively marshal resources and get the job done. How much you know or whether you outsource your knowledge is of little consequence.

2. Networking is hard work

'Your network is your net worth' remains a timeless pearl of business wisdom. As a means to get ahead nothing else comes even close. However, networking is not about slick elevator pitches or the race to give out the most business cards at a conference.

Networking is a major investment of time. It means nurturing relationships before you need them, and being of help before you seek it. Preferably well before.

3. Entertaining bad news is bad for business

Purveyors of bad news love an audience. Broadcasting dire events and statistics gives them a twisted sense of importance. Stay away from them. While you needn’t bury your head in the sand, habitually lending a sympathetic ear to the 'things are bad' narrative causes negativity to seep into one's subconscious - where it festers, and then inevitably manifests.

Next you're giving yourself 'valid' excuses to underperform or fail. And your mind gets to work on actualizing self-fulfilling prophecies premised on “things are bad in general, that's why things are bad for me".

4. Even great ideas aren't worth much

All of us have had ideas that we hopelessly fell in love with. Some even promised to change the future of humankind. But ideas, even of the sublime variety, are a dime a dozen. You've heard it before - viable execution relevant to a specific context is the only thing that matters.

If the great idea graveyard were an actual place, it would be a terribly big one.

5. Never go solo

When embarking on any business journey, always make sure it’s with at least one other stakeholder who has a compatible vision and a skills set that complements (not mirrors) yours. The combination of two or more minds, also known as the mastermind, is exponentially more impactful than an individual one.

Name any business success worth its salt and I’ll show you two or more people who were behind it, even if some chose to work incognito.

6. Beware the shrinking attention span

You may not have a formal diagnosis, but the digital age has inflicted a degree of ADD on most of us. With so much vying for our attention, we have simply lost the ability to focus. Surprisingly, this even holds true for issues of considerable importance to us.

Against such a backdrop, one cannot overstate the importance of commanding and sustaining complete attention of one’s business target by being short, precise and memorable.

7. A handshake beats a signature any day

Why meet when just a call will do, and why call when a mail will do? After all, we're all busy to our eyeballs with non-stop 'stuff' that needs to be done. At least that's what we keep telling ourselves.

But despite the sea change around us, its still people who do the business........with people. And the nuances of direct human interaction involving chemistry, empathy and instinct remain irreplaceable.

8. Relax and have fun, even if the going is tough (especially if the going is tough!)

Our psyche tricks us into thinking that remaining grim and pensive in the face of adversity is more likely to solve the problem. Moreover, responding with levity to the sh.. hitting the fan seems inappropriate.

But the truth is biologically proven - it’s a relaxed, focused mind that prevails during trying times. Fretting simply wastes energy that we only have in finite amounts.

Constantly reminding myself of these truths has made them a fundamental part of my business philosophy, and has helped me stay the course through winds of change. Hope they can help you too.