Certainly, you'd have to be hiding under a rock to not have heard about the wild swings in the global stock markets lately. Although we've definitely become more comfortable with volatility, it still can cause executives to take a step back and think. What if China's slowdown affects manufacturers in the U.S. more than we realize? Should I be thinking about pulling back vs. a full court press on growth? Should I continue investing? What can I do about this wild foreign exchange market if I have suppliers and customers using different currencies?
Those executives who find a way to be comfortable with and leverage volatility will thrive! We might as well get used to it as it is the "new normal".
One tip to implement this week:
In thinking about leveraging volatility, the first order of business is to not overreact to fluctuations. As hard as it might be to not react when you see money rushing out the door with currency exchange rates or some other factor, the key is to remain calm. Take a step back. Is this change some sort of reaction that will likely reverse itself? Or is it based in a fundamental change that will affect your business over the long haul? Dig into the changes that are most impactful to your business and determine if they will affect you over the long term. If not, don't overreact. Instead, build flexibility into your work processes and business model. If so, put together a plan to proactively address the situation. Burying your head in the sand might seem like a good idea, but it isn't!