“The” Economy vs Your Economy
One of the challenges with watching news about the economy is it can lead to the assumption that the micro must mirror the macro.
Demand is down in the event industry, therefore I better layoff my staff in my event business.
Global supply chains are becoming clogged, therefore I will be unable to get supplies and better cut down on marketing.
There is a “Great Resignation”, therefore I will be unable to find good people, which means I better cut my growth projections.
During each round of the pandemic, I’ve had clients in industries that were being hammered manage to grow and profit. As news of the Great Resignation spread, I’ve had clients land key hires that have allowed them to achieve strategic objectives. Folks who saw consolidation and restrictions in availability of key ingredients have creatively found alternative solutions.
You may have heard of the concept of Minimum Viable Product. It’s otherwise known as MVP. Particularly in software and technology, it’s the least number of features that are necessary for a product to be attractive enough for a prospect to be willing to buy.
There are other MV’s. One could be Minimum Viable Customers, or another may be Minimum Viable Audience. The first is the number of customers needed to hit a minimum sales or profitability target. The second is the minimum audience you need to reach to hit that minimum number of customers.
This is one of the beautiful things about a small business, as distinct from a global or national enterprise. You don’t need to reach everyone. You just need to reach a certain number. I have clients generating millions in profits with maybe a dozen clients. For others, it might be 500 or 1000. They could succeed with even fewer.
YOUR economy is the behaviour of that small number of people you need to connect with. If you provide a great product that addresses an identifiable need, your job is to find and reach that small number of people you can serve. They are out there even if they are a bit tougher to find.
But, if everyone else is running scared, you’ll be running to the opportunities. When you do, you will thrive regardless of what is happening in the larger economy.
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