We are in turbulent times. People have been predicting a recession since the beginning of the pandemic, but we’re certainly not in one as yet, and if we do enter one, it won’t be “your father’s recession.” Unemployment is virtually zero, consumer spending is up. But we now have a mini banking crisis and escalating political tensions globally.
You can’t hide from turbulence any more than an ostrich protects itself from predators by sticking its head in the sand. You have to learn to use turbulence to your advantage.
There are three forms of innovation to stimulate growth at any time. (I would emphasize that Disney, Revlon, IBM, GM, FedEx and others were launched in dire economic times.) There is opportunism, which is capitalizing on a development (providing ChatGPT lessons), there is conformist innovation which drastically improves a current operation (Uber is a glorified taxi service), and non-conformist innovation which clearly creates something new (Amazon, which started as a book distributor).
Help your clients (and yourself) understand and implement intelligent innovation to take advantage of the turbulent times. It’s better to surf the waves than to allow them to toss you on the beach.