Finding Opportunity in Uncertain Times
The King’s Challenge
In an ancient kingdom, a skilled jeweler with modest roots longed to elevate his standing and become the royal jeweler. When the king announced a search for a new master craftsman, the jeweler seized the opportunity. Summoned to the palace, he with hundreds of others, faced the king.
“Craft me a piece of jewelry that can make a happy person sad and a sad person happy,” the king challenged. “Do this, and the position is yours.”
The jeweler returned to his workshop, mind racing, searching for inspiration. How could one creation stir such opposite emotions? One idea after another emerged and dismissed, he had just this one chance and could not miss it. Hours turned to days, days into weeks. Then it all at once, it came to him.
He fashioned a plain gold ring, unadorned but thoughtfully crafted. When his time came, he presented it to the king.
The king examined the modest ring, a hint of skepticism in his eyes. “And how does this meet my challenge of making a happy person sad and a sad person happy?” he asked.
“Please read the inscription inside,” the jeweler replied.
The king peered inside the band and read silently. His expression changed, a mix of reflection and realization crossing his face. Without further question, he looked up. “You have accomplished what I asked. The position of royal jeweler is yours.”
The jeweler bowed, his life forever changed.
Engraved inside the ring, the simple but profound words: “This too shall pass.”
The Grind is Real
I recently attended a conference with nearly 600 entrepreneurs. When asked how things were, I responded honestly: “Life is good, family is great, business…is hard.”
More often than not, I would notice shoulders drop and a sense of relief come across their face as they shared a similar sentiment in their own business. In that moment of vulnerability, pretenses fell away and a deeper conversation emerged about what is and isn’t working in our businesses and how it seems we are all having to grind harder for every inch right now.
Money can be made in up or down markets, but it’s the uncertain ones that are the most tricky. Entrepreneurs are some of the most adaptable, nimble creatures in the world. Once the rules of the game are defined, we act quickly and navigate deftly. But uncertain markets are the most challenging because the playing field is constantly shifting, and in general, a cascade of indecision muddies things up and slows everything down.
With all the uncertainty surrounding us as leaders, there are two things that are certain:
- There is always great opportunity hiding in uncertainty.
- This time of uncertainty shall also pass.
Make Believe Becoming Real
This became crystal clear during a recent mastermind group I facilitate with manufacturing leaders. I found their responses to the current uncertainty fascinating. Most leaders have baked in interest rate reductions into their forecasts, and the data shows that red or blue in the White House has no historical bearing on the performance on the economy. Despite this, so many still defer and are “waiting until after the election”, even though it likely won’t have any impact on any business anytime soon.
Then it hit me. This seemingly arbitrary date has a very familiar sibling.
Just like any of us could start the new workout or diet on December 28th, we put it off as a New Year’s resolution. Facing such decision fatigue from the chaos of the last few years, the election date is providing safe cover to defer and hide behind. Ironically, as more and more leaders delay decisions (whether consciously or unconsciously), a self-fulfilling prophecy emerges: the economy slows, not due to any actual conditions, but because so many are just waiting.
So what as leaders are we to do?
Yes, this too shall pass. But while others wait for it to pass, there’s hidden opportunity in the uncertainty. In that same mastermind group, about half the room was anticipating 20%-30% snap back growth in 2025 from pent up demand. The other half? They had no clear prediction. This divide crystallized something important: we need to prepare for both scenarios.
In that same mastermind group, about half the room was anticipating 20%-30% snap back growth in 2025 from pent up demand. The other half? No clear prediction. This divide crystallized something important: we need to prepare for both scenarios.
Preparing For What’s Next
Opportunities don’t wait around for you to catch up. Like a relay race, you can’t start running when it’s time to seize the baton – you need to have a running start. If growth snaps back, will you be prepared to serve more clients quickly and effectively?
On the other hand, if headwinds continue, will you have prepared your team to win in an even more competitive marketplace?
While others wait, here’s what forward-thinking leaders are doing:
- Streamlining operations while simultaneously increasing customer value
- Investing in team development during this period of relative calm
- Innovating service offerings to de-risk customer decisions
- Optimizing sales and onboarding processes for faster response when demand returns
Either way, just sitting, waiting, and not acting does not serve us, our teams, or customers well. Don’t get frozen in other’s indecision.
The Opportunity
When you look back to this time 5 years from now, you may not remember the uncertainty but you will remember the decisive actions you took while others waited.
That is the opportunity hiding in this uncertainty.
That is your job as the leader to work with your team to find and act upon.
That is what will separate the companies that will continue struggling from those that will slingshot out of this period stronger than ever.
Yes, this too shall pass. But how you act while it’s passing, that is what matters most.