By Troy Hazard | Dec. 14, 2019
As we head into a new decade, the holidays will no doubt be a time for reflection on the last ten years, and a time to consider the next ten.
So, what will the next ten years hold for business leaders? Well, for many of us we turn to ‘experts’ for advice on ‘what’s next’ as we try and navigate our way through business and life.
However, having owned 13 companies over the last 30 years, I’ve also learned that the best place to start to gather an understanding of what’s around the corner is to look introspectively. That way I focus on the things I can control, rather than the things I can’t.
Here are my 5 key things to focus on for 2020 vision.
1. We’re overdue for an economic correction. So many commentators have been pitching the idea that there WILL be a correction, and yet it seems to continue to be business as usual. Reality is, no matter when it comes around, they key is to be prepared. Have your nuts stored for the winter and your plan to course correct mapped out and ready to implement. It’s only when a correction is a surprise, that it becomes a setback.
Troy Hazard on how you create vision in your business by following business cycles
2. Don’t let an election year distract you. Elections are inevitable. But so many business owners and leaders use it as an excuse for poor trade, a lack of momentum in their business, or the reason the sky is falling. Red or blue, life will go on and your business will too, so long as you are not distracted by a single event. Sure, turn up and vote, and then get straight back to the things you know you can influence day to day.
3. Listen to the ‘futurists’, and then go and create your own. The turn of a decade is a great time for ‘experts’ to appear on just about everything. Some of them have very valid observations for the future. Others just seek to confuse us for a self-serving purpose. Like most business owners I read a lot, and I spend 30 minutes every day seeking to learn how to be better tomorrow than I am today. Only I can create my future.
4. Learn from the past and apply it to the present, to protect your future. We’ve spent the last ten years recovering from one of the biggest shifts we’ve seen in a modern day economy, the GFC. The next ten years are bound to be both challenging and surprising. So remember what you’ve learnt and remind yourself how you can apply that knowledge to your 2020 vision.
5. It’s just another year. The one thing we can be sure of in business is that things happen in cycles, and 2020 will just be part of the ongoing cycle. Just because it’s a new decade it does not mean it’s a new game.
Troy Hazard - television interview on ‘A 2020 Vision For Business’
As a business leader you don’t need 2020 vision, so long as you continue to focus.