Phil MeekinView Profile
Opportunities in life don’t simply evaporate – if we turn a blind eye or ignore them, somebody will steal them. It can apply easily to business deals, investment opportunities as well as general business decisions.
The concept is simple. If you are indecisive or allow yourself to be distracted, a sharp opportunist could easily what you comfortably thought was “in the bag”.
Look at the banks, for example. Whilst they are blaming low levels of lending to SMEs on a lack of demand, the ABL sector has seized the opportunity and is booming. By funding those businesses which are seeing growth in their sales and whose banks have abandoned them. They are not reporting a lack of demand for finance. When the banks do return to the market, they will realise customers have long memories. Many would readily trade a few percentage points in the interest rate for the confidence of knowing funding will be available when needed.
Taking opportunities usually involves an element of risk. Do you bid for a new contract which involves increased capital expenditure, additional staff and training costs when confidence in the economy is at rock bottom? Or do you simply batten down the hatches and let somebody else take the risk (and potentially reap the reward)? Running a business and taking chances is not for the feint hearted.
And if your business is already struggling or has recently suffered a financial body blow, there is the opportunity to do nothing. However, you could be proactive and accept professional advice while there are still various options available.