If Opportunity Doesn't Knock, Build a Door!

A famous comedian, Milton Berle, once said, “If opportunity doesn’t knock, build a door.” Maybe this was said in jest, but there is a deep philosophical meaning to this statement that I think can be applied to today’s business environment. We can't just sit here waiting for things to get better. We have to make things get better through our actions.

There is no doubt that the markets, both globally and locally, have changed dramatically over the past few months. Retail sales in many sectors are falling and we’ve seen an increase in unemployment and cost of living indexes; especially in the volatile food, energy and health care markets, costs have increased significantly.

Yet despite these challenges, I would like to jump up on my soap box and scream, “Seize the opportunities.” There is still so much that is needed by people in this world, both globally and locally.

When people talk about “today’s economy,” most are referring to the macroeconomics of trends in gross domestic product, retail sales figures, inventory, industrial averages or some other economic indicators. No matter how dire these indicators may seem, there are always going to be business opportunities on a microeconomic level.

Capitalizing on those opportunities is the challenge. Many business owners are focusing too much on reacting to market changes rather than focusing on growing their businesses. I continually hear the refrain, “we will think about growth once the economy gets better.” The reality is that businesses can create their own economies by being proactive and building the doors to welcome opportunity.

Sure businesses may have to make adjustments to deal with the current market changes, but proactive business owners will always continue to seek areas for new business development. The following are areas to consider:

Grow Market Share – Now is an especially good time to pay closer attention to the competition. Some competitors may be offering less favorable credit terms, reducing inventory, providing less services or even closing their doors during this recession. All of these areas leave room for businesses to position themselves to gain more market share.

Add Product Service Lines – One of the new buzz words for small businesses is “diversity.” This refers to adding more product or service lines to meet other demands of an existing customer base. It is just a matter of paying attention to the needs of existing customers and finding product or service lines that meet these demands. Just make sure that new additions compliment, rather than replace existing product/service lines.

Innovation – Wherever there are problems, there remains opportunities to develop new solutions. Innovation is the seed to entrepreneurism. Since everyone is bemoaning their problems, be the solution finder! Innovation comes in different forms and scales, whether it is product improvement, service improvement or a completely new product/service entry into the marketplace. There are no bounds to innovation except feasibility – will this innovation generate a profitable business model?

Now is not a good time to be passive and wait for things to get better. Business growth is a function of developing a good plan and taking action to achieve specific goals. History has proven that it is those who create their own opportunities who sustain success. I think it is only fitting to conclude with a quote from another comedian, Jonathan Winters, who said, “If your ship doesn’t come in, swim out to it.”