Europe’s Money Troubles Mean Opportunity For You

Choosing to “beat feet” might cost you plenty next year.

Much of 2011 has been devoted to the emerging financial crisis embroiling Europe. Whether you’ve been following these events in detail or only have a passing knowledge of what is going on across the continent, you’re likely sensing that something will come to pass in 2012. Your feelings that it can’t possibly be good are correct. Then again, Europe’s financial woes mean that some people will ride the wave, even thrive.

How you navigate the European economic tsunami will depend largely on how you react to these and other challenges. You might ask, “How can you possibly see opportunity where others only see gloom and doom?” From my personal experience, that’s where.

Recent Experience

Allow me to share with you a story. In early 2008, before the economy nose-dived, there were signs that rocky days were just ahead. One client was so concerned with what was coming down that he warned me that he might have to pursue another approach to business when the worst eventually transpired. That meant I would likely lose his business or at least a big part of it.

Instead of panicking, this client and I discussed ways to ride out the storm, determining that by staying the course we would be okay. Not in perfect shape and certainly not unmolested by the events of those days, but the smarter for it. We rightly determined that others would overreact and pull back just as we continued our advance. Certainly strategies were overhauled and a new approach was taken.

Our approach was proven right — to this day my client is faring quite well. I’ve also managed to retain other clients by sharing a similar perspective on how to stay focused.

Looking Ahead

Undoubtably, Europe’s financial problems threaten to pull down economies across the world, perhaps making the most recent recession look comparatively mild. I’ve followed some of the possible scenarios and the forecasts are as follows: not good, quite bad and most definitely ugly. Were Sergio Leone still alive, I think he would be proud!

Yet, few of us can afford to wait on the sidelines as Europe and the rest of the world get their acts together. You have to make a living. You must eat. Your children need to be clothed and educated. In other words, much of the demands of today will continue. Why be reactive like everyone else? Why not take action?

Your Approach

Those action steps are not something I can outline for you. I don’t know you well enough. I can’t get into your mind to find out what your hopes and dreams are. Playing it too conservative will mean that you’ll lose out on opportunity. Taking a very liberal approach may prove to be a folly. You’ll have to find your balance and stick with it — making adjustments on the fly and hoping for the best. To stay on the sidelines, however, means you’ll lose.

On a personal note, I can tell you that I’m much more flexible to making change then I have been before. I cannot go into detail here, but I’m open to considering whatever possibilities are out there including taking a radical approach to how I do business.

Is it scary? Sometimes it is. My personal trust in God is what sees me through all of this. I can encourage you to do likewise, but I cannot make you do what you don’t want to do. In any event, I think whatever faith we have will be sorely tested in the coming months with some of our colleagues despairing of hope as the worst of the crisis unfolds. Where will you be in all of this?

Photo: Pedja Mi