We have an environment currently that is very hard to predict, and having a way to predict events and changes, both positive and negative, is certainly something that all businesses need.
So how do we gain foresight into the future, despite the cloudy environment in which we currently find ourselves? How might we know what events are coming, so that we might better prepare?
Government Directions
To begin with, you would have to keep your finger on the pulse of government decisions. The measures being passed on a local level, nationally in the House and Senate, discussions being had in your local government and Capitol Hill, and the Executive Orders being issued by the President all provide a direction for your city, state, and country. They are an indication of what the government is thinking and gives us a clue as to where things may be headed.
Economic and Market Directions
With a given direction for local and federal governments, generally, the economy follows suit. As goes the economy, so goes the general business climate and the various markets. Therefore, it is an excellent idea, in addition to following the trends of thinking in the government sector, to look closely at business trends and the general thought in your industry and marketplace.
Examples
Let’s go back to the beginning of the pandemic. When news began mounting that covid-19 had been spreading from China outward, most governments throughout the world started taking preventative measures.
Such measures included strict quarantines—people could not travel and had to stay at home. Watching governments provided clues as to what was coming in the short term.
While almost no one could have predicted the pandemic itself and how drastically it affected the entire world, many other predictions could have been made as it began and were. There was an immediate need for masks and gloves. We needed medical facilities, supplies, and care that were far above typical requirements. Centers that could rapidly test for the virus sprung up throughout the country.
On a business level at the beginning, companies began looking for services they could provide that would get us through such a time. One of the primary services brought forward, and one on which we are still relying, is video conferencing so that businesses could continue with their employees working from home.
Another industry that picked up steam was web services, as many companies that had counted on foot traffic or personal contact now had to be very skillful in conducting commerce online.
Both of these were the result of people paying attention to the direction the world was headed, and how they could leverage their various industries to assist it in slowly but surely getting back on its feet.
There is more we can do to gain foresight in the new environment. Stay tuned as we explore this vital topic!
