The new normal comes with its own opportunities

One morning just before the New Year, I woke early thinking about what 2016 will be like. All of a sudden I found myself reminiscing about the ease of life just a decade ago. That year was the peak of “easy” growth when pretty much anyone could succeed in business.

The spirt and feeling that anything you touched turned to gold was euphoric. The GDP growth rate reached an all time high in 2006. The quantum changes from one year to the next made it appear that everyone was a successful businessman, when in reality it was the market who was the superstar. I swear anyone could open a business and make a go of it back then.

Well, those days are long gone. While this year Dubai is expecting healthy GDP growth compared to other economies, we’re a long way from the easy days of 2006. It’s time we accept the fact that we are living in a new normal.

Does this mean you should accept whatever the market gives you? Of course it doesn’t. Yet, this will be the key challenge for many businesses who benefited by growing on the back of the market’s expansion. They became accustomed to an external impetus for their growth.

When the government funded the growth, launched mega-projects and brought millions more tourists, it was easy to grow.

Now, you must be the catalyst of your own growth. You shouldn’t rely on the market... you must create yours.

The best analogy that I can think of to describe 2016 is that its raining outside, which economically speaking it is with low oil prices, currency fluctuations, economic challenges in feeder markets, regional issues, to name a few. And you have a choice to either stay inside where its safe and dry or to head out into the rain where its windy and may be messy.

For those who chose to stay inside where its dry while waiting for the rain to pass in hopes of sunny days to come, it’s going to be a tough year and you’ll find yourself falling behind your competitors. The smart ones will head out into the rain and make the most of the year.

Talking with CEOs about what they’re going to do this year, here is how I describe their actions.

“We know its raining outside and while we could stay warm and dry inside, we’re going to head out into the rain and walk as far down the road as we can. We may not be able to walk as fast as before given the winds and rain — we know we’re going to get wet and it may even be messy — but we’re heading out into the rain. At least we’ll be further down the road when the sun shines again.”

I argue they’ll be much further, not just a bit, down the road when the sun shines again as they will have already adjusted to the new normal. They will have created new business models to fulfil their vision. They know that we will not relive the easy days of 2006, nor do they expect to. Instead, they’re focusing on making their business stronger for the future.

Building strength is my personal mantra for 2016... and it should be your focus as well. This is a year to build strength for future growth. It’s your chance to get stronger than before so you can captain your economic destiny rather than be a sailor on somebody’s else’s journey.

Maybe you will even provoke luck by walking in the rain. Sitting inside you know what the outcome will be, whatever the market gives you. Walking in the rain may well bring a surprise or two your way. I’ve found those that give their all and takes risks have a way of finding rewards.

I have a hunch that if we all head out for a stroll in the rain, we’ll see a much brighter outcome for the year than journalists and economists are predicting. So the question is, “Are you going to walk in the rain and progress or idly sit indoors dreaming about brighter days?”

The new normal requires a new approach.

The writer is a CEO Coach and author, including his latest ‘Leadership Dubai Style’. Contact him at tsw@tommyweir.com