“Always busy, but never in a rush.” A common mistake businesses make in prosperous times is to become complacent, believing the good times will last forever.
Take Finland’s trade with the Soviet Union, for instance. For decades, Finland relied heavily on trading with the USSR, becoming comfortable with a single customer who paid well for substandard products, from clothing and food to building materials. However, when the Soviet Union fell in the early 1990s, this lucrative trade vanished overnight. Finnish businesses struggled to meet the quality expectations of Western markets, leading to a financial crisis and a significant economic downturn. It wasn’t until companies like Nokia emerged, offering superior products, that Finland could bounce back. Sure, that era didn’t last long, but that’s a story for another time.
For entrepreneurs aiming to future-proof their businesses, staying proactive is key. Continuously seek new ways to add value and support your customers. A storm may be on the horizon, and the standards of the past won’t meet the demands of the future. By recognizing this and acting before a crisis strikes, you’ll be in a far stronger position than your competitors.