Whether you are a bridal store in the U.S. or not, you likely feel the effects of American politics. I'm not here to tell you who to vote for or what to listen to. I'm here to review how the changing political landscape will affect your business, so that you can best prepare for what could be ahead.
As with any changing of the guard, we can count on a bit of disruption and uncertainty. Now in the U.S., it's about every 2 years we navigate this.
My argument has always been that uncertainty will cost you as a business, to some degree. We don't always know to what degree it will cost you, but it will cost you something. As myself and many others would conclude, the expectation of disruption and uncertainty, has never been greater. The second argument I have is that with uncertainty, there is opportunity. Now, my caveat here is that the opportunity isn't always timely and it isn't always obvious. Let me give you an example of this. COVID-19 created immense amounts of uncertainty for the business environment and I believe we can all agree, cost businesses both tangibly and intangibly. The opportunity came a few years later with increased demand and increased budgets. If you were in the middle of 2020, in the midst of the uncertainty, you couldn't see how there would be an opportunity ahead..... As I said, opportunities aren't necessarily timely.
Here is my next principle, a bit controversial but true. Sometimes in business, you should play to win. In other times, you should play to not lose. Let's go back to my 2020 example. For some of you, another opportunity showed up in late 2021 and 2022 because of competitor closures. For the businesses that did survive 2020, they likely had less competition and more market share, as well as increase demand and increased budgets. That's like a triple crown win.
Until we know what the transition of power will look like, as well as the agenda of the new Congress in January of 2027, the next steps in the Iran War, the Russia-Ukraine war, and the AI race, we need to play to not lose. We don't have a crystal ball and cannot see how all of this will shake out. However, if your business survives the outcomes, you'll be first to capture the new opportunities.
So, what does this look like?
Be the best in your market at your core business.
I have seen so many business owners in the last 10 years kill their momentum, their cash flow, or team morale by chasing every new shiny experiment in front of them. They become either driven by fear, anxiety, or restlessness and want to be "the first to market" on the newest thing. This has come in the form of virtual appointments, selling online, or "developing" their own line with manufacturers. Most recently, those at the top of the market are trying to harness AI. I'm assuming that the person reading this is a bridal industry entrepreneur, likely a store owner, and here is the thing. You're not a Fortune 500 company with millions to waste on new technology, and in addition, you're not in the technology business. My advice? Let the larger market waste their money on the new technology or the new idea. When they prove it can work for the bridal customer, and that you as the business owner, can see an immediate return on your investment, then go for it.
I'm not here to tell you that you can't experiment and be ahead of the curve. However, you have to evaluate where your skillset is and your team's, your business's risk-tolerance, and if you really want to allocate time away from your core business.
If I could leave you with one thing, it's this. Your brick and mortar, physical bridal store is meant to sell in-person wedding dresses to people in a specific geographic area. Be incredibly good at that. Be the best at that. Make sure there is no one in your market better at it than you are.... Be sure of that, before you decide to spend time and resources on making a virtual appointment platform or building out an e-commerce store to sell old inventory. Most owners can see the upside and they get distracted by what could be. It's equally as important to confirm if you can afford for it to fail. I do think there is opportunity to do those things, but it cannot be at the cost of your core business including your team's time and focus.
Profitability and cash flow have to be your top priority.
In times of uncertainty, get really good at not spending money. For lack of a better way of putting it, lower your business's living standard in all the areas that are possible. Doing so, allows you to stock up on cash. If it currently costs you $10 to make $10, when that opportunity shows up later, you won't have any money to capitalize on it. Right now, you need to focus on how you can reduce expenses so that it costs you $8 to make $10 or even $6 to make $10. Take that extra $2 or $4 from every sale, and save it. When the opportunities show themselves (and they will), you want to be able to invest without increasing the risk to your current business. As I said, get great at not spending money.
Protect your environment. You are who you surround yourself with.
It is a wild world we are living in, compounded by the changing political landscape and once-in-a-lifetime technology. Think about how many things in a day fight to get your attention. Beyond the people in front of you, who likely crave your focus and time, you've got news alerts, social media notifications, and the doom and gloom, click-bait culture we live in ready to sell you the next solution to a scary problem you didn't know you had. It has truly never been more important to protect your attention and focus. This can be done through limiting notifications and screen time, reducing the amount of digital content you consume, and taking actions every day to balance your nervous system. Right now, as a business owner, you need to be at the top of your game. Now is the time where millions are lost or made. It is harder than ever to play the game we call business. So, if you want to continue to play the game, you have to take care of yourself. You have to be sharp and focused, and ready to adapt. Protect what you take in, and focus on what's important.
Limit risk and variables.
This goes without saying, but as history has proven.... I must say anyway. Do not add more variables or more risk unless absolutely necessary. In theory, most people agree. In practice, most people don't. I had someone recently say to me, "if we aren't the first to rank on AI, we will never recover." I thought surely, there is no way they really think this is true. It's like saying, if you weren't first to rank on Google, or the first profile on Instagram, that there is no way your business would survive. I am not here to tell you that you shouldn't capitalize or even aim to be the first to market. I am asking you to consider the cost, and I am asking you to consider the return.
If I could leave you with a few final thoughts here. Business and war are two things that the longer you are in it, the more likely you are to die. I say this not to scare you or be theatrical, but because it's important to recognize the reality you live in as a business owner. There are absolutely times where you should run at a million miles an hour at an opportunity you know will return. There are times to push all your chips in and say "let's f*cking go." It is not one of those times. We don't know the landscape, and what we do know could change. There will be a time where there is enough stability and runway for you to "place your bet." Let's be sure we are around for it when that time comes.