Adaptability: A Key Component of Economic Growth

Over the course of the last several weeks, I have spent more time than normal listening to the business news channels. I know that many of our clients tune in to these shows and I want to hear the issues being discussed.

Doing so allows me to understand client fears (because there are never any optimistic storylines) and gives me a chance to think through the issues that concern people the most. It also allows me to effectively communicate with clients in a manner that will calm fears and promote a long term focus even when the future may seem ominous.

One thing that is often ignored is the concept of adaptability.  That is, as governments, businesses and people realize that a problem or inefficiency exists, they make changes that alter the trajectory of possible outcomes...they adapt. 

In business, there are many examples of companies that had to make significant changes to their business models in order to remain relevant and profitable. Netflix used to mail movies to its customers. Amazon was an online bookstore. Before the iPhone, Apple was a computer manufacturer. 

Just like businesses, people also make changes in their lives to reflect changing circumstances. When blood pressure or cholesterol levels are high, people alter their lifestyle or eating habits in an effort to correct the problem and improve their overall health.

The journalists, pundits and talking heads on the business news channels continually point out all of the many challenges we are facing right now and capitalize on their viewers willingness to consume fear and negativity.

However, they mostly discount the fact that right now, even in the face of a new military conflict in the Middle East, the fear that artificial intelligence will drastically change the workforce, stubbornly high inflation and a whole host of other issues, that companies and individuals are adapting.  In fact, adaptation and innovation are happening at an unbelievably rapid rate!

Right now, seeds are being planted that will one day create entirely new industries! New technologies, treatments, products, and services are being developed with rapid intensity to solve today’s problems. 

My point is to remind you that while there are many challenges right now, people are hard at work adapting, seeking solutions and using their imagination to make life better. Doing things that the business news channels fail to mention!

We hope that each time you see a negative headline, you realize the endless number of opportunities that are being created by innovative people.