What I’ve Learned and What Advice Am I Giving?
I feel we’ve turned a corner as a society, but just like I posted in early 2021, I don’t feel we’re completely in the clear. Many people are still thoroughly overwhelmed and I find it disappointing that we find ourselves in a constant state of uncertainty and flux. Despite the flexibility we have increasing brought into our lives, many people I speak to are still working a ton of hours, some are looking for new jobs, and almost all are moving in different directions constantly. A question constantly arises: what can we do to position for the future?
I still believe there’s a real disconnect between what Wall Street indicates and what the reality for many Americans. With upward-moving inflation, likely increases in the federal funds (interest) rate, a war overseas and related economic sanctions reverberating globally, we’re likely to experience some enduring economic hurt.
Despite the very real challenges, there’s also much to celebrate. I’ve spoken with a number of people who are taking classes or have gone back to school, started side businesses, or are moving away from expertise of the past and moving into a period of innovation and reinvention. It’s not just personal development I see. Since early 2020, I’ve talked to a former client in Scotland who has completely reimagined the business, retooling machines to be able to manufacture spray disinfectant. I just got off the phone with a business leader who started a now-booming consumable product business entirely focused on personal protective equipment (PPE). I’ve talked to finance professionals at several Fortune 100 companies who now see working-from-home as being forever, a long-term cultural shift that won’t disappear now that people are returning to work more regularly. Hybrid work or fully-remote work eliminated their commutes and gave them more time with their families. I’ve talked to young people who see the disturbance as the perfect justification for learning something new, pursuing work in a field they’d been interested in, or for starting a business. Companies I’ve coached in cash flow management, who were scrambling mid-2020, are now back to investing in their substantial future growth.
It’s still a crazy time for sure and I don’t know when we’ll feel like it’s calmed down. There’s a full spectrum of people from which questions have come and seeking my counsel, including owners of small company clients to executives at large, public companies; from people as near as a few blocks away in Chicago to as far as Argentina and New Zealand; friends and family to strangers who have found me on LinkedIn or watched my TEDx talk. While I’m honored to be a counselor, I have to laugh because it takes me back to business school when my peers gave me the award for “The Person I’d Want to Be Next to In Battle”. Perhaps I haven’t changed much.
Below are some of the questions I’ve gotten. And while I’m not going to answer them in this release of the Statement, I’ll be addressing in some upcoming editions:
What do I think is going to happen to the economy in 2022?
When do I think finance professionals will be expected to return to the office full-time?
What do I think people should be doing with their savings and investments?
What do I think will be the new markets people will be looking at for investment or work?
What kinds of skills do I think will be in demand in the future?
What kind of work do I think people should be pursuing?
My answers to these questions are varied but my advice is almost always the same. Whether you’re an owner who wants to refine the business into one always imaged, a finance professional who’s been in a job for 10-20 years, an MBA graduate who changed careers and is deciding upon what’s next, or a young university student who’s trying to decide what the future of work is going to look like, I say the following:
Don’t stop learning and don’t stop moving. Be so good at what you do that you’re in charge of the direction of your business, your work, and your life. Be competent, confident, calm and positive and people will come to YOU for advice and guidance. Whether these people are your friends, family, clients or others, the best resource you can be is someone they know, trust and can rely upon to always be there.