Business owners can sometimes develop a somewhat blinkered attitude, being locked into what’s happening in their own sphere of interest and forgetting the interlinked nature of the economy. As Brexit looms and predictions (both positive and negative) emerge from all sides, it can be helpful to consider alternative ways of approaching typical challenges. There’s much we can learn about doing business in general by considering what’s happening right now in the current property market.

Some Doors Close While Others Open

President Trump’s executive order to close USA borders to certain countries caused an ongoing storm of reaction, with ripples that are likely to affect the UK property market, but not necessarily in a bad way. Black Brick’s Managing Partner, Camilla Dell, sees it as a move that’s likely to benefit the UK as wealthy individuals from those countries look elsewhere for their investment opportunities.

For businesses outside the property market, the lesson is clear. One door closing doesn’t mean opportunity has dried up. It can also indicate an opportunity to expand in different directions. There is rarely a time when no marketing opportunities exist and, by keeping an open mind, business owners can adapt and find alternative outlets when conventional ones fall short.

Hidden Expansion Opportunities

Business growth and expansion is a sure sign of success, and one strategy that can be borrowed from the property market is that of finding hidden growth opportunities.

There are signs and indicators of the way a market is going, outwardly expressed by underlying activity. For instance, property investors know to watch for signs of infrastructure change as an indicator that an area may be going through a period of regeneration. New shopping areas, roads, or schools being built are all signs of growth that offer potential property investment opportunities.

In business, similar signs and indicators exist in the shopping or purchasing habits of customers and clients. Spotting trends isn’t always easy, but keeping eyes and ears open can often lead to new market segments becoming receptive to your business services or products, or give you new ideas for product creation. You don’t so much need a crystal ball to read the future as an open mind and understanding of how today’s shortfalls will translate into tomorrow’s needs.

Know Your Territory, Know Your Customer

We all become wary when markets seem volatile or unpredictable, especially when the influence of outside agencies and economies can turn things upside down. Like the property market in recent years, business too has been buffeted by gusting winds of change. Some have been blown off their feet, other’s have learned to sail with the wind.

House buyers have, for instance, learned to watch the outskirts of a town or city when property prices in the desirable centre soar beyond their reach. In a similar way, business owners facing increased competition in their chosen market need to seek alternative outlets, related to but different from current target markets.

In the current property market, location is key as it has an impact on so many aspects including tax levels, resale values and rental potential. In business too, especially those with a local customer base, looking beyond the obvious, being aware of emerging trends and shifts in the attitudes or opinions of the local population, can provide insights that inform future growth plans.