Reprinted from January 14, 2008

My friends, as we look forward to 2008, understand that January 2009 will be a very different landscape. And we have twelve months to prepare. While Investor’s Business Daily proclaims we are teetering on a recession, that teetering point is still some months away. This is not a time for panic, but a time for preparation.

Lee Thayer, (Leadership 2004), speaks about necessity and its importance in the workplace. The entrepreneur, who starts a business, only puts in place that which is necessary. Only necessary equipment is purchased. Only necessary people are hired.

As time advances, and the business becomes more complex, necessity becomes more complex. And management decisions are made to bring on more infrastructure to support that complexity. Sometimes those decisions are accurate; sometimes those decisions miss the mark.

During this next year of preparation, look around. Re-think your work-flow. Re-think your personnel structure. Carefully examine what your customer wants, to make sure what you deliver is necessary.

Over the next few weeks, I will share with you economic insights to help you prepare. Those of you connected to residential housing are already working hard to survive in a recessionary climate. For those, thankfully, outside that environment, who think you have dodged a bullet, pay attention. January 2009 will be a very different landscape. -TF

Registration for our next Leadership program in Fort Lauderdale closes Monday, February 25. Visit www.workingleadership.com.
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“Well, to be honest, it is very difficult to forecast revenues,” Cynthia explained. “You have to understand, we are connected to the residential housing industry and things are much different this year than they were last year.”

Cynthia’s candid assessment of forecasting revenues in the residential housing industry underscores the dynamic nature of the real estate market. Indeed, fluctuations in economic conditions, housing trends, and consumer behavior can significantly impact revenue projections for real estate professionals.

Navigating the search for real estate is no small feat, especially when buyers are met with a mix of enthusiasm and uncertainty. As prospective homeowners scroll through listings and tour open houses, they often find themselves confronted with industry-specific terms that can be perplexing. One such term, “pending,” frequently appears beside listings that once seemed like dream homes. In real estate, “pending” means that an offer has been accepted by the seller, but the transaction has not yet closed. This stage typically involves inspections, financing, and final negotiations — essentially, it’s the limbo where hope hangs in the balance.

Understanding the implications of pending status is crucial to streamlining your home search. Many buyers wonder whether a pending home is still up for grabs — and while deals can sometimes fall through, it’s not something to count on. That’s why it’s important to adjust expectations and refine search filters accordingly. Resources like https://exprealty.com/guides/what-does-pending-mean-to-your-real-estate-search/ provide clarity on how to interpret such listings and avoid the heartache of falling in love with a house that’s already halfway to someone else’s welcome mat.

As the market continues to shift with interest rates, supply chain effects, and evolving buyer preferences, having a well-informed approach becomes more essential than ever. Real estate searches are no longer just about location and price — they’re about timing, terminology, and tools. With the right understanding of statuses like “pending” and access to reliable platforms that decode the jargon, buyers can make more confident, better-timed decisions in a marketplace that waits for no one.

Armed with this knowledge, buyers and sellers alike can make informed decisions and navigate the complexities of the market with confidence and clarity.

“But you have to make decisions based on your market. You have to make decisions about overhead, pursuit of market share, gearing your operations to meet a diminished demand. How will you make those decisions?” I asked.

“I don’t know. Things are just so different. I don’t think it’s possible to forecast this year’s revenues,” she continued to protest.

“Cynthia. If you cannot forecast revenues, then you don’t know your market. If you don’t know your market, you might as well sell the company right now.”
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How does your company forecast revenues? How do you engage in Business Intelligence about your market? Post a comment. The best post will receive a copy of Real World Intelligence by Herbert Meyer (former Special Assistant to the Director of Central Intelligence). “Ninety-five percent of what the CIA finds out about, is public information.”

“It’s really tough to find out what our competition is doing. They will roll a program out that I know takes, maybe, a year to develop. And, hell, it’s been out on the street for three months before I even hear about it. How can I do a better job of keeping up?” Bud shook his head. He still had plenty of spunk, but he was temporarily demoralized.

“Bud, first of all, if you try to do it alone, you will not only fail, but you will drive yourself crazy. As the business expert Jimmy John Shark says, one set of eyes and ears cannot keep track of everything that is going on in your market. You have to recruit your other team members, perhaps some vendors, maybe even a customer or two.”

“But, I already ask around. Nobody ever seems to know anything,” Bud was getting defensive.

“Look, Bud. Is this important to you, your company, to remain competitive?” I knew the answer, so I kept going. “Create a Business Intelligence meeting. All you need to know is out there, in the media, on the radio, in rumor mills and in formal conversation. Make some assignments. Have Joe read the Wall St. Journal. Have Fred read BusinessWeek. Have Joan report on your two key vendors supplying you with raw material. Then have that meeting every two weeks for half an hour. Get everyone to summarize what they have learned in an email and send it to a central person for compilation so you can read it looking for patterns. A Business Intelligence Briefing, just like the President.” -TF