Business strategy
Consumers struggle with high prices. Supply side is still unpredictable. Everyone is nervous about AI. Thousands of Elon Musk's Tesla's have been recalled. Global conflict is worrisome. Political polarization has everyone on edge. 95% of workers are looking for a new employers, causing instability. Millennials are working their brains out. Downtowns are empty. Affordable housinng is a slow process. Gen Z is struggling with meaning and loneliness.
Population in Nebraska is starting to bounce back from the pandemic, but brain drain increases to 4600, involving both knowledge workers as well as laborers. The highest scoring ACT scholar in the state's high school universe isn't "super inspired" to remain in Nebraska.
Transcending all of these problems is Nebraska's workforce problem. We have far more jobs available than workers who could fill those jobs. If we solve the chronic workforce problem, everything else could fall into place.
Business owners must move "beyond themselves and their past." They can succeed by reading the following:
Companies don't really know who their customer prospect is so they are off the mark when it comes to packaging and selling. They can improve their focus by realizing that there are three buying segments in America:
1. Heartlanders are traditionalists who want to return to a simpler life (as in the Eisenhower era).
2. Modernists are driven by money, efficient progress, growth and again financial success. They often lack emotional and intellectual depth.
3. UrbaNaturals want unique experiences, value eclectic design, dislike guns and love to restore old buildings. They are very interested in self actualization. Meaning is more important than success.
Most companies do not understand this massive shift in demography and values, so their marketing is ineffective. This leads to confusion and stilted decisioon making.
Businesspeople can't descern wisdom from fluff. They waste their most important asset: the ability to focus and concentrate. They know they're missing a lot, so they become anxious. They become disconnected from their intuition, so they overemphasize data and statistics.
The fundamental concept underneath all of this is Nebraska's reluctance to embrace innovation. Of course, innovation does exist, but not at a level that makes the state more competitive. 45,000 business owners are generating a meager profit of around 6%. 37% of them are in real trouble. Launching a new product or service could differentiate them from the pack. But the state ranks #46 in innovation, so outside coaches, consultants and trainers are desperately needed to revitalize the entire state's culture.
If you own a company in Nebraska and agree that innovative, new, exciting value propositions are important, you'll want to hedge your bets. You'll want to work with someone who has a fresh perspective about an industry or a solid plan for maintaining operational flow while a separate department experiments with new ideas.
Much of what has been discussed here adds up to additional costs. Business owners adjust downward by using freelancers, contractors, consultants and fractional workers. Benefit costs go away quickly. Flexibility becomes the norm. But most freelancers struggle with prospecting, self esteem and the ability to form sustainable relationships. Some are forced into bankruptcy and often lose their marriage and their home because of instability.
As we move forward, a core question has to be asked: "What is the 'Good Life" today?" Does the next generation of workers and families define "good life" in the same sentimental fashion it's been described in the past? Can the polarization between rural folks in Western and Central Nebraska and urban folks in Eastern Nebraska continue? Can there be a new way to think about mutuality and interdependence? Must we move so slowly on projects and initiatives? (We have a small population base, so we should be able to adapt to change easily.)
Can we develop people in a way that lifts the spirits of everyone while growing economically? This simple sentence attempts to summarize the basic idea:
"AS A MEMBER OF NEWBRASKA PARTNERS, YOU'LL NOT ONLY WEATHER THE STORM, YOU WILL THRIVE ABUNDANTLY AND BECOME A LIGHT IN THE WORLD."
This is a broad view of Nebraska's challenges. However, many good things are happening that are not mentioned here. The aspirational concept, above, will accelerate the internal and external growth that we all crave in these uncertain times.
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