If your company has successfully managed the negative economic impact of COVID-19, and maintains a strong balance sheet, it’s time to get serious about playing some offense.
The best defense has been and always will be a good offense. It’s true in sports and it’s true in business. Offenses that move quicker, play faster, make good adjustments, and stay aggressive are the ones that score most often and put the most points on the board.
In business your financial statements are your scorecard. Decisions that positively impact your financial statements without jeopardizing the health and well-being of your team and your business are the best decisions.
Acquisitions are big decisions but ones with huge potential implications for your future and the future of your business. There’s no faster way to grow the company long-term than through acquisition. Consider history. Following the 2008 economic fallout InBev bought Anheuser-Busch. Mars bought Wrigley. Bank of America bought both Merrill Lynch and Countrywide. Wells Fargo bought Wachovia. JP Morgan bought Bear Stearns and Washington Mutual. Republic Services bought Allied Waste. Delta bought Northwest. And the list goes on.
There’s a reason that the strong get stronger and the weak get weaker during challenging times. The strong leverage their strengths and play offense. The weak play defense. If you’re strong, make an acquisition. Grow your customer base. Diversify your end markets. Expand your products and/or services. Defenses have been on the field a long time. They’re winded. They’re gassed. It’s time to put some points on the board.