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"FORTUNE &amp;#8212; It\u2019s time for business leaders to get ready for better times.\nHeaven knows that\u2019s something we haven\u2019t focused on for a while, and it may seem odd to bring it up now. So let\u2019s acknowledge up top that we face a zillion worries about the economy: China is slowing down, emerging markets in general are the panic du jour, the Fed\u2019s taper could yet do damage, and the U.S. is about to confront another debt ceiling showdown. Let\u2019s also be clear that while I believe the U.S. economy\u2019s prospects are brightening, I\u2019m making no prediction about the stock market. In fact I think it\u2019s expensive at today\u2019s levels, but that\u2019s a separate issue.\nThe big picture for business people is that 2014 stands a decent chance of being the best year that we\u2019ve seen in some time. The World Bank and the International Monetary Fund have just raised their forecasts for global and U.S. economic growth this year; both are forecasting 2.8% for the U.S.\nMORE:\u00A0The unspoken underside of emerging markets &amp;#8212; personal security\nWe just need to remember that while an improving environment is great, it poses its own challenges for managers.\nAs the economy improves, the competitive order in any given industry tends to solidify. Big shake-ups in the competitive order usually happen during a recession or times of tumult, as we\u2019ve had in recent years. When business conditions get stronger, moving ahead of the other guy becomes much tougher. We\u2019ve all seen it happen, and good McKinsey research confirms that the phenomenon is real. That\u2019s why the wisest business leaders are doing three things now:\n&amp;#8211;They\u2019re making sure their business model is right. Models have already been changing much more often than they used to, in virtually every industry. Altering models is hard, so when conditions are changing, as they are now, you want to be sure you\u2019re adopting a model that\u2019s right for tomorrow as well as for today. For example, is your business model built for a world in which U.S. consumers may become much more confident after years of caution, while China may grow much more slowly?\n&amp;#8211;They\u2019re probing the changing wants and needs of their customers. When the economy improves, most customers don\u2019t just want more; they want different. Americans can hardly eat more calories, but will they substitute beef for beans? Will renters go back to buying? Business school enrollments actually increased during the recession because jobs were so hard to find; the trend may reverse as the economy improves.\n&amp;#8211;They\u2019re making sure they\u2019ve got the best people. As the environment strengthens, companies have a harder time enticing great performers away from their current employers. If you want to build a dominant team, you\u2019d better do it now.\nA faster-growing economy will sure feel good, but it will still include winners and losers. Tomorrow\u2019s winners know that good times, like bad times, require smart adaptation."^^<http://www.w3.org/2001/XMLSchema#string>
<http://fortune.com/2014/01/29/managing-for-feast-not-famine/?section=money_topstories>