When the weather is stormy, any port will do, right? I am not a captain of a real ship but I have run businesses for many years. Business climate changes all the time. The environment, the eco-system, and the algorithms of the platforms we advertise on, just to name a few. The one constant in life is change. We are at the mercy of so many factors beyond our control we have to be ready, we have to be prepared, we have to be able to change course and respond quickly to navigate to safety when this happens.
No one person or business can plan for everything, but you need to weave flexibility and adaptability in to the fiber of your business. This helps to ensure that when adversity strikes you can respond. You might not be fully ready or prepared, but you can survive.
Here’s and example; one of our businesses had a unique product. We were/are in a pretty competitive industry but within our niche we were the first to market for all intents and purposes. Having low to no competition with our product, we did quite well. We rode that for quite awhile.
We did have other products in our lineup but the top one accounted for 80% or more of our revenue. We knew we had to mitigate the risk of having all our eggs in one basket. To do so we started improving our other products and creating new, vertical products that served the greater market outside of our little niche.
Well the storm hit. We were almost too late. We had two competitors release products that directly competed with our number one within months of each other. Fortunately, we had done just enough to pad our basket that we were able to keep the doors open; we found a port. It was pretty rough for the next several years, but we survived.
Weave flexibility and adaptability in to the fiber of your business, so when adversity strikes you can respond.
Talk Soon,
Kevin W. @Leap272
Owner – Operator
You have to leap if you want to live.
LeapBlog 