This article was written by Hillel Pitlik, Score Orange County Management Counselor
The turmoil in the US economy forces every business to re-evaluate and reinvent itself. That may sound off the wall, but its time to rethink why things worked in the past and what today has brought.
Is your product or service still relevant? Is the competition beating you on price, quality or service? These questions cause us to rethink our business idea. Is it due for an update or change in direction? Perhaps it’s time to stop the bleeding and pack it in.
Our economy will recover slowly. So our expectations of our customer base must, of necessity, be revisited. Are there new customers out there whom we could reach? If so, how? Or must we change our mode of operation?
The new media offers the clever entrepreneur a golden opportunity to compete with the brick and mortar sellers. But can your business model compete on a local basis that the media won’t reach? An understanding of your business and the dynamics of the past months might lead to you to establish a new set of goals and new methods to achieve them.
It may be a simple tweak to a durable business idea or a serious change in direction. But understanding the formula that worked before as well as devising a formula that will work today is the key to new success.
One thing is certain, customers are not as willing to part with their hard earned cash. In fact, the economy kicked them badly, so they are saving for the next rainy day, if they can. But there are niches in the armor that can be penetrated. What spending pattern is constant in spite of the economy? You may be able to sneak into those areas and find new success.
I guess what I’ve been saying is, “Look at your business in the mirror and see if the image you see is prepared for today and tomorrow.”
