It seems that several of my posts lately are centered on the concept of change – how each of us need to look at the business we are in and evaluate how our services may need to be modified based on the current trends. For sure, this is important – especially after the past several years where almost all business models have been challenged.
Along with this evaluation of our own business models, it is equally important to look at our clients business as well. How have their own customers needs changed? Are their funding sources being re-structured, such as with State of Federal funding? Have technology trends impacted their industry? As I have also said in the past, it really is our client’s customers that we need to be thinking of – if we can help our clients improve their relationships with them, then we will prosper as well.
Having reviewed these factors, perhaps you will also find another need. Specifically, might it be time to find new markets to enter? With your modified business model in place you should look to see what other types of business you could be pursuing. Obviously it is good to look for growth industries, although most everybody will be concentrating there as well. So is there a market or type of client that others are not yet pursuing?
Another area that we can be looking at is when we are ready to hire new staff (novel concept!), do we just look to replace the job function that we had before? I would hope not. We need to concentrate on hiring people who can fill a variety of responsibilities and cross-train them right from the start. Can you find someone with a new skill set that fits the technologies you are behind the curve in? Perhaps a salesperson that has connections in those new markets you have identified? Now that we have all cut back, the idea of generating new business could have a huge impact.
As unstable as the market still is, for many businesses the next year or two will establish their future success. Opportunities abound, we just need to keep an open eye and willingness to change – to transform – into what we can be.