Free daily tips, information, advice and ideas
to help you better manage your small business
There is no argument. Customers and clients are the reason you are in business. Without them, you are pursuing a hobby.
With this in mind, it follows that your main job is to sell them what they want. That keeps them coming back. Further, you must replace your present customers and clients--sooner or later you need to plan on losing every one of them.
And you must always be reaching out to add more. Nothing is more effective today than using social media to rein in new customers and keep present one happy.
Example: Sandra creates hand-painted scarves. She began her business by consigning her scarves in high end gift shops. She also created a website where she accepted orders. The business grew, and to handle multiple orders, Sandra hired a part time assistant who answered the phone, posted pictures on social media, and helped with office duties. Sandra devoted her time to creating, and she thought it was a good arrangement. Until, suddenly, she noticed several complaints on social media. Orders were going unfilled. Phone orders and complaints went unanswered--one complaint was weeks old and still not addressed. Customers were annoyed and they were passing the word around the net. Sandra replaced the assistant with someone more attentive to customers.
Example: Phil operates a local auto repair shop. He has two employees and a single lift. Phil is frequently handling repairs himself, so he let the phone go to voice mail. Customers were not very understanding--some assumed that the shop was closed, others were annoyed enough to call another repair shop. Phil was losing business. Today, he has a part time person, mornings only, who answers the phone by the second ring and handles other office duties.
Example: Frank established his restaurant business in an area surrounded by corporate offices and other businesses. He specialized in quick lunches for people on the go. To attract more customers, he posts his lunch specials on Facebook every morning. He attracted even more attention when he set up an app--people could order as they left their office and sit down to their lunch when they arrived at his place.
In business, you must provide customers what they want, when they want it. It's all about their convenience, not yours.
Social media provides a great mechanism to upgrade and extend your business. But you must stay on top of it--it is a daily activity.
Wednesday, September 23, 2015
Tuesday, September 22, 2015
Rear view mirrors
Free daily tips, information, advice and ideas
to help you better manage your small business
Looking back can be good or bad. It's good to remember what worked in your business in the past. And it's good to recall those things that did not work so well.
Looking back is your rear view mirror. It is your rudder that will help keep your sailboat on course.
Example: Fran is a great believer in social media as a tool to build a small business. For some time, she has been teaching many clients how to use Facebook, Instagram, Pinterest, LinkedIn, and others. She turned it into a viable small business of her own. Looking back, Fran could count many clients who greatly benefited from her expertise. She thought that all those clients were ready to take the next step. She devised a system that automated social media access for her clients. She now could place her clients on all sorts of social media. But clients resisted signing up for her new service. With little success, Fran finally realized that she was far ahead of the market curve. Her clients simply did not understand how her new automated service benefited them. She still offers the new automated service, but growth is slow. To prod signups, Fran is now taking an interim step--educating her small business clients into the benefits of automatically accessing many social media possibilities.
Example: Takisha is a hypnotherapist, seeing a client list that includes people with all sorts of problems. Physicians regularly refer people to her for help with pain management, grief, post-surgical adjustments, and the like. When a nutritionist friend suggested that they combine forces to offer sessions on controlling weight in people, Takisha turned down the opportunity. She thought it would lead her in a less-desirable direction. Months later, she realized her mistake--she missed an opportunity to grow her client base. The nutritionist who had approached Takisha had found another hypnotherapist, and, together, these two had established a booming new practice. They were holding regular paid private and group sessions for people who wanted to gain or lose weight, or simply to become educated on healthy eating.
Looking back, all of us can see the mistakes we've made. Sometimes, these can become clues to better manage our businesses.
Taking a look in the rear view mirror should never be a cause for regret. Whatever you see should be a learning experience.
Learn from your rear view mirror. When you see something that did not work very well, learn from it. And when you see you made a mistake, learn from it. Use your past to find the path to a brighter future.
to help you better manage your small business
Looking back can be good or bad. It's good to remember what worked in your business in the past. And it's good to recall those things that did not work so well.
Looking back is your rear view mirror. It is your rudder that will help keep your sailboat on course.
Example: Fran is a great believer in social media as a tool to build a small business. For some time, she has been teaching many clients how to use Facebook, Instagram, Pinterest, LinkedIn, and others. She turned it into a viable small business of her own. Looking back, Fran could count many clients who greatly benefited from her expertise. She thought that all those clients were ready to take the next step. She devised a system that automated social media access for her clients. She now could place her clients on all sorts of social media. But clients resisted signing up for her new service. With little success, Fran finally realized that she was far ahead of the market curve. Her clients simply did not understand how her new automated service benefited them. She still offers the new automated service, but growth is slow. To prod signups, Fran is now taking an interim step--educating her small business clients into the benefits of automatically accessing many social media possibilities.
Example: Takisha is a hypnotherapist, seeing a client list that includes people with all sorts of problems. Physicians regularly refer people to her for help with pain management, grief, post-surgical adjustments, and the like. When a nutritionist friend suggested that they combine forces to offer sessions on controlling weight in people, Takisha turned down the opportunity. She thought it would lead her in a less-desirable direction. Months later, she realized her mistake--she missed an opportunity to grow her client base. The nutritionist who had approached Takisha had found another hypnotherapist, and, together, these two had established a booming new practice. They were holding regular paid private and group sessions for people who wanted to gain or lose weight, or simply to become educated on healthy eating.
Looking back, all of us can see the mistakes we've made. Sometimes, these can become clues to better manage our businesses.
Taking a look in the rear view mirror should never be a cause for regret. Whatever you see should be a learning experience.
Learn from your rear view mirror. When you see something that did not work very well, learn from it. And when you see you made a mistake, learn from it. Use your past to find the path to a brighter future.
Monday, September 21, 2015
Thinking ahead
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to help you better manage your small business
Everybody thinks ahead. Thinking ahead is the stuff of dreams and hopes and planning and possibilities.
In business, you are continually sorting out the additional things you might do. You think through how to handle current problems. And you think through ways to grow and expand.
Example: Alicia is a veterinarian. She concentrates on dogs, cats and small "pocket" pets. Thinking about how to expand, she considered all sorts of possibilities. She made arrangements with a specialist in animal Reiki to offer these services on a regular day each week. It helped, but Alicia wanted to do more. She undertook training and got certified in animal acupuncture. Offering Reiki and acupuncture services has considerably expanded the market she serves--and is bringing more clients to her animal clinic.
Example: Josh has an extensive background in computers and all things electronic. He installs computer systems in small and medium size businesses. He networks the set-ups. And he trains employees of clients in the systems they use. Thinking ahead, he began offering new services and training in social media. Josh's clients were all over the map in understanding how to use social media and how it could help them in running their businesses. He began holding training sessions at client's offices. Then, looking ahead, he began setting up sessions that were open to the public. This attracted a great deal of attention, and Josh has added new clients of all his services.
Example: Judy is an artist who makes jewelry. She set up her original jewelry business to consign her creations to high end gift shops. She also set up her own website. Thinking ahead, she expanded by establishing a presence on Etsy. This had the advantage of reaching a much wider audience. Then she heard about 3D printing and wondered if this process might represent a future way to turn her designs into jewelry creations. Investigating, Judy discovered that an artist was already using 3D printing to create jewelry. She figured that there was room for some competition, and so she decided to take the first step. She is now researching several small 3D printing businesses that will take her designs and turn them into items that will sell in the jewelry market.
Thinking ahead is an important part of your job as a business owner. You are sailing your own ship, and you must be ready for an unexpected storm.
Storms can be physical--think fire, flood, electrical failure, employees quitting, suppliers disappearing. You must be ready in case one of these things happens.
Storms can also come at you from the marketplace. Thinking ahead can prepare you for economic downturns, fads and fashions going out of style, the possibilities of social media marketing, and the possibility that a premature expansion might bankrupt your business. Think ahead.
Thinking ahead means you are sorting out various plans, different ways to address the marketplace and succeed. Always, always reduce everything to actual and projected numbers in your business plan.
to help you better manage your small business
Everybody thinks ahead. Thinking ahead is the stuff of dreams and hopes and planning and possibilities.
In business, you are continually sorting out the additional things you might do. You think through how to handle current problems. And you think through ways to grow and expand.
Example: Alicia is a veterinarian. She concentrates on dogs, cats and small "pocket" pets. Thinking about how to expand, she considered all sorts of possibilities. She made arrangements with a specialist in animal Reiki to offer these services on a regular day each week. It helped, but Alicia wanted to do more. She undertook training and got certified in animal acupuncture. Offering Reiki and acupuncture services has considerably expanded the market she serves--and is bringing more clients to her animal clinic.
Example: Josh has an extensive background in computers and all things electronic. He installs computer systems in small and medium size businesses. He networks the set-ups. And he trains employees of clients in the systems they use. Thinking ahead, he began offering new services and training in social media. Josh's clients were all over the map in understanding how to use social media and how it could help them in running their businesses. He began holding training sessions at client's offices. Then, looking ahead, he began setting up sessions that were open to the public. This attracted a great deal of attention, and Josh has added new clients of all his services.
Example: Judy is an artist who makes jewelry. She set up her original jewelry business to consign her creations to high end gift shops. She also set up her own website. Thinking ahead, she expanded by establishing a presence on Etsy. This had the advantage of reaching a much wider audience. Then she heard about 3D printing and wondered if this process might represent a future way to turn her designs into jewelry creations. Investigating, Judy discovered that an artist was already using 3D printing to create jewelry. She figured that there was room for some competition, and so she decided to take the first step. She is now researching several small 3D printing businesses that will take her designs and turn them into items that will sell in the jewelry market.
Thinking ahead is an important part of your job as a business owner. You are sailing your own ship, and you must be ready for an unexpected storm.
Storms can be physical--think fire, flood, electrical failure, employees quitting, suppliers disappearing. You must be ready in case one of these things happens.
Storms can also come at you from the marketplace. Thinking ahead can prepare you for economic downturns, fads and fashions going out of style, the possibilities of social media marketing, and the possibility that a premature expansion might bankrupt your business. Think ahead.
Thinking ahead means you are sorting out various plans, different ways to address the marketplace and succeed. Always, always reduce everything to actual and projected numbers in your business plan.
Friday, September 18, 2015
New market paths
Free daily tips, information, advice and ideas
to help you better manage your small business
Small expansions can point the way to new directions for your business. It's a way of testing the market possibilities.
You already do this. But do you view it as a test? A way to find new markets? A path toward future expansion?
Example: Becky is running a successful jewelry-making operation. It wasn't always so. She began years ago, gradually turning a hobby into a business. With an artistic flair, she turned small found objects into pins, necklaces, earrings. A brooch, for example, she made with buttons and bottle caps. She turned a bent spoon handle into a ring, and so on. But many of her ideas and designs remained locked in her head--for lack of found materials. Becky recently discovered 3D printing, or additive manufacturing, in which items can be created in plastic or metal. When office supply giant Staples began offering the service to the public, Becky tested some of her ideas. She is now headed toward expanding her jewelry-making operation using 3D printing. Her ideas will go into the computer and out will come creations far removed from the days she started as a hobby. Now, Becky can truly create using leading edge technology, and she will be offering limited editions of her unique jewelry.
Example: Zack's family has been farming for many generations. His father decided decades ago to create an apple orchard. Acres of apple trees began producing many different varieties of apples, and Zack grew up in the family apple business. Most of the apple production was sold in the wholesale markets. He expanded his father's business by offering pick-your-own apples and selling at several farm markets. Then he added a big cider mill, bottling cider for both retail and wholesale markets. This provided new market paths for the farm's apple production. Zack spotted another new market path--the production of hard cider and apple wines. He is now getting licensed and installing the equipment to add another market path to the apple operation. He is busily setting out more apple trees, adding more acres of orchard to supply more apples in his expanding operation.
More examples: A chiropractor adds a nutritionist and a massage therapist, headed toward creating a wellness center. A computer repair technician expands by offering coaching and training in social media to small businesses. A consignment shop expands by offering collectibles on eBay, gradually transforming a local business into a national base and destination on its website. An attorney expands by tackling the elder care market. A cafe begins offering gluten-free and vegetarian meals--appealing to new market segments.
And so it goes. New market paths are all around you. You cannot be all things to all people, but you can test one possibility at a time.
Alert business owners investigate and evaluate new market paths. The way forward is always there--waiting for you to take advantage.
to help you better manage your small business
Small expansions can point the way to new directions for your business. It's a way of testing the market possibilities.
You already do this. But do you view it as a test? A way to find new markets? A path toward future expansion?
Example: Becky is running a successful jewelry-making operation. It wasn't always so. She began years ago, gradually turning a hobby into a business. With an artistic flair, she turned small found objects into pins, necklaces, earrings. A brooch, for example, she made with buttons and bottle caps. She turned a bent spoon handle into a ring, and so on. But many of her ideas and designs remained locked in her head--for lack of found materials. Becky recently discovered 3D printing, or additive manufacturing, in which items can be created in plastic or metal. When office supply giant Staples began offering the service to the public, Becky tested some of her ideas. She is now headed toward expanding her jewelry-making operation using 3D printing. Her ideas will go into the computer and out will come creations far removed from the days she started as a hobby. Now, Becky can truly create using leading edge technology, and she will be offering limited editions of her unique jewelry.
Example: Zack's family has been farming for many generations. His father decided decades ago to create an apple orchard. Acres of apple trees began producing many different varieties of apples, and Zack grew up in the family apple business. Most of the apple production was sold in the wholesale markets. He expanded his father's business by offering pick-your-own apples and selling at several farm markets. Then he added a big cider mill, bottling cider for both retail and wholesale markets. This provided new market paths for the farm's apple production. Zack spotted another new market path--the production of hard cider and apple wines. He is now getting licensed and installing the equipment to add another market path to the apple operation. He is busily setting out more apple trees, adding more acres of orchard to supply more apples in his expanding operation.
More examples: A chiropractor adds a nutritionist and a massage therapist, headed toward creating a wellness center. A computer repair technician expands by offering coaching and training in social media to small businesses. A consignment shop expands by offering collectibles on eBay, gradually transforming a local business into a national base and destination on its website. An attorney expands by tackling the elder care market. A cafe begins offering gluten-free and vegetarian meals--appealing to new market segments.
And so it goes. New market paths are all around you. You cannot be all things to all people, but you can test one possibility at a time.
Alert business owners investigate and evaluate new market paths. The way forward is always there--waiting for you to take advantage.
Thursday, September 17, 2015
Business distractions
Free daily tips, information, advice and ideas
to help you better manage your small business
Business distractions can lead you to more expansion and growth. Or they can lead you down paths that are detrimental to your business.
Example: Jeff is a photographer. He has built up his business providing product shots for other businesses and corporations. He enjoyed a good and expanding reputation among clients, and referrals came in at a good pace. A friend of Jeff approached him to do some special photography--of a wedding and the reception. As a favor to his friend, Jeff agreed. It was a mistake. The job took Jeff beyond his comfort zone and expertise. In addition, the timing caused Jeff to forego an assignment for a major corporation. Plus, the friend became very demanding in follow-up. Jeff learned a valuable lesson--you cannot be all things to all people, even if they are good friends. He learned to avoid business distractions.
Example: Susan operates a hair salon. She was asked by one of her customers to help with a fund-raiser for a local charity. She agreed, and she was good at it. That success brought more townspeople to her door, asking her to help with other community efforts. Susan was suddenly overwhelmed with projects that took more and more of her time. While she enjoyed these philanthropic undertakings, her business suffered. She realized that she must rein in the community efforts in favor of running her own business. She resigned from the committees that were sapping too much of her time, and she began concentrating on the salon again. Susan put a business distraction in its proper place. She still helps out with community efforts, but keeps these distractions in check.
Example: Linda is a fiber artist who concentrates on making women's hats. The hats sell very well, especially those Linda decorates with pins she creates using pieces of satin and velvet, buttons and bows, and other things, including silk flowers. Customers began asking to buy the pins separately, leaving the hats behind. Linda faced a business decision. Is the market saying that the appeal for hats is ending? Or is the market saying that her future is in selling pins? Which one is the market distraction going forward? Linda decided to test the market by continuing to offer hats without pins, and she would sell pins separately--adding the pin selected by the customer. It worked out well for Linda who now makes more income for, in many cases, the same product. She solved a business distraction by segmenting the market, increasing her income in the process.
Business distractions can sometimes point the way to a healthier business model. Other times, you can chase distractions at the expense of your business.
When a distraction presents itself in your business, get into your analysis mode. The marketplace is your guiding light. Rework your business plan.
to help you better manage your small business
Business distractions can lead you to more expansion and growth. Or they can lead you down paths that are detrimental to your business.
Example: Jeff is a photographer. He has built up his business providing product shots for other businesses and corporations. He enjoyed a good and expanding reputation among clients, and referrals came in at a good pace. A friend of Jeff approached him to do some special photography--of a wedding and the reception. As a favor to his friend, Jeff agreed. It was a mistake. The job took Jeff beyond his comfort zone and expertise. In addition, the timing caused Jeff to forego an assignment for a major corporation. Plus, the friend became very demanding in follow-up. Jeff learned a valuable lesson--you cannot be all things to all people, even if they are good friends. He learned to avoid business distractions.
Example: Susan operates a hair salon. She was asked by one of her customers to help with a fund-raiser for a local charity. She agreed, and she was good at it. That success brought more townspeople to her door, asking her to help with other community efforts. Susan was suddenly overwhelmed with projects that took more and more of her time. While she enjoyed these philanthropic undertakings, her business suffered. She realized that she must rein in the community efforts in favor of running her own business. She resigned from the committees that were sapping too much of her time, and she began concentrating on the salon again. Susan put a business distraction in its proper place. She still helps out with community efforts, but keeps these distractions in check.
Example: Linda is a fiber artist who concentrates on making women's hats. The hats sell very well, especially those Linda decorates with pins she creates using pieces of satin and velvet, buttons and bows, and other things, including silk flowers. Customers began asking to buy the pins separately, leaving the hats behind. Linda faced a business decision. Is the market saying that the appeal for hats is ending? Or is the market saying that her future is in selling pins? Which one is the market distraction going forward? Linda decided to test the market by continuing to offer hats without pins, and she would sell pins separately--adding the pin selected by the customer. It worked out well for Linda who now makes more income for, in many cases, the same product. She solved a business distraction by segmenting the market, increasing her income in the process.
Business distractions can sometimes point the way to a healthier business model. Other times, you can chase distractions at the expense of your business.
When a distraction presents itself in your business, get into your analysis mode. The marketplace is your guiding light. Rework your business plan.
Wednesday, September 16, 2015
Customer demands
Free daily tips, information, advice and ideas
to help you better manage your small business
Keeping your customers and clients happy can take lots of your time. It is time well-spent. You do whatever it takes to keep customers coming back. If they are not happy, they might not return.
Customers and clients generally fall into several different categories. Some will complain about everything--it's who they are. Others are the silent types--you never hear anything from them, good or bad. Still others are actively involved with your products or services--you get referrals from them because they are naturally gregarious.
So, the demands of your clients and customers have effects on you and your business. It's up to you to sort out customer demands and act accordingly.
Example: Jillian designs and sell jewelry through her small shop and through her website. She uses social media to promote her jewelry and this drives customers to the website. She got an email from a customer complaining that the earrings she received were not the ones she ordered. Jillian immediately responded, telling the customer that the correct earrings were already on the way, and "just keep both pairs of earrings, our compliments." The customer thanked Jillian profusely and posted great reviews on social media.
Example: Paul operates a small auto repair shop. He has a single lift and two employees. Paul is frequently tackling repairs himself when the phone rings. He lets it go to voice mail, but no one was leaving a message. Paul realized that customers were not being properly handled. He hired a part time, mornings-only person to answer phones and other offices duties. Customers now always get a response when they call--by the second ring.
Example: Delano operates a health foods store with a small staff. He got called aside by a customer who complained about treatment by one of the employees. Delano thanked the customer and began watching his operation more closely. He noticed that the employee in question was indeed terse and quick to dismiss customers' questions. Delano began working with the employee to present a better attitude to customers. It has worked out well for Delano, the employee and the customers.
Simple changes in your operation can sometimes make all the difference in the world dealing with customers. Other times, it can be more difficult to remedy the situation. It's up to you to do whatever it takes.
Always listen to your clients and customers--whatever their complaint. Then, handle it. The goal is to retain the relationship over the long term.
to help you better manage your small business
Keeping your customers and clients happy can take lots of your time. It is time well-spent. You do whatever it takes to keep customers coming back. If they are not happy, they might not return.
Customers and clients generally fall into several different categories. Some will complain about everything--it's who they are. Others are the silent types--you never hear anything from them, good or bad. Still others are actively involved with your products or services--you get referrals from them because they are naturally gregarious.
So, the demands of your clients and customers have effects on you and your business. It's up to you to sort out customer demands and act accordingly.
Example: Jillian designs and sell jewelry through her small shop and through her website. She uses social media to promote her jewelry and this drives customers to the website. She got an email from a customer complaining that the earrings she received were not the ones she ordered. Jillian immediately responded, telling the customer that the correct earrings were already on the way, and "just keep both pairs of earrings, our compliments." The customer thanked Jillian profusely and posted great reviews on social media.
Example: Paul operates a small auto repair shop. He has a single lift and two employees. Paul is frequently tackling repairs himself when the phone rings. He lets it go to voice mail, but no one was leaving a message. Paul realized that customers were not being properly handled. He hired a part time, mornings-only person to answer phones and other offices duties. Customers now always get a response when they call--by the second ring.
Example: Delano operates a health foods store with a small staff. He got called aside by a customer who complained about treatment by one of the employees. Delano thanked the customer and began watching his operation more closely. He noticed that the employee in question was indeed terse and quick to dismiss customers' questions. Delano began working with the employee to present a better attitude to customers. It has worked out well for Delano, the employee and the customers.
Simple changes in your operation can sometimes make all the difference in the world dealing with customers. Other times, it can be more difficult to remedy the situation. It's up to you to do whatever it takes.
Always listen to your clients and customers--whatever their complaint. Then, handle it. The goal is to retain the relationship over the long term.
Tuesday, September 15, 2015
Failing forward
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to help you better manage your small business
Nobody wants to fail. Nobody plans to fail. Failure is not an option with owners of a business.
But failure can engulf you and your business. When this happens, recognize it for what it is. Step aside and learn from it.
Example: Jose saw an opportunity. He established a Texas style barbeque restaurant. It was an immediate hit and customers flocked to the place. As months turned into years, Jose noticed a drop in customers. He looked around at the industry in general. What he saw was an increasing interest in farm-to-table operations and in healthy eating establishments. His own restaurant continued to decline in spite of his use of social media to promote barbeque. Jose came to the conclusion that his menu was out of step with the changing times. The marketplace had moved on, his customers were an aging group, and it was decision time. He could continue serving a declining segment of restaurant diners, which would likely fail in the long run, or he could reinvent himself. He took an unusual approach. He continued to offer the barbeque menu--to caterers in the area that served organizations and other gatherings. The restaurant was redesigned, including the menu, to appeal to currently fashionable diner interests in healthy eating and farm-to-table items.
Example: Susan is a yoga expert. She offers individual sessions as well as group gatherings. Her business was successful, but the competition was fierce. She was suddenly working twice as hard just to maintain the same level of business. She could see failure looming. She decided to catch the wave of interest in yoga by teaching others. Today, Susan's business is thriving. She concentrates on sessions designed to teach others. Her sessions attract people interested in setting up their own yoga studios. These sessions attract attendees from a wide area, and she is increasing attendance using social media. She also has set up several podcasts and instructional sessions through her website. Susan successfully reinvented her business by concentrating on a market segment she previously did not serve.
Example: Growing up, Alex cut lawns for neighbors. When he graduated from high school, he expanded his lawn-cutting business to include suburban businesses and organizations that had lawns needing maintenance. When several of his corporate clients decided to plow up the lawns and plant wild flowers, Alex was attentive to the marketplace. He now is a wild flower expert, and he has grown his business. He still maintains a few lawns, but one by one, they are dropping away.
When you see failure looming ahead in your business, it is time to transition. Create a new business model. If all else fails, close the door and start again in a new business.
Failing forward means paying close attention to the ever-changing marketplace. You can surf many marketplace waves for a very long time. Others, not so much. Catch another wave before you crash into the rocks.
to help you better manage your small business
Nobody wants to fail. Nobody plans to fail. Failure is not an option with owners of a business.
But failure can engulf you and your business. When this happens, recognize it for what it is. Step aside and learn from it.
Example: Jose saw an opportunity. He established a Texas style barbeque restaurant. It was an immediate hit and customers flocked to the place. As months turned into years, Jose noticed a drop in customers. He looked around at the industry in general. What he saw was an increasing interest in farm-to-table operations and in healthy eating establishments. His own restaurant continued to decline in spite of his use of social media to promote barbeque. Jose came to the conclusion that his menu was out of step with the changing times. The marketplace had moved on, his customers were an aging group, and it was decision time. He could continue serving a declining segment of restaurant diners, which would likely fail in the long run, or he could reinvent himself. He took an unusual approach. He continued to offer the barbeque menu--to caterers in the area that served organizations and other gatherings. The restaurant was redesigned, including the menu, to appeal to currently fashionable diner interests in healthy eating and farm-to-table items.
Example: Susan is a yoga expert. She offers individual sessions as well as group gatherings. Her business was successful, but the competition was fierce. She was suddenly working twice as hard just to maintain the same level of business. She could see failure looming. She decided to catch the wave of interest in yoga by teaching others. Today, Susan's business is thriving. She concentrates on sessions designed to teach others. Her sessions attract people interested in setting up their own yoga studios. These sessions attract attendees from a wide area, and she is increasing attendance using social media. She also has set up several podcasts and instructional sessions through her website. Susan successfully reinvented her business by concentrating on a market segment she previously did not serve.
Example: Growing up, Alex cut lawns for neighbors. When he graduated from high school, he expanded his lawn-cutting business to include suburban businesses and organizations that had lawns needing maintenance. When several of his corporate clients decided to plow up the lawns and plant wild flowers, Alex was attentive to the marketplace. He now is a wild flower expert, and he has grown his business. He still maintains a few lawns, but one by one, they are dropping away.
When you see failure looming ahead in your business, it is time to transition. Create a new business model. If all else fails, close the door and start again in a new business.
Failing forward means paying close attention to the ever-changing marketplace. You can surf many marketplace waves for a very long time. Others, not so much. Catch another wave before you crash into the rocks.
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