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Greetings!
"The art of life is a constant readjustment to our surroundings."
~ Kakuzo Okakaura
Last Friday I attended the Kruse Way Economic Forum. For those of you who have not attended, it is a spotlight on three businesses who have had success in their industries despite adverse conditions. This fall, the three businesses were: Deek and Bryan's Next Adventure, Imperial Stock Ranch, and Miles Fiberglass and Composites.
Each of the businesses has faced challenges, both because of economic changes and because of impacts to their industries. But, each of these businesses chose to focus not on what was wrong with the industry or economic climate. Rather, they chose to focus on what they could do with the current set of circumstances.
For Deek and Bryan's, it involved looking at what they do best: used gear. They looked at how they could most effectively market that, without letting go of new gear sales. They became creative by looking at when most of their sales happen (3 months of the year) and set up a temporary store in Eugene for those 3 months to take advantage of that trend, among other things.
For Imperial, it involved looking at different ways to sell their product. They now sell directly to fine restaurants, rather than focusing solely on wholesale. They have worked hard to establish relationships with the environmental community. They have also expanded their offerings to include fine yarns and clothing.
For Miles, when the bottom fell out of the RV market (more than 50% of their business) they looked at where they could use their existing skills and knowledge in an emerging market. Now, a significant portion of their business comes from wind turbine repair.
Each of these businesses faced difficult choices with changing markets and chose to work with what is, rather than bemoaning what was.
When asked what they felt their biggest mistakes were, they said: Not reacting to changes quickly, not managing expenses and making too many visions realities all at once.
We can all learn from these examples. By building on your existing knowledge and skills, adapting to the changing markets, not adding so many new things that you stretch yourself too thin, and keeping up marketing efforts so you're top of mind when people are ready to take action you can thrive in changing times.
Take some time this week to work "on" your business. Think about how you can apply your currents skills to emerging trends so you, too, can prosper.
Wishing you fresh ideas that help your business thrive -
Cheri
Small Business Coach
Reiki Master/Teacher
503-970-1973
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