What do all of the following companies have in company? (Warning some of the names on this list might trigger a trip down memory lane for those over the age of 35.)
MCI World Com
Every company name on this list is now apart of the unfortunate club of “Closed for Business”.
What was the fatal flaw that caused their demise?
There are many specific reasons for each company that led to them vanishing from the market. Some are due to lost sales. Others found themselves in the position of over saturation in the market and could not keep up with the demand. And of course, there are those that have questionable accounting practices, triggering a revamp of how many companies projected revenue for their organization.
The death of each company began when they forgot the first vital rule in business “Slow to Change = Path to Fail”
In working with clients in a range of industries we have companies fall into this trap, some without even knowing it. How does this happen & what are the steps you can take to avoid being apart of the “Closed for Business” club?
Here are two tips you can take action on today.
Be Aware & Reinvent
We live in a day when technology is changing every other day. There is the announcement of a new app or the latest social media platform that is proclaimed as the “most have app for the year”. The easiest example is when you’ve purchased the latest smart phone to only have a newer version released six months later. What does this mean to you as a business owner?
Tip # 1 - Have the needs of your ideal client changed?
A prime example of this is commonly found in the Real Estate industry when a young married couple purchases their first home. Realtors frequently find that the couple has a list of demands that are based on their lifestyle as renters (i.e., location, commute to work, dining options, etc). The job of the Realtor is to find a home for the couple within their budget and their demands. Many times one of the desires of the buyers have to be compromised. Do they choose a home within their budget but not within the area they want? The alternative is to increase their budget to live in the area that they want.
Bottom line, a choice has to be made & they need an expert to show them the way.
Down the road when the couple makes the decision right for them and become lucky first time home buyers they find themselves in the position of needing to upgrade their home. The addition of children or taking care of elderly parents will turn the one bedroom condo into the house with a yard.
What’s the point here? A professional sales person will be aware of how the needs to their clients have changed & they can provide a solution to that problem. A realtor that might primarily sell condos will have to expand the products they offer to keep up with the demand of their client.
This is the definition of being aware & reinventing your business.
Tip # 2 - Stay Relevant
Do you need Social Media? Yes. Do you need every platform on Social Media? It depends.
Here are a few questions to ask in order to determine which one is a good fit for you?
Where do your customers congregate? Think of Social Media as the old school office water cooler. Your business is the water cooler & everyone that gathers around is buying what you have to sell.
- What does your client read?
- Where do they shop?
- Who do they listen to for motivation & inspiration? (Note: you should be on top of their list)
Does the latest app help to place you in-front of the locations that your client is hanging out? Yes? Then proceed with a strategic approach of how you can send massive content out into the market & redirecting them back to you.
Years from now when news channels publish the latest list of companies “Closed for Business” will your name be on that list? Hate even the thought of that happening? Good but what action will you take to make sure this doesn’t become a reality?
Start with receiving a free business evaluation of what your company needs to change to reach the goals for this year. Click here to schedule your private session
The VOS Group LLC delivers solutions to create seamless business operations to reduce lost revenue, create a more productive team and loyal customers. We also provide executive coaching & organizational development courses to support each phase of your companies growth. To learn more visit www.vosgroup.org