It can be a challenge to know when to change your business. You’ve probably developed a level of expertise and success. But it can be undermined or threatened by unexpected changes, like the coronavirus.
For some, making a shift is difficult, as you may not know where to start. Let’s outline an exercise that can help you and your team improve your focus, during a time when you need to be at your very best. It’s about separating processes or offerings into two groups.
Museum Pieces
Items in a museum are treasures that are kept behind glass or a velvet rope. You don’t touch them.
For your business, these are the things you do best. You don’t want to change your core offerings or best practices.
For instance, a car repair business shouldn’t become a restaurant because a few customers say they like the coffee in the waiting room.
But just because you don’t touch a museum piece doesn’t mean you can’t change how it’s showcased. In museums, items can be highlighted through special shows, different locations, or with multi-media presentations.
For the car repair business, while the core offering stays the same, you might adjust your hours of service or do more to promote your customer safety and social distancing policies.
Think about how you can better promote or adjust the availability of your museum offerings, when it’s time to think about when to change your business.
Your Stradivarius Items
Stradivarius violins and other musical instruments were created in the 17th and 18th centuries. They are highly respected for their sound quality and are viewed as treasured possessions. You might think they can only be found in museums.
However, collectors of these instruments often loan them out to symphonies for their use. A Stradivarius needs to be played, so it retains its sound quality. If you lock it up in a cabinet, then over time, it will start to sound worse.
In your business, identify those processes that need to be played like a Stradivarius violin. Only instead of making music, you’re adjusting things, based on new market conditions.
For instance, instead of having your sales department spend all of its time looking for new business, a percentage of that time could be devoted to checking in with previous customers.
Sometimes, it’s much easier to sell to someone who has bought from you in the past, rather than having to find a first time buyer. This kind of followup can help nudge a past customer toward a future sale.
Final Thought
It’s not easy to decide when to change your business and you should avoid making rushed or panicked decisions. Collaborate with your team, determine your museum or Stradivarius items, and then develop action plans. It can be the first step in an important process.
Ken Okel Performs Virtual Keynotes Too
