BUSINESS
How to Convert Business Threats to Opportunity
They say that when life gives you lemons, you make lemonade. Sometimes our businesses face challenges and it is natural to feel anxious over the future of the business. It is important, however, not to be paralyzed by that anxiety. Sometimes, a business threat is the push we need to explore opportunities that advance our businesses and create that niche market that differentiates us from the rest of the pack.
The threats to our businesses do not always come in dramatic fashion. It could be losing the business of a big client, or a decline in sales figures because market tastes have changed, whatever the threat and however it comes we must be prepared to squeeze every drop of juice out of those lemons to make lemonade.
To do that, you must:
Know your market – who is your target, what do they want, how do they behave?
Keep up with trends – is there a new product, technology, process, etc., in your field? Are there new regulations that will affect your business?
Know what your competition is offering – has your competition offered a new service or product? Is there a gap in what your competition is offering? Your business could fill that gap for the market.
Defeat fear – going into new terrain is not a tea party but, as they say, nothing ventured, nothing gained. You have to push through the fear.
Weigh your options and try to manage your risk – risk is inherent in business. That’s just the nature of things. But you can learn how to manage your risk, especially when entering a new business area.
Use your strengths but do not be afraid to ask for help – get help to support you as you scale up. Be careful, when getting help, that you retain control of the processes that are integral to the operation of your business. Also, use appropriate contracts to define the relationship and protect your business assets, including intellectual property.
