Written by: Vickie Sullivan | October 06, 2015
What to do when your market changes
I have a lot of conversations that go something like this, “Well, I was doing XXX, then XXX happened, so now I’m doing XXX and it doesn’t seem to be working. What are your thoughts?”
What happened: the market changed and your revenue is slipping. What happens next: too many folks just dig a deeper hole for themselves. By the time they stop digging, it’s too expensive and time consuming to make the needed changes. Here are a couple of dos and don’ts if you see warning signs:
- Don’t assume that your current clients will always buy from you. Buy time for the transition with different offers, but also look around at who can benefit from your expertise. It’s better to walk away from a dying market than to spend time trying to ride a dead horse.
- Don’t dawdle. Too many folks mess around in dying markets for years and run out of money before they make the change. Use the warning signs as a heads up, and start looking at other options. The sooner you lay the groundwork, the less risky the change.
Related: The blindspot that will pull you under.
- Do get mentally ready for going outside your comfort zone. Dealing with changing markets requires more than your initial assessment. More time, more effort and, yes, more resources. Cheap out on any of these things in the beginning and you will slow your progress.
- Do acknowledge what you don’t know. In uncharted territory, no one has a crystal ball. Be clear that there are paths and opportunities you may not know about. And be willing to do what it takes to figure that out. Get the help you need. Be decisive and act faster than your comfort zone may allow. Too many folks play too small in the beginning and run out of money before they run out of time.
In my years of business, I’ve walked away from what worked four times now. I know that “what in the !@*(@#! did I just do?” feeling. Believe me, this will pass. The biggest obstacle is our mental construct. Change that and our willingness to act, and we will control our destiny.
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