Running a business can be quite complicated in many ways. One of the most difficult aspects of becoming and remaining successful is navigating the market. There is no doubt that knowing what the market is doing, understanding how it works, and staying on top of market research is vital to success. Is the market always right though?
Are there times when you would be wiser to ignore the market and leave your business alone, letting it chug along happily in the direction it is going? Does a market change always dictate a business change? The answer to this is, again, complicated. In the end, it depends on who you trust, the market, or your clients.
What You Know…
The first thing you have to do is figure out what you know. Do you know you customers? Do you know their needs and what they hope to accomplish by using your product or service? Do what needs to be done to be sure your truly understand their individual needs. This will make all the difference many times over in serving them well. Hold on to what you know and keep a record, so that you can better make informed decisions later.
What You Don’t Know…
You don’t know how the market’s needs will change. What is going to happen in the market you serve and how you are going to need to adjust to meet the needs those changes create is highly unpredictable. Stay on top of market research so that when something does happen, you are the first to know. If you can know a little ahead of time, that is even better.
What Do You Trust?
The answer is both. You have to serve your existing clients the way they need to be served. This may or may not change with the market. If it does change, then there is no real issue. However, if your business needs to make adjustments to meet changes in the market, and those adjustments are going to affect existing clients, all or some or even just one, in a way that does not continue to serve them well, there is an issue.
What Are Your Options?
There are a couple. Of course, you could do what you have to do for the market and not sweat the loss of ability to service to a few clients. You could ignore the market and continue to service current clients in the same way, despite the loss of potential to serve future clients better. Is there something in between?
You could change to meet market demands, while giving existing clients the option to move forward, or be grandfathered in under the old ways. The question is, of course, is this feasible? Is the cost of this worth the benefit? A cost benefit analysis may be necessary to determine the answer.
There are many dilemmas small businesses face on a daily basis. Biz2Credit can take some of the pressure off by helping you find the financing you need to handle whatever comes your way. Our network of lenders offers small business financing of all types. Visit Biz2Credit.com today to find out more.