Voicings: Moving Forward
“The world hates change, yet it is the only thing that has brought progress.”
— Charles Kettering
At some point, whether the result of a normal business cycle or the unfortunate circumstances surrounding an economic downturn, every business will go through a slump in sales. These drop-offs can almost always be expected, but predicating when and how long your company takes a financial hit can create problems—especially for a small business operating on a limited cash flow.
While it’s certainly important to maintain a strong relationship with your current clientele and to continue to do what you do best during a tough economic climate, it’s also critical to avoid basing your business’ entire livelihood on a single market, product or service. Instead of cutting back as sales decline, you should consider expanding into new markets because, as the old adage says, “the best defense is a good offense.” Here are a few reasons why you and your company should consider expanding:
The Well Has Gone Dry
Perhaps your company started out a few years ago with the mission to focus on the high-end residential market in your region. With your team of experts and your top-notch service and support, your company experienced a good deal of success right out of the gate. Your company was growing and it was all you could do to keep up with all of the incoming work.
However, with such a small target market, your well of potential new clients was starting to dry up. Sure, you could always go back to your existing customers and try to up-sell, but in terms of growth, your company was starting to level off. Then, as the economy went into a tail-spin, your customer-base quickly cut back on spending and you’ve now found that well completely dry.