One of the funniest (well, really the saddest) things I have seen in this economic downturn is people who are giving up. They have been in business successfully for years, and they have made money, but with all the bad news out there, they are giving up what made them great. They are essentially outsourcing their focus. They are doing it with the best of intentions, but almost invariably it spells destruction.
What do I mean? Well, in theory at least, when you start a new business, you do it because you have some unique element that gives you a competitive advantage somewhere or somehow. Maybe you cater to a certain market segment, or to an age group, or a geographical area. Maybe your product is faster but more expensive than others and you cater to customers who are not worried about spending more to get the extra performance. Maybe your product is bigger than your competitor’s and you focus on people who want a bigger, more durable widget. Maybe your store is closer to a certain neighborhood and you focus on building relationships with people in that area. Whatever it is, you went into business with some sort of focus. Over the years, that may change as market conditions change, and that’s not necessarily a bad thing. Giving up what made you unique, however, should never be done out of fear.
The problem in “the worst blah blah blah since the great flood” (or whatever the media pundits call it today) is that people believe what they hear and then they panic. They start to lose their focus or worse yet, they outsource it entirely – (more…)
