Why are you in business? The very simple and obvious answer to that question is “To make a profit!”
However, we all have to remember that today’s marketplace is different from last years. Think for a moment of how Facebook has changed our planet, how can even
remember an ancient world of Pre-Internet?
Let’s have a look at the changing landscape and consider some industries that have disappeared:
1. Rag trade from the sheep’s back to small boutique factories.
2. Cameras, the film industry & Kodak are gone.
3. Video stores where membership was a prerequisite for hiring them.
4. Home deliveries of essential items Milk, Bread and Newspapers.
5. News Print, Hard copies are losing market share to online news.
6. Food Industry has lost to imported produce. Apples from China etc.
7. Sony Walkman from leader to an ancient story.
8. Nokia from Market Leader to catch up.
9. Briefcases to backpacks.
10. Watches are a diminishing business.
11. Yellow Pages from voted the most successful marketing in the world.
12. Bookshops lost to online book-stores.
13. Computers changing from Desktops-Laptops-Tablets.
14. The revolutionary Fax Machine gone?
15. Car manufacturing is dying & will disappear in Australia.
How many others can you add to the list?
Our children will be working in employment that hasn’t been thought of yet. How many ancillary jobs were reliant upon the above list?
When I was building houses there were 32 contractors involved (Not counting the manufacturers employees):
Plaster, Concreter, Bricklayer, Tiler, Glazier, Carpet Man, Painter, Curtain Person, Roofer, Landscape Artists, Appliance Stores, Lumber Yards, Transportation and
Drivers, Finance & Loan Specialists, Finance & Insurance Specilists – not to mention, Electricity, Water, Gas, Government and everything else!as
Will your business be impacted in the next 5 years?
Will your business relationships survive the future and how will you allow for that?
For example, my own business Citrine Property Investors is build strongly on relationships:
– Solicitor’s & Legal to check Contracts.
– Estate Planners.
– Conveyancer qualified in each state.
– Quantity Surveyors.
– Finance Broker’s and direct to Lenders.
– Financial Planners.
– Insurance Brokers.
– Managing Agent for client rentals.
– Builders & developers.
Until the last 2 years (when I started Business Networking) I never received a referral from the above even though for years, I had given away Millions of dollars
worth of business.
One of the above called and asked how much more business I was sending him as he would have to employ more staff (he then raised his fees). Another (the only one)
thanked me for ensuring he was the leading broker in his Aggregator Group Australia wide.
Note: I never accepted any commissions for giving referrals to these relationships all I demanded was that they look after my clients and keep me informed. However
when relationships become taken for granted times up, a simple thanks or a coffee would have been acceptable to me.
If my relationships break down or my suppliers dry up what do I do to stay in business?
How do you recognise change coming?
Look closely at the Xmas shopping period over the last 2 years:
– A major retailer expects turnover down 30%
– Another 2 retailers are charging $20 to try on clothes which are then taken off the price if purchased.
– One online company “Iconic” has just received another $25Million in funding to meet the online fashion demand. The company has experienced a 20% month on month
growth. – Iconic’s website is recording 180,000 visitors a day this grew to 300,000 a day over the Xmas period.
– Orders are up from 1000 / Day to 3000 / Day.
– White goods retailers are seriously hurting to the online market.
– Food outlets are unable to compete against cheap imports. Apples from China, Fruit juice from South America etc. It’s harder to purchase our home grown products.
– Labour from overseas to work in industries which we cannot apply for.
– The Motor Vehicle industry is in its death throes how many job losses in total will vanish. Say 3000 direct employees, how many other feeder businesses that supply
the trade and their employees will be impacted. Think just tyres for example let alone the myriad of other suppliers.
– Holden are already labelling some of their cars with Chevy badges.
Is that a clue?
In terms of understanding the Market with more and more to compete in the marketplace – we have to research and understand the direction, beliefs and personality of
the consumer. Like always reflecing on the differences between:
– War Babies
– Gen X
– Gen Y
– Gen Z
To stay viable and adapting to change the need to re-train re-educate and continually research what’s happening in your total sphere of influence and need.
Many relationships will change as people move in and out of employment and professions. Don’t let these changes affect the continuity of your business!
In fact, I Ralph Rintoule suggest:
– Subscribe to newsletters of all your relationships businesses.
– Subscribe to the lawmakers eg; ASIC, Fair Trading, Privacy Commissioner Etc.
– Industry magazines covering all your relationships businesses.
– Attend Seminars to keep yourself informed, many are free and run by the experts in their fields.
Simply if you do not keep informed you may seriously impair your business or be forced to leave your chosen field for a new direction. Can you?
New directions can men starting over with all the hassles and cash flow problems associated with a new venture. Think more of transitioning along the way.
“THE ONLY CONSTANT IS CHANGE”
Keep informed and grow a successful business! And of course, if you want to connect with me or need a hand with anything – you are welcome to drop me a line.
Thank you for taking the time to read this, it is very appreciated and I value your time!