The One Thing That Should Never Change in Your Business
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Is your core business built on something that will change or something that will never change? It’s not a question we often ask ourselves as business owners, oftentimes because we are so close to our business that we can’t see change coming or can’t objectively look at our threats.
Blockbuster was built on the assumed evergreen demand for discs and cassettes in order for their customers to watch movies. What they didn’t realize was that their customer base wasn’t interested in how the movie was delivered. When Netflix arrived on the scene and offered a more convenient way to get the same movies, Blockbuster tanked. They forgot it was about the movies and how quickly and efficiently the customer base could consume them.
The retail industry is experiencing the same challenges today. Many retailers have learned the hard way that the only reason customers were coming into their stores was that that was the only way to purchase the items needed. Along came Amazon and proved that the retail industry had focused on the wrong thing, were too dependent on their expensive real estate (which added little value to the customer experience) and instead offered the same products without having to leave the couch and just like Blockbuster, the retailers are struggling.
Have you considered what business you’re really in? Is your purpose and core business evergreen or are you at the mercy of the next competitor with deeper pockets or better technology or a more convenient way to do business?
Be careful you’re not building your business on something changeable, replaceable or just a fad. In this video, Barry Chandler discusses how to be in the business of an evergreen need that your customers have.
Don’t Be Tempted to Persuade Your Clients
Recently, I've been seeing a lot of articles about Advisors persuading clients to move from active management to passive management. Persuading clients to follow the way you manage investments is a big mistake. Do this instead.
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