When you enter a business field, you do so because you’re confident that you could become the top dog and take that niche by storm. But, after a few years in the industry, you start to notice some worrying trends – you’re no longer as relevant as you’d like, and for the life of you, you can’t work out why.
Seemingly overnight, customer accounts that seemed like they were yours to stay are suddenly turning away, and onboarding is challenging to come by too. It can be a real blow but, with current markets changing faster than ever, you certainly wouldn’t be alone.
That said, the speed with which things are changing right now means that if you snooze despite these early warning signs of lost relevance, you’ll almost inevitably lose your investments. To avoid that, consider the following steps that you can take the moment your relevance comes under fire.
Look at what your competitors are doing
Better even than industry news or updates, your competitors (at least successful ones) can sometimes be the best guide as to where your business should realistically be. While you won’t want to mimic their techniques exactly, studying their habits/sales approaches at any given time can help you to see where the industry stands, where you’re falling down, and perhaps even what you need to do to cover that gap.
Refresh your knowledge
Often, we study a subject avidly when we’re first considering breaking into that field, but then quickly let things slide. That’s often why relevance takes a hit, and refreshing your knowledge at regular intervals is the only way to avoid the curse. Luckily, online learning and adult classes make this easier than ever. Say, for instance, that you studied retail at college. You may well find that a refresher customer service course is your best bet at rejuvenating your offerings. Equally, someone who studied accounting could benefit from a further tax preparer course like those offered by the Universal Accounting School. Either way, you should never assume that there isn’t anything else to learn. Instead, keep some level of curiosity and embark on a new course at least every six months to keep your knowledge and your services as relevant as possible.
Don’t be afraid to change your plan
Too often, services fall out of relevance because we hold too tightly onto an outdated business plan that we wrote twenty years ago. In reality, however, business plans should only ever be treated as blueprints, and you should never shy from making changes along the way. Instead, an adaptable business plan that you rejig at least once a year, if not every six months, ensures that you’re not only working towards goals but that they’re as relevant as they possibly can be.
The business tide is fast, and that can be daunting, but even if you feel like you’ve been swept up in that current, these steps should help you to come out as a top contender again in no time.
Be safe out there.
Popular posts on Bag of Cents:
Leave a Reply