Seth Godin has just posted a short but sweet article on pivot points of change.
When industry norms start to die, people panic. It’s difficult to change when you think that you must change everything in order to succeed. Changing everything is too difficult.
Simple examples:
- Keep the musicians, but change how you make money (sell concerts, not CDs).
- Keep making guitars, but make bespoke expensive ones, not the mass market ones that overseas competition has made obsolete.
- Keep the punch press and the lathe, but make large scale art installations, not car parts.
- Keep your wealthy travel clients, but sell them personal services instead of trips to Europe.
- Keep the factory that makes missiles, but figure out how to make high-efficiency turbines instead.
These are some great points and make you think about your business in a new way. After all things are changing, thousands of people are losing their jobs and they need to figure out a new way to support their families. Thousands of businesses are going out of business and they need to find a way to redefine themselves, to stay in business. Time are a changin.
How will you cope with the changing economy? It’s time to be inventive.