{"id":2356,"date":"2020-04-17T11:01:35","date_gmt":"2020-04-17T09:01:35","guid":{"rendered":"http:\/\/yourownventure.com\/?p=2356"},"modified":"2024-07-16T14:30:48","modified_gmt":"2024-07-16T12:30:48","slug":"should-we-stick-to-what-we-are-good-at","status":"publish","type":"post","link":"https:\/\/yourownventure.com\/en\/should-we-stick-to-what-we-are-good-at\/","title":{"rendered":"Should we stick to what we are good at?"},"content":{"rendered":"\n

The crisis hits many\nentrepreneurs hard. A sudden drop in demand of 30% or more. Responding quickly\nis a must for survival. Where possible, costs are immediately reduced and cash\nis king. Customers are cherished and all creativity is used to generate extra\nturnover.<\/p>\n\n\n\n

But how far does\nyour creativity go? You keep doing what you always did and what you are good\nat; what you were so successful with until recently? What people know and value\nabout your company? Will you stick to the stategy or will you radically change\ncourse under pressure?<\/p>\n\n\n\n

Need to change?<\/strong><\/h4>\n\n\n\n

First of all, take a\ngood look if you really need to change. Is your company able to survive despite\nless demand for your products or services? Keep in mind that current government\nsupport are temporary and partly mean a shift in costs. After that you really\nhave to be able to stand on your own two feet again.<\/p>\n\n\n\n

Try to estimate as\nfair as possible how your market will develop in the slightly longer term.\nSuper difficult at this time! So work out a few scenarios and think about the\nconsequences for your company.<\/p>\n\n\n\n

Change is necessary!<\/strong><\/h4>\n\n\n\n

Many entrepreneurs\nhave to choose a change of course. To generate sufficient cash in the short\nterm. Or to have a right to exist in the slightly longer term in a market that\nwe had not thought possible two months ago.<\/p>\n\n\n\n

It is inspiring to\norganize a creative brainstorm with others. Of course in the short term and in\na limited time box; after all, something must be done quickly! My tip is to go\nback to good old Ansoff with its growth matrix. This is still a great way to discuss\na few variants and ultimately make your choice:<\/p>\n\n\n\n

1. You remain active\nin your current market with your current product. For example, you are going to\ndeliver your product in a slightly different way. Think of providing an online\ntraining instead of in class. Or have your meals delivered instead of served in\nthe restaurant. This variant is the least risky, but the question is whether\nthis will offer enough new opportunities for your company.<\/p>\n\n\n\n

2. You are going to\nsell your current product in new markets. A secondment company of software\ndevelopers active in the travel industry is now seeing demand drop. The same\nsoftware developers may still be desirable in a different sector, with\ncompanies that work with the same software. This variant can be an attractive\nsolution, but it does require the right contacts in the market. And are not all\nkinds of other competitors going to consider the same step?<\/p>\n\n\n\n

3. Maybe you should\ndecide to stick to your current clients and market. Build on your good\nrelationships with them. But then come up with a completely different product\nor service. A good example of this are the online shops that are rapidly\nexpanding their range. In addition, they offer (temporarily) very different\nproducts that their customers are looking for nowadays.<\/p>\n\n\n\n

4. Finally, the most\nradical variant in which you choose to focus on a new market with a new\nproduct. Obviously, this is the most risky variant and often also requires the\nlargest investments. Look at TryLikes and Harver. In a few weeks, they came\nwith a device to help companies keep the 1.5 meter distance between visitors\nand employees.<\/p>\n\n\n\n

While brainstorming, many ideas will come to your mind, helped by the four variants of Ansoff. Try to map out the best results for each idea. On what term is causes effect. How much investment it takes. What it does to the image of your company. What about the competition. After you have put the pluses and minuses of a number of fresh ideas together, you make your choice and it is time for action.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crisis hits many entrepreneurs hard. A sudden drop in demand of 30% or more. Responding quickly is a must for survival. Where possible, costs are immediately reduced and cash is king. Customers are cherished and all creativity is used to generate extra turnover. But how far does your creativity go? You keep doing what you always did and what … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":2358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[121],"tags":[],"class_list":["post-2356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-moments-of-truth"],"yoast_head":"\nShould we stick to what we are good at?<\/title>\n<meta name=\"description\" content=\"Is it smart to always stick to the predefined strategy of your company? 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