How we view change
Thanks to Brodie and the Wellington team at Tabak Business Sales, we’re pleased to bring you Tabak’s top tips this month for business owners.
- Expect change
Assume that change is coming and look for it. Don’t forget the cyclical, up-and-down, back-and-forth nature of business. Change doesn’t have to be permanent to provide a viable opportunity for business opportunity and growth.
- Differentiate between fads and trend
There is money to be made through both fads and trends. In order to capitalise on a fad, it is probably best to have an existing infrastructure that you could leverage from.
When it comes to trends, it may warrant/require a larger investment to create a sustainable solution. Make sure you talk to people. Be especially alert for problems they are talking about. The more frustrated they are, the more likely they are to pay for a solution. Look for big changes that create lasting problems.
- Do your homework
There is thinking about something and then there is thinking through something. Thinking through something requires you to be realistic and foresee challenges and how to deal with them. It helps you to see the opportunity where others may only see imperfection.
For example, around fifteen years ago, if you asked someone to think about the courier sector – chances are that, if they only looked at the performance trends of the prior decade, they would have come to a conclusion that it may be a sunset sector. However, if they thought through it and analysed the trends, (specifically in regards to the internet and online shopping) they may have come to quite a different conclusion.
“You can’t stop the waves, but you can learn to surf” Jon Kabat-Zinn
While people are typically very resilient and able to cope with change – many fear the uncertainty. The reality is that changes come and go. Quite often, change offers opportunity. Those who stopped trying to stop the waves and learnt to surf are probably having the most fun.