How to Know When Your Business Focus Needs to Change
Sometimes, businesses need to change plans for how or what they do in order to survive and succeed. Watch for these signs to indicate that a major redirection or even a total reinvention of your product, market, brand image, or processes and operations is in the cards:
When the market you serve diminishes greatly
When demand for the products you sell collapses
When the way you do business is eclipsed by new innovations
When costs require that you rethink how you staff, equip, and organize your business
When the market presents opportunities that you can seize only by dramatically altering the way you do business
As an historic example of a business that made radical changes to adapt to a changing business world, think of VISA, which was called BankAmericard until the mid-1970s when it rebranded to serve an international market with a name that could be marketed, recognized, and pronounced anywhere on the globe.
Or think of IBM, which shifted its product focus over the years from data tabulating machines to typewriters to mainframe computers to personal computers to information technology providers, all in an effort to apply the company’s capabilities to changing marketplace needs.