Charles Darwin proposed a scientific theory called, “Natural Selection,” whereas only the strong survive through evolution.
Okay, I doubt that we have to worry about adaptive evolution by phenotypes. However, we do need to worry about business evolution. In a nutshell, the weak die off.
There are a number of avenues that a business needs to consider to survive or evolve.
- use of technology
- adaptation of trends (not fads)
- etc.
One aspect that is commonly disregarded is buffer.
When Times Are Good
Client after client. Contract after contract. Our bank accounts just get fatter. Life’s good.
We anticipate a continuance of success. “Sure. I’ll buy one of those. It’s only half a gig.”
We drink. And drink. And drink until we are drunk with success and become complacent. A simple twist in the economy can lead to our business demise.
When Times Are Bad
The only solution to fluctuations is financial buffer. This way, even during droughts, you’ll be able to survive. Only the ones who can live on, win. It’s that simple.
If you’re not prepared for change, you will try to continue your business any way you can – skimp, save, trim.
“If we think of ourselves as [anything less than] Tiffany’s, we’re going to be in a lot of trouble.”
-Donavan Freberg
Posted in Pricing Strategy Private Forum
For those who can still dine out, advertise and create brand associations are able to sign the premium business deals. Additionally, being selective of whom to work with lends you a natural barrier to entry, thus increasing value.
Conversely, you might take any deal that presents itself…and maybe even throw in a discount to try to seal the transaction.
Therefore, the cliche rings true – “The rich get richer. The poor get poorer.” However, it’s really about being smart… and strong… allowing for survival, thus success.
All in all, if you can survive stagnancy, imagine how powerful you’ll be during an active and vibrant economy!
What to do next…
- If you think others would enjoy some survival insight, share via Retweet and Facebook buttons below.
- Comment one item you wanted to buy, but decided to wait.
Be the silent force,
Lawrence Chan
P.S. Be smart where to save. Invest in the next wave (trend).
Okay, I’m lame. I intentionally made that rhyme.
Well the one item I really wanted to buy lately was a new leica, but that’s just never going to happen. So I’ll say this instead, I think so many people need to learn to start treating their business like it’s a private club, not everyone gets in, but the right ones do get in.
Thanks Lawrence! I really appreciate these helpful posts :)
Love the analogy about the private club – very nicely put. Lawrence you say in very few words what a lot of people fail to say in many. Your articles are always worth reading.
Love the idea of the “buffer” built in to your business. I have been doing this unknowingly for a while now but it all just makes sense. Love your ideas on increasing value. Thanks again!
I really want a camera with a full frame sensor, but have decided to wait because I still get good pictures out of the cameras I have. Besides, my money is being better spent on marketing/product samples right now. You can’t sell it if you don’t show it!
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