What Your Business Can Do to Avoid Extinction
Several years ago, the explosion of the internet caused several industries to become extinct. Some business owners, like those in travel, found themselves without a business. Recently, the Huffington Post released an article entitled, America's Ten Disappearing Industries, outlining the industries most likely to become a thing of the past. On the flip side, the Council of Economic Advisors (CEA), released their report of the industries looking to grow today and in the future.
What can you do to ensure your business doesn’t become a relic? Here are two growth strategies for immediate consideration:
- If your business is one of the potentially disappearing industry, you’ll want to rethink your strategies. You may need to reposition your business to keep it growing. And, you don’t want to wait until your revenues are trending down. At that point, a business turnaround is much more difficult and costly to implement.
- If your target audience part is on the “endangered species” list, you may find your business shrinking by association. Review the industries targeted for growth. Identify the industries in which you can get a foothold. And, do it now! As we all know, it takes time to develop a reputation and presence in a new industry.
Are you ready to put your business on the winning side of the equation? You can read Scott Nicholson’s analysis of the CEA report, Linkedin Industry Trends: Winners and Losers During the Great Depression.