With the Photo/Imaging industry in a state of flux, it is time to do some soul searching. Many companies lost focus of what business they were in and disappeared. Do you know what business you are really in?
Start By Asking Yourself Some Relevant Questions
First, what does your company do best? Give this some serious thought. You might be surprised by the answer. Are you an outstanding retailer? An extremely efficient distributor? A technology specialist? General Motor's Guide Lamp Unit made machine guns during World War II because it was a specialist in parts stamping; and machine guns were made from stamped parts.
Secondly, what do you want to do? Over the years, you have learned about the industry and the business you run. Essentially, you are an expert in two areas. Are your skills transferable? Can you take these skills and apply them to another profession, career, or business? Is there something else that you always wanted to do? When do you plan to pursue that? According to recent forecasts, most people will have a combination of six jobs and careers during their lifetime.
Third, what do you like doing? A little twist on point two, but you might as well like what you are doing, too. This is your company we are talking about. So why not do what you enjoy? If you enjoy what you do, you will never work a day in your life.
Pursue what is best for your business, not what is best for the industry. Change in an industry occurs over time. So when you change, the nature of the industry changes. By taking care of what is best for you and your business, the industry will flourish.
Learn From Other Industries
Take a few minutes to walk through the neighborhood and look at the businesses that are there. Who are their major competitors: mass merchants, large chains, discounters, warehouse stores, or big box stores? Now ask yourself who used to be there and why are they out of business? What could the owner have done differently to redefine and advance his business instead of closing the door?
Do you remember the corner travel agent? When the internet came along, travel agents did not embrace the technology. They fought it. New online travel services started up and the airline industry also embraced these technologies. Consumers flocked to the new travel services because of the added convenience and ability to shop for a convenient flight and price. Consumers recognized the value of this new vehicle.
Go to the opposite extreme: take diners, for instance. Fast food chains should have forced these classic American eateries to close their doors. Instead, these businesses fought back. Now, they are busy serving food to hungry customers everyday.
What causes one industry to survive and another to disappear? Drive, determination, and a can-do attitude. Diners revamped their menus, updated their restaurants, and specialized in certain types or styles of food. Some even specialize in burgers, a gutsy move in light of the fast food competition. What else did they do? Diners continued to use waitresses, the personification of the classic diner, to serve their customers. Most of the waitresses are usually older, maternal women, who call you "honey" and make suggestions about what to eat. According to Al Roker's "Roker on the Road" TV show, many waitresses have a regular clientele that go to diners just for them.
Where would the travel agencies be if they embraced new technology and gave consumers what they wanted? The internet travel sites may never have caught on and the traditional travel agency would still be thriving. Instead, they paid the price for their shortsightedness. Diners, on the other hand found their niche, and continue to be a force to be reckoned with by giving the customer what they want.
They aren't the only ones that have thrived. Independent paint stores are another. Logically, the big box stores should have buried them, due to the similarity of their products. Instead, they are extremely busy at any time of the day, and on Saturdays, selling paint and paint supplies. They cater to homeowners and professional painters; they open at 7 a.m. and close at 5 p.m., even where their big box competitors stay open much later. They cater to their customers' needs and specialize in the area of their strengths. As a result, they continue to thrive.
The list goes on and on for both failures and successes. You choose which one you want to be. You can always blame a competitor for your failures. But do you credit competitors for your successes? The truth is, we succeed or fail on our own. So, decide what business you are really in, then go and make your way in it.
DEAD OR ALIVE
Is you business going to survive the changes in consumer tastes, technology shifts, and a less than friendly economic environment? Ask yourself a few questions and think carefully about your answers.
* What does your company do best?
* What do you want to do?
* What do you like doing?
* What can you learn from other successful businesses outside your industry?
* Would you start the same kind of business again today?
Write your answers down and you will begin to get a new outlook on your business.
Ray Mago is a 25-year plus industry veteran currently consulting in the sales, marketing, management, and procurement areas for small businesses, and large companies with small business customers. He is also a marketing and business adjunct at a local college. He can be reached at: mago@verizonmail.com.
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