I hear it all the time: “My business is slow, but there’s nothing I can do about it. It’s the economy.”
In fact, there is something you can do about it. Evolve, change, learn, and grow. It’s the static company and entrepreneur that is struggling to find business. As I was reminded while watching the new Steve Jobs movie, “Jobs,” that those who constantly move with the times and expand into different product classes or product categories are the ones that grow.
In the NYC area, we are seeing a huge surge in demand. This is demand that I didn’t expect for the typically quiet third quarter when wealthy New Yorkers tend to go to the Hamptons or on European vacations. While this may not be true across the country, real estate seems to be picking up across most major markets, so our businesses should be doing better than a few years ago. However, don’t get complacent. Get ready for the next bump in the road.
1. Expand Your Product Class
The ultra high net worth individual that my compatriots John Sciacca and Ira Friedmanhave written about is a client that often isn’t affected by economic downturns. At least not as much as the rest of America. The one percent stays the one percent, so take time to learn about the products and brands that these clients need and want.
a. Train on a full control system like Crestron, AMX, Savant, etc.
b. Get familiar with great outdoor systems that are more than a few rock speakers and under-eaves outdoor speakers
c. Train on media servers like Kaleidescape, Fusion Research, Mozaex, or S1 Digital.
d. Explore higher end projector lines like Digital Projection, Wolf, Runco, or SIM2.
e. Learn about enterprise-grade networking products from companies like Access Networks, Pakedge, or Luxul.