As business owners, we’re constantly evolving. However, with the pandemic this year, as we work in an unrecognizable new realm of consulting, consulting or training, our evolution is tied to our very existence. I love this quote by Peter Drucker, “The greatest danger in times of turbulence is not the turbulence – it is to act with yesterday’s logic.”
Ever since the pandemic hit, I’ve been evolving my business model and strongly advising all my business coaching clients to do the same. While some experts recommend making a pivot, I think evolution is a better description of what needs to happen. It encompasses the idea of not only updating your services or your business model but growing as a person by challenging and renewing your beliefs and priorities. That is what’s needed if you are to remain relevant and move forward during recessionary or significant times of change.
Why It’s Critical to Evolve Your Company Now
Timing is everything. I’ve seen many coaches, consultants who provide professional services who quickly evolved their service offerings and are enjoying tremendous success right now. With the recent pandemic, I believe that it’s critical that every business reinvent their business model, including services and products, to .
Here are key indicators that it’s crucial to start evolving your business right away:
1). You’ve hit a plateau or are on the decline
If you’re like most coaches, trainers and consultants, you might be seeing a slight decline in sales, whether you work with individual or corporate clients, as many have been flying under the pandemic radar. Or maybe you’ve survived these times and are holding steady but you definitely haven’t seen much business growth this year compared to last year. Here’s where you have to be honest with yourself. If your business isn’t growing, it could be a sign you need to evolve. The pre-pandemic services you used to provide might not be as valuable to your clients right now. Take an objective look into your business metrics and decide if it’s the right time for you to offer new services more in line with today’s reality. Pay attention to resistance from your customers. If they’re more apprehensive to buy, that’s a red-light indicator it’s time to make a change. Every single coaching client I have right now has made the decision to evolve into and are gaining traction and increasing their sales as a result.
2). It’s getting to be a crowded marketplace
Right now, more corporate refugees who have been downsized from major organizations, are becoming the new entrepreneurs. That means the market is starting to flood with others who are becoming coaches, image consultants, corporate trainers, speakers and consultants. Just like the economics of supply and demand work, that impacts us. The more people who are offering the same types of services the more risk there is of becoming a commodity. It’s hard to grow a business long-term if you can’t offer something unique and different than your competition. No time like the present to figure out what can you do that’s different than what everyone else is doing. I’m not talking about just saying “hey I’m doing it virtually” as everyone is offering virtual services today. I’m asking you to reinvent and change some of your content and processes to be relevant to today’s consumer.
3). One revenue stream is vastly outperforming the others
As you look at your business, if you have one revenue stream outselling the others, analyze what’s working. But don’t stop there, it’s time to see how you can offer something new in the other down-trending revenue streams. If you don’t want your business to go extinct, you need various revenue streams contributing in your pipeline. Figure out what needs to change in these other revenue streams. I have my clients tracking every month each of their revenue streams that are set up in their marketing funnels to see where opportunities are for them to grow not in spite of the pandemic but because of the pandemic.
4). You’ve outgrown your services and it’s time for you to evolve
How can you tell when you’ve outgrown your old service offerings? You are bored and frustrated by all the time and effort you spend on marketing them, especially if they’re not selling! I can’t tell you how relieved many of my clients are when they follow my suggestion and let go of old services that no longer excite them. This is an indicator, that it’s time for you to evolve. Boredom and frustration are indicators that it’s time to step up and into a whole new role or offer completely brand-new services. For example, if you work in corporate as a professional development trainer, now maybe you’d like to work more in-depth with their leaders as a coach. It doesn’t matter whether you or individual clients, you have a wealth of options you could offer if you can distill your passion, purpose and determine the price tag the client needs.
I hope you’re beginning to see that evolving your business model is the right path to our unknown future. If you stay stuck where you’ve always been, you run the risk of your business becoming extinct. In an upcoming article, I’ll share how to evolve your business model effectively to ensure you have a successful and sustainable business not just in 2021 but well into the unpredictable future.
Sarah’s Predictable Results Insights
- What are your numbers showing? Have sales plateaued or declined? Is one revenue stream outperforming the others?
- Do you have more and more competitors in your field? How can you distinguish your services?
- How do you feel about your current business model? Bored and frustrated or passionate and enthusiastic?
Would you like to learn from your colleagues and discover what some are doing to enjoy their most profitable year ever? They’re members of my and every month we’re covering exciting new ground. If you’re not a member yet, you’re missing out on the most affordable way to work with me and learn how to not only stay in business but actually thrive in the new economy. I’m happy to have talk with you to see if this mastermind is the right fit for you, please contact me at [email protected]