Unprecedented times. A year unlike any other. The ‘new normal.’ You’ve heard it all before — 2020 has been a crazy and tumultuous experience for everyone, especially those who operate businesses in the live event space. We’ve had to find creative ways to bridge the revenue gap and—possibly more than once—we’ve faced the reality that many companies will not make it through this crisis.
Although we’ve settled into this ‘normal’ as comfortably as possible, the industry landscape continues to change. The pandemic hasn’t just affected our businesses in the moment, but it has changed the way consumers think and behave in the marketplace.
Smart business owners remain agile and responsive to obstacles and, for some, this might mean restructuring to continue meeting market demands. If you’re considering taking a new direction or getting a fresh start, these signs will tell you if you’re ready to take the next steps.
You get asked for products and services you don’t offer.
Some of the best feedback comes straight from happy clients, as they already have an inside look at your business model and may offer suggestions to complement your existing offerings. If you’re hearing the same requests over and over, it’s a good sign that demand is strong and it’s worth introducing a new product or service to meet these needs—even if on a trial basis.
You can’t keep up with your leads.
When you start turning away good business, it means you either need to grow your company or reevaluate the way you’re operating. It’s possible you simply don’t have the capacity to take them on, in which case hiring a new employee might be just the answer. However, if you’re finding it’s due to a gap in your workflow, it might be time to revisit how your systems are structured from the top down to ensure efficiency and productivity.
Your market research is insightful.
With a market that is ever-changing (even outside of the pandemic), market research isn’t something you do once and build an empire upon. Instead, it’s important to stay tuned-in to the ebbs and flows of the market so you can make smart business decisions that keeps your business model relevant and timely. If you’ve noticed a gap that isn’t yet filled (or even one that hasn’t been oversaturated), it might be an advantageous opportunity for business growth if feasible.
Before making any major decisions to restructure or adjust your operations, do a full assessment on where your company stands financially. Growth has potential to bring in a lot of money, but it will cost money upfront — you need to be prepared to take on these expenses as an investment in your business’ future. It is very possible to grow too fast or too soon, so do your due diligence to ensure you and your team are ready to take this big step and commit to it.