Tough times call for tough measures. Even if your company is the size of Microsoft the market can force your business to change overnight and the only option you have as a business owner is to decide: will our company acknowledge the changes and adjust or will our company ignore what is happening and stay the course. These are not easy decisions to make but the reward for choosing one or the other can lead to new opportunities.
Last week Microsoft announce a new holographic/virtual reality product called HoloLens (video here). If you follow the technology wearables market at all you are probably familiar with Google Glass or Oculus but you probably didn’t know that Microsoft was about to become a contender for eyeballs. In fact you may have not thought much about Microsoft who really hasn’t delivered many new ideas to the market in recent years. The HoloLens is a product that doesn’t utilize the same technology as its competitors but does cater to the same customer who will be seeking a virtual experience. It would seem that Microsoft may have found a new way to bring revenue in their front door and will be trying to get your attention. So what does this have to do with your business?
Will our company acknowledge market changes and adjust or stay the course?
Your company doesn’t have to be as big as Microsoft to create change in the market. Any company of any size that is willing to understand their market can create value for customers and capture new revenue. Not all entrepreneurs create new products and services. Some entrepreneurs are able to improve existing products and services by improving the customer experience. In either case a business that is willing to lead or change the market will survive while companies that simply compete without any significant differentiation will find themselves without customers and possibly closed doors. Sometimes a tough economy or tough competition can be a gift for your business. Pressure can create diamonds and there’s nothing wrong with a little bit of pressure in your business to produce the next diamond opportunity.
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