When things are going well you may tend to think that they will remain that way indefinitely. It’s not uncommon for an entrepreneur to underestimate the need to be forward thinking and overestimate how long success lasts. It’s prudent to have a little bit of paranoia when you are building and growing a business that will allow you to think ahead and plan for the inevitable ups and downs. It’s shortsighted to think your business can continue to provide value to the market without needing to make changes and find new opportunities for improvement.
Have you ever wanted to know something about your genetic history? 23andMe thought there was a market of people who would pay to have a DNA test done that would tell them about their ancestry, health and other fun facts about themselves. Today the company has more than 10 million customers and recently laid off 100 people or 14% of its staff as sales have begun to slow. While the company remains bullish on their future prospects, they are adjusting their business to accommodate the moment they are currently in while they look to take advantage of the future. 23andMe is experiencing a trend that the marketplace for genetic testing where customers are not quite as interested in their DNA results as they have been in the past.
When was the last time you examined your business from the perspective of change? Are there areas right now that are successful but could taper off? What could you be planning for now that would leverage your existing success to ensure your bottom line remains strong and your customers continue to benefit from the products and services your business provides?
