When economic conditions shift, businesses built around a single product or service face a unique pressure. With little diversification to fall back on, even a slight drop in demand can have an outsized impact. However, this sharp focus doesn’t have to be a weakness. It can be a strategic advantage for businesses willing to pivot without abandoning their core.
Here, 20 members of Forbes Coaches Council share smart, tested strategies mono-product and mono-service businesses can use to stay resilient and relevant during a downturn.
5. Explore Adjacent Markets And Opportunities
The value of products and services is determined by the market and what others see as valuable. When the market shifts, you need to look within your offering and pivot. What are adjacent markets or products? If you are an executive coach, look for other markets to coach, as well as adjacent opportunities. You could coach succession planning candidates to strengthen the queue and ensure continuity. – Kristy Busija, Next Conversation Consulting