Most companies these days are too focused on survival to think about doing anything risky, but now might be the perfect time to take a few risks with your business.
You might find something new you can offer customers—and make a heck of a lot of money or find some new business you didn’t know was out there while doing it.
Adam Witty, co-author of “Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity and Makes Competition Irrelevant,” is the CEO of Advantage|ForbesBooks.
Related: 2021 State of the Industry
He points out a significant difference between this year and last year” when it comes to running a business or doing just about anything during a pandemic.
“That difference is the additional experience we all gained in facing risk, assessing that risk and moving forward with customer-service innovations or new products that helped us overcome the risk,” says Witty.
“Because of that experience, if you’re thinking of launching a new business in 2021 – or planning to expand or to launch new products for an existing business – the risk you face may not be as great as you fear,” he says.
But how can you know for sure that the risk is worth taking, especially with plenty of uncertainty still remaining?
Of course, you can’t know for sure, says Witty, but you can at least do a better job of weighing your odds by taking these steps:
- Review what you already know. We all have a storehouse of knowledge that can come in handy in times like these. Review yours. What do you know that can help you as you move forward? Do you have a particular expertise that would give you an edge in starting that new business? Do you understand things about consumer habits that could alleviate some of the risk of launching a new product? Your knowledge base can make a significant difference in helping guide you through the risk.
- Research. Once you have your idea, it’s time to do some research to answer as many questions as possible before you launch. What will your costs be, and can you handle it if you go over cost? What profits can you realistically expect? What happens to your plan if the economy takes another major downturn? Even though it may sound like it, this research isn’t designed to talk you out of your plan. It’s to make sure you know what to expect and are ready.
- Don’t go big all at once. Just because your vision is all-encompassing, that doesn’t mean you need to start out that way. Is there a way to ease into it in smaller increments, so you can see what works, what doesn’t, and gather feedback that could lead to modifications before you go all in?
- Persevere. Maybe things won’t work out as you hoped right away. Keep pushing ahead. Over the last year you have proven you can overcome adversity, so build on the fortitude you already displayed. At my company, Advantage|ForbesBooks, we talk a lot about the need for emotional resilience and the importance of trusting the process.
“The potential for failure is always out there, but accomplishing great things requires taking some risks,” says Witty. “As you face whatever challenges 2021 brings, you may find that as the year draws to an end, you are still standing strong, more resilient than ever.”
Are you ready to take any or all of these risks with your AV integration business? Which area do you think has the most potential to make a real difference for your company?