How specialised should you go?
Do you choose an industry and niche down, or offer a certain type of product and just focus on that.
I remember when we started Resolve, we deliberately decided to diversify the kind of signage we do – and the types of industries we worked with.
Why? Because I’d seen companies get themselves into a tricky situation when they relied too much on an industry.
Yes, specialisation can be a competitive advantage that puts you on a pedestal.
But in times like this, too much reliance on a particular industry isn’t going to give you a plan that will support peaks and troughs.
I feel for my colleagues who are in the events or trade show signage sector. Those companies are going to have to re-imagine their business in a completely different way.
And this is the case for all businesses. What happens after the pandemic lifts and we return to our ‘new-normal’?
Whatever your situation, use this time to adapt your business and offering now so it can come through any disruption well.
Remember: a six-month disruption in a one-year-old business is going to be challenging. But six months in a 20-year company is relatively minor.