Curt's Corner: Hitting the Reset Button on Your Business
By Curt Nelson, EDC President & CEO—
Businesses that were seriously damaged by the tragic Flood of 2008, whether they sustained actual water damage or sustained partial or total business interruptions, have been given an opportunity. Amidst the tragedy of this catastrophic natural disaster, affected business owners have been provided with the opportunity to hit the reset button and re-think their overall business model.
When disaster strikes the first reaction in most cases is, “How can I get back to where I was?” or “How can I repair the damage and return to normal?” The real question to ask first is whether or not you should return to “normal”. By way of example, if a person’s home burns down and they choose to rebuild it, they can, in most cases make many changes in the new design. Sometimes they rebuild the home in a new location. But rarely, if ever, do they simply replace it exactly as it was. The changes may have never been made – or thought of – had the house not burned. But with a clean slate, they take advantage of the opportunities to improve.
Now is the time to think about your business in the same manner. Is it time to take your business in an entirely new direction? Perhaps you were considering this prior to the flood. Take the time to ask yourself questions like: Is it time to add new products or services? Are there products or services you should be getting rid of or modifying? Is there a new target audience you should be attracting? Has your competition been affected too, providing you with new opportunities? Is there a competitor you should be buying? Is it time to move to a new location? Do you have the right talent on your staff? If you are replacing equipment, what new technology is available now that wasn’t previously? Is it time for you to be out-sourcing or in-sourcing some of your operations?
This tragedy has provided many of us with a chance to think strategically and look at business and life from and entirely new perspective. In business, real opportunity comes from change. Yes, this was a horrific tragedy, but what we choose to do about it will define our legacy. Please see this time as an opportunity to make the changes necessary to come back better and stronger than before, rather than the same as before.
As always, if the EDC can be of any help to you, please do not hesitate to ask. We have relocated to new facilities ourselves, since our business was on Second Street downtown, but we are up and operating in Hiawatha. You can contact us through all the regular means – we are ready to help as needed.
