Most businesses launch as a result of need in a certain marketplace, in response to demand for a specific product, or with an innovation or more efficient service offering. A business may thrive for many years fulfilling the needs of their specific market and consumer demand. But inevitably, in the majority of industries, businesses have to adapt to changes in the market. In that moment, the business will either survive by changing with the market or sink and have to close. In the business world, as with the animal kingdom, life and death is a matter of survival of the fittest.
My company, Ditto Transcripts, provides transcription services to businesses and professionals in a variety of industries. When I launched the business in 2010, our primary focus was to provide transcription services to medical practices and hospitals. My business started out on a strong growth track until 2012, when profits began to trail. As many businesses in the medical industry moved to voice recognition systems, new leads began to shrivel and our projections sank. I realized we had to make some serious changes to avoid going under and began a complete overhaul of our service offerings. Today Ditto Transcripts’ business is only 30 percent medical based with legal and law enforcement clients, plus general small business clients, making up the remaining 70 percent of our customer base and revenue source.
My business nearly tanked in 2012, and I was able to save the company by following a few simple rules and my gut instincts. These rules are applicable to any business in any industry. Read on to learn what saved my company from going under.
- Admit that failure is an option.
- Sometimes trial and error is necessary.
- Realize that nothing will go as planned.
- Listen.
Read the full article on ColoradoBiz Magazine to read my entire tips for taking your business from troubled to thriving.
