There’s so much talk about the market changing. It’s honestly hard to escape, right? But what if the market really did shift directions? Would you be ready for it? Today I want to share some things on my mind. This might seem off-topic, but hey, I’m a guy in business thinking through stuff like this.
The big mistake many companies make is the market changes, but they don’t evolve to be relevant for the future. This is why Sears filed for bankruptcy this week since they became a place consumers just didn’t want to shop beyond maybe appliances or tools. Likewise, Blockbuster video chose to focus their business around the idea that consumers would keep wanting to rent DVDs from a physical location instead of streaming online. In other words, Blockbuster held on to a business plan that worked well for the past instead of the future.
As I pay close attention to real estate trends, I find myself asking these questions. In fact, I’ve been asking them for years to stay on top of the market and hopefully keep my doors open.
QUESTIONS TO ASK:
Who are my clients going to be over the next few years?
What are my clients going to need from me?
What skills do I need to add to be ready for the future?
Who is coming to the market?
Who is leaving the market?
Who is going to be participating in the future market?
What steps do I need to take to position myself for the future?
Where can I meet future clients?
By the way, I’m not writing this post to say the market is collapsing, but only because with so much talk about change it would be unwise to not consider this.
ACTION STEP: Don’t wait for the future to come before asking the important questions. Remember, you can be successful in any market, but you have to try to think ahead of trends and be intentional about preparing for the future.
I hope this was helpful. Back to appraisal stuff next week.
Questions: What did you like most about Sears or Blockbuster? Any other questions to add to my list? I’d love to hear your take.