Effective Business Strategies for your Project - Developing Vantage Points
Posted on 03/09/2017 at 04:09 PM by Shannon Hoyle
I was talking with a fellow business-development professional who is an economist who looks at multi-billion-dollar American egg production and its relationship to the domestic and international egg markets. Our conversation eventually focused on an easily overlooked fact about any business and its markets, and that is, that at any time in any business cycle, whether the overall market is up or down, some players in that market will be successful and some will be serious losers.
Take a minute to think about this. Let’s say that it is an absolute heyday for the X-Widget market. Business is booming for almost all producers, but one or two are tanking. –Why? If you reverse the situation, where the X-Widget market is tanking, most businesses are barely getting by or are going down the tube, but one or two are doing very well and expanding. –Why? The big take away, is that if you accept that this phenomenon is normal, then you can look at the reasons behind the “why” and let these “fundamental truths of your market” guide your strategic thinking.
If one considers this perspective, it reveals interesting facts and lessons from historical events, be it the 1970s Farm Crisis, any stock-market rally or crash, or why one vendor is selling out at the farm market and other folks are having a tough time moving a carrot. In many cases the big difference between the winners and losers in any sector comes down to the reputation of the business, outstanding or consistent product quality, inventive marketing or personal dedication to service, that cements relationships with customers. Look at the reasons behind the “why” and embrace how they can work for or against you.
Editor's Note: "Effective Business Strategies for your Project: Embrace Innovation" is part three of a four part series written by Dan Burden, AgMRC Program Specialist. View part one, here, part two, here, and part three, here.