Sunday, March 08. 2009
While I try to operate on the ABC method most of the time, I am told repeatedly that this is the most dire, critical, unbelievably worst economic time known to modern man, so I am feeling the need to add a few more items for surviving these especially unique times. So, I will add D, E, and F and then call it quits on this ABC exercise...
D is for Diversification…
I am always looking for new uses for my products, or new users for the core strengths of my businesses. The Orlando Magic used their knowledge and resources from men’s pro basketball to develop the Orlando Miracle, a women’s pro basketball team. Same basic concepts, but new target markets. From there the Magic developed the RDV Sportspex from their knowledge of sports, sports medicine and recreation… existing skills, new delivery methods. Marriott did it with hotels to timeshares. Same basic concepts, skills and resources, different market. I did it by taking searchlights that I used in theme parks and adapt them to light up the launch pad for the Space Shuttle… same technology, little different angle. Can you use your skills, talents or resources in a little different way, to serve a new market? It could mean the difference in a tough time.