“Stick to your knitting!”

(and risk going down the tubes!)

All of history’s great management gurus  have traditionally advised business owners and managers to stick to their knitting, as in “do what you do best, put your head down, and charge forward!”

But these are radical times  that call for radical solutions. “Sticking to your knitting” can earn you bankruptcy. Look around you for the proof. Would you like a list of all the (big AND small) single-minded-pursuit businesses that closed in the last two years?

Except for those few businesses  that thrive on hard times… do-it-yourself stuff and debt consolidation and pawn shops and vulture lawyers… those who do best are adapting and expanding and re-inventing themselves!

You run a service business  but have more to offer than just your accounting skills. I’m not talking about your tuba-playing. Surely you have taught others something about your specialization at some point. Why not add that ability to the range of services you offer?  

VOILA!  Now you are also a consultant and trainer. Package these add-on services, price them, and include them on your business cards and letterheads. Hey, nothing ventured… 

You’re a painter or designer?  Add less-expensive, one-of-a-kind postcards and greeting cards to your lineup.

You sell furniture  and discover the new senior housing complex down the road provides a small alcove area next to every front door; nothing you carry fits there, but you (or someone you’re connected with) have (has) some carpentry skills. Measure twice; cut once. Skinny/tall/customized corner cabinets! Sell affordably and POOF! A new revenue stream and new prospective customer base.

Every problem is an opportunity.  

A lousy economy is an opportunity

to innovate and spin new business

directions out of your old knitting.

“A stitch in time…”