The Tribune

By D’Arcy Rahming

Some scary things have been happening to many business owners out there. And the impact is being felt throughout society. That’s right, failed businesses often mean an increase in failed marriages, and destabilise both the family and the country. Many business owners feel there is nothing they can do about their situation, and repeat the same strategies that no longer work for them because the economic circumstances of their clients have changed.

Reinventing yourself and your company is no easy task. Many companies have gone bankrupt waiting on the economy to come back. They know that just a few short years ago, they were doing a lot more business than they are today. Many of these owners have eaten into all their savings, and cut all the fat they can out of their organisation. They have tried the obvious, such as lowered prices, discounts and sales. Yet still they are failing.

In truth, they are waiting on something they cannot control. The economy is what it is. And if you are among those waiting on it, don’t hold your breath. Assume the worst and make adjustments and preparations. If you are doing the same thing that you did in terms of marketing when times were booming and not getting any results, it is definitely time to move on. Moving on, however, does not mean throwing in the towel.

Let me give you a practical example. When my Judo business dropped from 600 students to 150 students in two short years, I sent out a questionnaire to try and figure out what was going on. As it turns ou,t I was selling my service as an extra. During the good times I would tell people: “I know he loves basketball, so why not just give him an extra day of Judo?” However, during the recession, when people had to cut out the fat, many cut out my service.

So now I would say: “Listen, your son is very short, you are very short and your husband is very short. He is not going anywhere with basketball. So enroll him in Judo, where he can possibly compete at an international level, travel and see the world.” Believe it or not, this simple repositioning has caused my school to experience growth, albeit not to levels prior to the recession.

Repositioning is only one way of reinventing. It may mean changing locations, because they changed the direction of traffic flow on you. Again, it’s like the economy; it is not your fault and there is nothing you can do to change that. So, like the prayer of serenity, change the things that you can. But if you are doing the same things you were doing and they are not working any more, it is time to change.

• NB: D’Arcy Rahming holds an MBA from the Kellogg School of Management at Northwestern University. A lecturer at the College of the Bahamas, Mr Rahming has clients in general insurance, retail, the health and medical fields, sports federations and financial services. He is also treasurer of the Bahamas Olympic Committee. To receive his marketing newsletter FREE go to http://darcyrahming.com.