4 Tips when Changing Business Specialties

Good questions – I’d add one more: “How much time am I willing to invest to get good at this new skill?”

Medallion Bank

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It’s inevitable that you’ll be tempted to take your business in a new direction someday. This may be a minor change or a substantial shift. For example, we’re hearing more and more about roofing contractors that are considering metal roofing as part of their product mix. Some are completely restructuring their business model around this increasingly popular material. If you’re considering a change in specialties, ask yourself the following:

  1. Does the market demand it?

Consider whether or not you’re consistently losing customers by not making this business adjustment. In addition, ask whether your competitors are offering what you’re not. Basically, is your position in the market suffering, or are there clear signs that it WILL suffer, because you’re not moving in a certain direction? Or is there an opportunity to innovate in ways that others aren’t to make your business more competitive?

  1. Is it a “smart” business decision?

If “market…

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