Observations from under the radar

What happens when you start a business, move, plan a big wedding, and get married within 8 months?  Lots and lots of things happen... but blog writing is not one of them!  

I've been asked three times this week, "What are you doing now??  You realize your blog hasn't been updated since LAST November, right?"  

Yes, it's beyond overdue, and I've fallen into the classic entrepreneur mode of not practicing what I am paid to preach. So I have decided to end my blog-hiatus by recapping observations I have made over the last eight months:

• Transparent Business Models- The move to online platforms and the deflating economy have compelled almost every industry to adapt.  Online platforms provide transparent business models that are affordable and convenient for users, and this is challenging old school business models.  Services that once counted on retainer payments are dealing with a growing percentage of their bills in collections.  
   
  Customers want products and service to be more personal, more customizable; they want more ownership; and in a lot of cases, they want services in smaller bites packaged with more a la carte services or upgrades.  It is challenging for busy business owners to think out of the box and identify new business models, and they often struggle to find a balance between what the customer wants and the old business model’s value.

• Expectations for Customer Service - Social media has empowered customers and raised the expectation bar for professional or personal service.  Customers expect and want you to engage them on a personal level.  Expectations have to be addressed directly, and it is the professional's responsibility to mend or mitigate disappointments quickly.  Otherwise trust will be lost, and you can “wave good-bye" to referrals or happy testimonials.  But by fixing the issue, the customer’s trust in you will grow.  Your ability to be responsive and prepared – and communicate this clearly – is the key to protecting and growing these relationships.

• Addressing Issues Quickly - This year I’ve seen entrepreneurs fail unnecessarily by failing to get help soon enough or overlooking their own weaknesses.  The state of the economy is adding an even sharper edge to the pressure felt by entrepreneurs and small business owners.  Their client base has changed; technology has changed the market; and families of entrepreneurs find it more difficult to be supportive of financial risk in a down economy.  If this pressure isn’t managed, it leads to feelings of desperation and severe frustration.  Knowing who to call when things get challenging is more important than ever.  Email me if you need help finding that person.

• Service Providers in their 50s and 60s - Business owners and service providers in their 50s and 60s are feeling nervous for many of the same reasons, and for this group, change is more difficult after years of success.  And advances in technology are coming at a time when they are most empowered to leave a mark on the industry to which they have devoted their careers.  Suddenly retirement is looking further away, and the expectation of leaving valuable assets to their children is no longer a certainty.
  
  It is time- now more than ever- for these professionals to turn to a younger generation to learn to use technology to improve their industry and market their services after years of having clients come to them.  I see this with my clients and in my personal life, and I think a healthy approach is to see this as a perfect match- younger people bring the technology while the experienced experts bring the depth and wisdom of many years in an industry.

These are recurring themes I noticed since my last blog post.  But I still haven't directly answered one of the questions on the table:

What I am up to?  I'm going to keep the details to myself for a bit longer, but I have successfully created a new kind of consulting practice exclusively through word of mouth.  Branding, website presence, etc., will come, but for now I'm enjoying developing my business under the radar.  There is something hugely rewarding about doing things this way.  It has given me time to create a successful model and to connect with my clients and everyone else involved...

Stay tuned.
Kate