There needs to be a viable "consumable solution" to a common need. This "solution" should be continually needed, and the business should be able produce it with plans to improve that product or service ahead of the demands of the marketplace.
The market is continually changing. It wants something better everyday, if possible. U.S. consumers want life to be better and better, easier and easier without extra effort. That's why opportunities abound to service the market into the future and increase price points and revenue generation profit.
If you can stay ahead of your market, you're likely to maintain a share of it, and continue to create profit for your business. If you miss your market's demand for your product or service, or if you refuse to change with what your market wants, you will be left behind or beaten by your competitors.
Bottom line: Make sure you are listening to your customers. Even if you have to completely change direction, do it. Some companies, depending on their resources, create other products or services to enhance what they already offer, just to stay in front of their customers. The longer you keep your customers, the longer your business will stay alive.
In an economic downturn, your competitors are trying to figure out how to stay alive. Think two, five and 10 years ahead. Don't think you'll weather the storm with just one solution.
Michael H Kaleikini is a business development consultant and founder of Business Refinement, LLC in Henderson, Nev.