When it comes to businesses, it’s easy to see that there’s risk and uncertainty involved. But these exist in the service industries and professions as well. Let’s take photography as an example. There’s the general risk that a person who decides to pursue this line of work is going to have difficulty finding clients. This is mostly true for people who are still starting out and still trying to develop a reputation. It’s less true for people who already have a solid reputation. Think, Jessica Higueras, photographer, for example, or someone like that.
But even when you have clients, there’s still a lot of risk to go around. This is why contracts, agreements, model releases, and other paperwork are so important in this line of business. In effect, these are ways for photographers to try to reduce the risk that something will go wrong.
After my last post on accommodations, I’ve been thinking more about motels. You see, my feeling regarding this type of business is that it’s quite important to a lot of people, and so it’s not going to go away anytime soon. After all, more and more people want to travel to different places on a budget. You see a lot of websites mentioning backpacking types of adventures and travel, and motels benefit a lot from this type of tourist.
So that again brings us to the idea of whether places like these can adapt. This is true whether you’re talking about Bella Vista NZ motels as well as other less well known chains. Can they offer accommodation at a compelling price point, but which still offers backpackers what they are looking for, namely a safe place to sleep and a clean place to shower? My feeling is that they will be able to adapt.
Here’s another thought. When it comes to businesses, it’s important for firms to be able to adapt to changing conditions. This is true when it comes to the smaller, more personal things, as well as the larger and wider factors. What do I mean? Here’s an example.
At the personal level, for instance, if you want your lodging to be one of the best motels in NZ, you need to be able to adapt to the changing needs and moods of your guests. If a couple is there looking for romance, is there something that can be done to make their room more romantic? If you’ve got a guest who’s a light sleeper, can you do something inside their room to make it less noisy and easier for them to sleep? That’s the kind of adaptability that can keep people coming back to your place of business. Not all firms have it, but the ones that do tend to build good word of mouth.
So I’ve been talking a lot about the idea of uncertainty and touching on some things as risk and what to do about it. I’ve talked about stuff relating to infrastructure and finance, but now I’m thinking that I can talk a bit about knowledge and business. If you have a business, you know that you breathe uncertainty and risk day in and day out. What you know can help your business grow, but what you don’t know, and what your competition knows can bite you in the back. So what can you do about it?
Well, there are a lot of options, but an interesting one related to technology involves something known as online focus groups. You want to be able to see, hear and read what your target market has to say. And thanks to the internet, all these are possible in a way that is quicker, more efficient and yet still as full of information as more traditional focus group discussions. So if you run a business, consider this option for reducing your uncertainty.
After I wrote the last blog post, I did a bit more thinking about the idea of uncertainty, or how we cannot just take things for granted anymore. And it made me think about some of the people I know. It’s interesting because they work hard and save their money, so that they can buy what they want. This usually includes saving up for a place to stay, a set of wheels, and the usual set of electronics that people can’t really do without nowadays.
But aside from all that, they also send money to their families or relatives in another country So for example, someone might be sending money to the Philippines, or to some other place. And this acts sort of like a buffer against uncertainty. At least, if things take a turn for the worse over here, they also have assets that they’ve been building up in another country. So that also helps.
As time passes, I’ve begun to realize that it’s important not to take things for granted. After all, just because something has been working for a while now, that doesn’t mean that you can depend on it forever. And with even larger changes looming on the horizon, I think that it’s better to be extra prepared, than to be sorry later.
I’m being a bit general here, I know, but let me give you a concrete example. We’re connected to the water line, so I usually don’t even have to think about where to get the water we need for baths, for drinking and so on. But more and more, I’ve been thinking that it would be a good idea to install some water tanks.
After all, things are changing. Temperature’s getting hotter. You have natural disasters coming in and destroying infrastructure. I want to be prepared for the worst. And water is one of those things that you really need to have a good supply of.