Subscription Options

January 25, 2010

A little practiced secret to growth

If you work in engineering, as I do, then you find yourself drawn to the large refineries, processing plants and petrochemical industries at some stage or other.

Sounds fair right? Lots of machines which must have lost of need for engineering.

Sounds fair, but it is wrong. In fact, if you are in my field then refineries and process plants are the last place you wan to go. Why? Everyone else has had the same thought as you have.

This means your growth is slowed because you have to sacrifice profits. And if you don't sacrifice profits you don't make the cut. Because for these companies, people like me aren't scarce. A new one knocks on their door every day.

You can take a lot away from this idea. Issues like extraordinary value, strong personal relationships with buyers, and strong brand equity all spring to mind.

But the real point, the one I have spent the past five years learning and relearing, is don't go to the lakes where all the fishermen are. Even IF their are lots of fish there.

If this is so simple and so obvious why isn't everyone doing it? The sheer size of the prize, regardless of how much the odds are actually stacked against you.

It is far better to fish where there are fewer fishermen about, even if the size of the prize is smaller. You will get further quicker by offering scarce services to industries where nobody else is looking. That might mean an industry sector, a left out department, a project or a new methodology.

Growth Rule? Go where others aren't.

If you enjoyed this post please consider subscribing to this feed, or you can subscribe to Consulting Pulse by email.