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What Now? |
Dear Dave Should your firm decide it cannot hunker down and wait for a market reversal of fortunes to occur (who knows when this will be?), your basic options are to try to broaden the list of services and capabilities to your current client base or, via a compelling enough argument, take clients away from competing firms. Another possibility is to look to expand geographically to find what client’s there may be for your traditional services in a larger territory. Expanding geographically is not that easy as the farther you get from your home base the more unique you somehow have to be to offset the distance disadvantage in potential client’s eyes. Finding partners to team with where your services complement each other, and can make you qualified for other types of projects in the current territory, is a valid strategy as well. An economic downturn, if deep enough and long enough, will almost certainly reshape the number of firms and the way they operate. Weak firms will fail and stronger firms who evolve successfully will continue on. There are always a lot of mergers and acquisitions in this profession – especially in periods of either sharp slowdowns, or rapid growth. I wish you only the best. |
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