Perhaps you have lost some key clients, events have been cancelled, your current clients have smaller budgets, and more and more bad news. You see other event and meeting businesses closing and competitors going bankrupt. What should you do? The smart answer is to look for your opportunity to benefit. You can absolutely benefit not just from the closing of a big competitor but also general business news in your community. For example, lets say that every year you have a client that throws a big time bash and last year they cancelled the event due to the economy and this year the company has gone totally bankrupt! This of course if a huge loss of revenue to your business. Where is your opportunity. If it was a public event, perhaps you can pick up the event and continue to put it on under your company and keep all the profits for yourself. This works great if it is an annual event and people expect to attend each year. I use this example because this exact scenario recently happened to me. That’s right, I lost a big time event because the organization went belly up. Nothing I can do to change that, but what I have done is taken the lost business and turned it into an great opportunity to put on my own event with my business partner and do it bigger and better than they did it, and in the end I will make way more money and have less competition.
The question you need to constantly ask yourself is, “Where is there an opportunity in this?
Joshua Gair – Impact Entertainment Services