Energy prices have been tumbling down for a while now, reaching record lows. This has been great news for many consumers, who are paying less at the pump to fill up their cars. Despite the bad market for oil and gas, speakers at the Colorado Oil & Gas Association’s annual industry conference spoke positively about the future. These speakers discussed how the down market is a great opportunity to become a leaner industry that will come up with new technical innovations to improve the way they do business during this time.
This is a great example of how opportunities really are everywhere. With generally lower gas prices, this has likely helped boost the increased auto sales Colorado has been experiencing. Additionally, lower gas prices have put more money in consumers’ pockets, leading to increased retail sales. Now, this doesn’t do much to help those in the oil and gas industry, but it is an economic reality to keep in mind for any business. If one business is doing poorly, another is likely doing relatively better as a result. Fast food sales are falling while fast-casual restaurants boom. Sometimes these changes are temporary, and things will balance out more on their own over time. However, these changes can also signal a new trend in the market or even a longer term “new normal” for an industry.
If your business or industry is experiencing tough times, then it is time to start brainstorming. How can your business operate more efficiently, to earn more off of lower sales? What can your business do to be more like other businesses that are doing well in the market? Remember when McDonalds started selling higher quality coffee drinks to compete with Starbucks? Or to be a little more on-point with the energy topic, did you know gas stations make better profits selling drinks and snacks than selling gasoline? These are examples of shifting or hedging your business in favor of market areas doing relatively better and being innovative.
Overall, entrepreneurs should strive for the opportunistic, positive-thinking, and innovating attitude that opportunities are everywhere and keeping up with innovation is key. If things are not going as well for your business as they were, it can be easy to give up or to lose motivation. However, the reality is that tough times can be the ideal time to innovate and make changes to your business, so use it as an opportunity to innovate.
If you need legal help for your business, then don’t hesitate to reach out and contact the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at firstname.lastname@example.org.
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