One of our clients is a fast growing market research firm. They received an industry report from one of the gurus of the industry. Overall, revenues for leading market research companies were down slightly in 2008 and contracted by 1%. More interesting to us, was there were three companies that grew by over 30% growth during 2008!
That finding is a constant reminder that innovative companies can often grow at significant rates while the rest of the industry is flat or contracting. (See other posts under this label and you will see similar insights on high growth businesses and their abundance in slow growth industries.)
So don’t let your industry’s own ups and downs dictate sour your plans for growth and building value!