Startup Challenge: Grabbing a Piece of the Pie

Whenever a drop falls into the pond, ripples are inevitable. Starting a business, selling products or services and earning money from any form of venture cause some sort of a disruption to the industry. Before I started my business in Brisbane bookkeeping, I strongly believed in the idea of abundance. I believed that there is more than enough bookkeeping business for me, and for all the other Brisbane bookkeepers trying to practice their profession in our fair city.

I was right, and in some ways, I was also mistaken.

Whenever a newcomer enters the market, a piece of the pie is taken away from the incumbents. And it doesn’t matter if you’re offering a new service, a different product, a variation or an upgrade of existing products and services in the market. Whenever someone pays you money in exchange for your products or services, that is money less paid to the other businesses.

Setting up a bakery will hardly make people in your community buy more bread or cake. Somewhere in your neighbourhood, a bakery will experience a decrease in sales. Offering home dog grooming services will not make dog owners groom their pets more, there will only be pet spas somewhere who will encounter lower sales.

This is where the conflict and resistance starts. While newcomers will work hard to establish their brand and gain a share in the market, incumbent businesses will always resist new additions to the market. They will also unceasingly improve their products, upgrade their services and discover new ways of increasing their market share. Newcomers will always be unwelcome outsiders.

Innovations and changes to how things are traditionally done are faced with the hardest resistance. Everybody will question and throw shade on the new way of shopping or sending money abroad, the incredible new travel options, the cashless society or to the paperless office setups.  

People are inherently wary of change. Changes, positive or otherwise, will always disrupt the careful order of things. It will introduce new and unfamiliar concepts. It will force new learnings and challenges to overcome. The change could also mean additional expenses.

But, resisting change will be the worst thing for a business. In this fast-paced world of technological innovation, passing up on new and innovative changes will stagnate your business. You can easily fall behind the competition and go irrelevant. And when the incumbents refuse to embrace change, that is when the newcomers grab a large piece of the pie.

Making the decision to focus on Xero-based bookkeeping in Brisbane, I was only thinking of the new innovative services I can offer. I was excited of the cloud-based bookkeeping services I can offer to my clients. With the new-fangled bookkeeping and accounting app, I was certain on grabbing a huge chunk of the pie. I just need work hard giving the best bookkeeping services possible. But, my challenge didn’t end there. I also must work at convincing the clients of transition from the old-school way of bookkeeping – with files of ledgers and books of accounts, to the leaner, quicker and more efficient and cloud-based way of keeping books.

Today, cloud computing is more readily accepted and easily understood than it was a few years ago. I no longer have to explain how Xero and other accounting and bookkeeping software work. I also realised that I’ve taken a significant piece of the pie. Because not everyone was daring enough to adopt the change, they’ve fallen behind. Still stuck to the to the old, laborious and now obsolete ways of Brisbane bookkeeping. Ultimately, you are your own the competition. Change is constant and somebody will always be trying to disrupt the order, make ripples on the pond and innovate things. In business, no one is taking something away from the others, everything is up for grabs.