10 Keys to Thrive
From Wood Molding to Picture Frames: The Power of Business Adaptability
What do you do when the market that made your business successful suddenly disappears? In this episode of 10 Keys to Thrive, Jim Krigbaum shares a real-world case study from his work with a USAID project in Paraguay. By looking beyond traditional assumptions about what the country could produce, Jim and his team discovered an opportunity to combine raw materials from neighboring Brazil and Argentina with Paraguay’s available labor to create a successful wood molding export industry. Then the 2008 housing collapse changed everything. Demand for wood molding disappeared, leaving factories with equipment, trained workers, and products they could no longer sell. Instead of abandoning what they had built, Jim asked a different question: What else can we do with what we already have? That shift in thinking opened new markets. The same equipment, raw materials, and workforce could produce picture frames and fireplace mantel kits, transforming a commodity product into higher-value products for entirely different customers. Jim challenges business leaders to look beyond what their company currently sells and examine the full capabilities of their people, equipment, resources, and expertise. The lesson is simple but powerful: You’re not in business to sell what you produce. You’re in business to produce what you can sell at a profit. When markets change, your greatest opportunity may already be sitting inside your business.
