The oil & gas industry is one of the biggest around. A few years ago, it was valued at over $1.7 trillion! Consequently, it’s a good industry to look at in terms of lessons you can learn as a new business owner. Surely, in such a vast and valuable industry, there are things you can take and ideas you can draw upon?
As it happens, this industry has thrown up its fair share of controversies and strongpoints that all entrepreneurs should pay attention to. The way companies operate in this industry can definitely be looked at and adapted to suit your own business. Here are some of the biggest lessons you can learn from oil & gas:
Everyone Needs a Contingency Plan
In an industry like this, things can go wrong all the time. Specifically, oil drilling in the ocean can cause big spills, disrupting the wildlife in the area. Companies recognize this, which is why they all have built-in contingency plans to help them out. Every oil drilling company will have something like oil water containment technology to prevent spills from causing too much damage. The idea is that technology contains oil and stops it from spreading in the water.
You should learn from this and build contingency strategies and fail-safes into your business structure. Consider some of the obvious and most damaging things that could go wrong in your organization. Then, implement ideas that kick into action to minimize the damages. A good example is a data breach. If your data is breached, you need a contingency plan to prevent customer information from getting stolen and securing your network right away.
You Can Recover from Brand Disasters
Think back to 2010 and you may remember one of the biggest news stories of the last decade; the BP oil spill. Essentially, BP had a huge oil spill in the ocean that still continues to damage wildlife to this very day. As far as brand disasters go, it’s one of the worst imaginable.
However, do you still see BP around today? Of course, it is still one of the biggest and most successful companies in the world. So, this goes to show that you can recover from a brand disaster if you work hard enough. The lesson here is that a PR problem or an attack on your brand isn’t a death wish. With the right approach, you can rebuild credibility and continue to dominate your market.
Innovation Is Key
One thing that stands out in the oil & gas industry is innovation. Companies in this sector realize that this specific business model can’t last forever. There will be a time where oil dries up, so changes have to be made. Plus, with growing concerns over the environment, many companies are looking at ways to make the industry as eco-friendly as possible.
Again, learn from this by always thinking two steps ahead in your industry. Consider how you can innovate and produce a service that’s better than your rivals.
Smart business owners look at successful industries and spot patterns that they can follow. Take these three lessons from the oil & gas sector and use them to further your business!
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