There's a very interesting phenomenon that often takes place in small business environments that to some extent can be predicted.
Solo businesses that roll along from day to day and week to week, never trying new methods or strategies, never experimenting with radically different systems or marketing, can be pretty much assured that their results will remain steady and predictable.
I have noticed that it's at times of greatest change and upheaval that some businesses make their greatest leap forward. In essence, the business owner decides to depart from former or traditional ideas and methods and strike out in a new direction, or with a completely different approach.
Making radical modifications and changes always carries some risk - the chance that the business will find the changes resulted in fewer profits over time. But if those risks can be controlled, and minimized, the exercise will often prove to be one of great importance to the growth of the business.
Every economy and every market undergoes changes over time. If you allow your business to remain basically the same - not dealing with or recognizing those changes - there is a good chance you will be overtaken by other competitors that understand the times and the new markets.
As a small business owner, it would be smart to watch for and learn about all the trends and directions of your niche market. When you see these upheavals taking place, when you see major shifts and new directions happening, that is the time to position your company to be able to take advantage of the transition periods.
The information age that is upon us moves very rapidly. It will be those companies that vigilantly watch for, understand, adapt, and retool for the new directions and opportunities that have the greatest chance for dramatic new successes and exponential growth through new systems and strategies.
Maintaining the status quo or ignoring the market conditions that arise to change the economy or industry that you deal in means you will soon lose any advantage you may have had under previous times. At the very least, this owner behavior will spell reduced relevance in your niche. And it could mean that your whole business and all your products will soon be outdated and useless beyond fixing.
Become a student of your niche. Follow industry news, press releases, product introductions, major corporate take-overs, buyouts, and mergers.
Be willing to experiment in new products, lines, and marketing approaches in ways that will allow your business to "test the water" without betting the farm on the outcome. Seek ways to lower the risk of these experiments by testing, tracking, and controlling costs.
The future lies with those that know how to rapidly adapt their business to the market and industry changes within their niche.
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Post#284 |
