For years we have heard the advice “stick to what your business does best.” In blunt terms, that’s terrible advice. If you want your business to survive, let alone grow, it’s highly likely that past business traditions and processes will only hold you back. The key to successfully piloting a business in the years ahead will be embracing new ways of thinking.
Small-business owners can draw on a host of technology and information resources to chart the course of their enterprises. Information is the key to success in the 21st century, and the ability to effectively capture and analyze data on customer needs and behaviors is essential for small-business owners, even more important, anticipate trends related to their products of services. Here are a few ideas that you may wish to consider:
MONITOR COMPETITORS
Do you walk by their shops, check prices, read their ads, check their websites? Do you check out competitors in a different industry that sell your products e.g., a flower shop that competes with grocery-store floral department? Do you monitor news from your trade association?
MEET WITH SUPPLIERS
What do your suppliers have in their pipelines? Are they updating the lines you sell or perhaps even replacing the lines with something new and exciting? Ask for their visions of upcoming trends. Ask for the opportunity to be first with their next new products. Check out their competitors and what might be changing in their industry.
ENGAGE CUSTOMERS
Are you regularly listening and surveying your customers? Are they telling you what and how your competitors are meeting their needs?
ATTEND TRADE SHOWS
Trade shows are a great place to discover the latest trends. It is also where you can speak with your industry’s marketing executives. Ask where their company is headed.
NETWORK
Here in the Treasure Valley, consider Kickstand. Find out what other business owners are doing. You may get some clues from the changes occurring in other area businesses.
CONSIDER STUDENT TEAM HELP
The local colleges and universities are always seeking opportunities to have their students address real-world issues. Perhaps having a student team develop a marketing strategy may result in a new focus or new promotional strategy for your business. Take advantage of potential out-of-the-box thinking.
Anticipating trends can be extremely valuable in keeping you current on everything from sales strategies and customer desires to technology tools and the general economy. As your business grows, change will be inevitable. Small-business owners should constantly look ahead and seek out ways to shake things up. The more you test the winds of change, the better your chances of success down the road.
tvscore240@yahoo.com
C. NORMAN BECKERT Idaho district director of SCORE, the Service Corps of Retired Executives
