Q: My small business has been relatively successful so far. What’s the key to remaining successful?
A: Owners of new and growing small businesses today know one thing for sure: conditions on the business playing field can change rapidly. The technology that seemed cutting edge last year is now outdated; or worse, obsolete. Buyer moods can swing dramatically, and marketing strategies are in constant flux.
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 and small business owners should constantly look ahead and seek out ways to shake things up. You need the attitude that whatever is done today can always be done better.
But how can you tell the difference between a fleeting fad and a true trend? Louis Patler, a market research guru for companies such as American Express and Dell, has spent decades tracking emerging trends and studying their impact on business. He says the key to successfully piloting a business in the years ahead will be embracing new ways of thinking.
For example, Patler says that truisms like “stick to what your business does best” are outmoded. If you want your business to grow, consider that past business traditions and processes might only hold you back. Trying new approaches is vital.
Not all customers are created equal. Some are more valuable and loyal than others, and those are the ones you should lavish the most attention on with special savings and service offers.
Advances in technology will continue to radically change how small companies do business. You will need to keep up. Small business owners who know how to acquire and manage information will achieve the most success. Capturing and analyzing data about customer needs, wants, behavior and how they use your product or service will become increasingly critical.
And just as your customers will put pressure on you, you should challenge your suppliers to find ways to reduce their prices, improve their delivery times, or evolve their materials or services to better meet your changing requirements.
To get ideas about new products, services or markets talk to your customers and suppliers, attend trade association meetings, and read trade journals and other materials. Anticipating trends in the business environment is not easy but is essential in remaining successful over the long term.
A: Owners of new and growing small businesses today know one thing for sure: conditions on the business playing field can change rapidly. The technology that seemed cutting edge last year is now outdated; or worse, obsolete. Buyer moods can swing dramatically, and marketing strategies are in constant flux.
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 and small business owners should constantly look ahead and seek out ways to shake things up. You need the attitude that whatever is done today can always be done better.
But how can you tell the difference between a fleeting fad and a true trend? Louis Patler, a market research guru for companies such as American Express and Dell, has spent decades tracking emerging trends and studying their impact on business. He says the key to successfully piloting a business in the years ahead will be embracing new ways of thinking.
For example, Patler says that truisms like “stick to what your business does best” are outmoded. If you want your business to grow, consider that past business traditions and processes might only hold you back. Trying new approaches is vital.
Not all customers are created equal. Some are more valuable and loyal than others, and those are the ones you should lavish the most attention on with special savings and service offers.
Advances in technology will continue to radically change how small companies do business. You will need to keep up. Small business owners who know how to acquire and manage information will achieve the most success. Capturing and analyzing data about customer needs, wants, behavior and how they use your product or service will become increasingly critical.
And just as your customers will put pressure on you, you should challenge your suppliers to find ways to reduce their prices, improve their delivery times, or evolve their materials or services to better meet your changing requirements.
To get ideas about new products, services or markets talk to your customers and suppliers, attend trade association meetings, and read trade journals and other materials. Anticipating trends in the business environment is not easy but is essential in remaining successful over the long term.
Posts
Very good question! And very interesting answer!
ReplyDelete