Innovation is the key word for business. Regardless of the size of the business, change is going to occur and, someone will take your business platform and improve on it. There is nothing sacred in the world of business. There are two ways to lose your market position; one is if someone comes up with a better way of providing the same service as you or someone takes your own business platform, tweaks it, and brings it forth as a better business.
Business loyalty only exists as long as your target market feels that they are getting the biggest and best “bang” for their buck. I can foresee several national companies losing their market share to new start-ups.
One trend that I am predicting is the need for “human touch” in certain services industries. High tech alone will not be enough to assure continued growth. A return to personal contact in both marketing and service will occur. Technology was supposed to free us, to give the business owners more time for family, physical and spiritual needs as well as more time to work “on” the business. In my conversati0ns with small business owners I find that just the opposite is true. Now, more than ever, I hear the comment “too much to do… not enough time” and that hinders business growth. Perhaps it a combined lack of focus and time management that is brought about by “overwhelming uncertainties” generated by too many options.
What will the “better mousetrap” look like in your industry? Are you taking the time to find out what your target market wants or are you selling them what you think they want and need?
Target markets have to be introduced to new ideas and shown the benefits that they provide. A personal introduction to a small cross section of a target market can provide a good foundation for future planning. Remember, the answer may not always be a resounding “Yes I need that”.
A business should be developed with the thought that someone is looking over your every move and is getting to launch a similar program. Your goal is to re-launch your business first.
New idea, test market, launch…..constantly repeat this process to sustain your growth. Nick J. Petra CFP
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