The Winds Of Change

If your like most small business owners you’re always working to improve the product you sell. Could also involve better marketing ideas, incentives, buy one get one at half price or a slight change in how sales are conducted. Nevertheless, as an owner we always work to be our best. Today there’s more competition in the market place. Although some see that as a threat, when competition is what keeps us on our toes!

Truth is we are all challenged each day as the winds of change in business blows on us all. Clients tend to demand more and more of our attention as well as at times question pricing. There is no way to tell how the future is going to turn out in the business cycle, right? Well that’s not entirely true.

I’m from the baby boomers generation, which can have an affect on business. As we age our demands change, our needs for material things is not a priority, we move from consumption to saving. This change is a challenge as time goes buy, depending on your business model, revenue is most likely to change over the coming years.

The economy is going through a difficult point in time with the millennium generation getting pulled down with massive student loans to my generation struggling to create enough savings for retirement, although the markets are up at the moment, recent activity has peoples 401’s loosing money which presents the question where do you invest these days? You should ask your financial advisor before you make any quick moves.

Another change we’re experiencing these day’s is the ability to hear news in the click of a button or app, social media has provided a unique way for us all to communicate as well as allow us to tell the world what’s on our minds. This platform can be useful if your business is struggling, using a social media platform can spread your message over the masses as well as reach around the world. With any business time can help or hurt your business. We must all take a step back and analyze our business model, if we target a specific age group what happens in 5-10 years? Will those clients still purchase your product or service?

As customers lives change so does your business – not changing with your customers can put your business on thin ice. The more you know about the needs and want’s of your client base the better you’ll be as time goes by. Most business are only interested in today and sometimes forget over time to make adjustments. Profit margins are tight and competition is always knocking at your door.

One of my mentors gave me some simple advice, Steve in business you’re either growing or dying! Simple but true we must always be moving forward with new products and services, as mentioned, if our model targets a specific age group what happens when they grow older? can your product or service be modified to suite people as they age?

Change happens in our workforce also-people age perhaps not able to keep up with production, you might consider moving them around as to not only better serve your company but to help them as time goes on. People like to feel they are making a difference. Imagine being in the same job for years with no chance for advancement do you think that employee will always give his best? now that same employee is exposed to promotions every few years which one would you rather be exposed to?

Needless to say the only constant in life is change so consider going with the flow with your clients. In the end they will appreciate your product or service and you’ll appreciate growth and prosperity as the years go by!

~Stay Strong~