Learning from the Trends

I think many businesses get caught up in their own paradigm. They think this is what we do, and tend to have a hard time seeing beyond that. It is important to re-invent the company every couple years , or at least consider re-inventing it.

In order to remain profitable in a changing world and a changing industry, its essential to keep one eye beyond simply what we do. It is also important to pay attention to what your competition is doing. Look into other markets that share similarities with yours and see what changes are occurring in those markets. Then, to see if you can apply what you have learned to your own market.

Being aware of trends in business as a whole and trying to understand how those trends impact your business and your market is important as well. You have to be proactive in taking advantage of this information.

In this sense, small businesses are often averse to risk. You have to be willing to take some risks in order to grow your business. Frequently, a small business may see an opportunity, but they are not willing to accept the risk required to take advantage of it. Being aware of industry trends and then following through on a risky course of action based on this information is simply how a successful company operates.