We wrote the article Primer: 5 Simple Steps for a Chance in Business Success
Whew! We are now on item number 3 in our list and let me write this one in detail. Again we invite you to follow our social media pages to be able to get updated with the latest news, tips and articles from KDF Bookkeeping!
Before you Proceed, if you haven’t read yet the previous two articles in this series, here they are:
2. Review Your Current Financial Situation
3. Are You Keeping Up With The Trends?
You have been running your business for a while and have been so locked up in your routine and you imagine, “I have set it now, don’t need to get back to it…” sort of thinking. We have observed this with some long-running businesses who have failed to see more growth, and even worse have closed down.
Trends change, your demographic changes, the way products are being sold and services being done are also changing, especially with the current COVID-19 Pandemic taking over our everyday lives. Are you still keeping up with the latest? Do you look at the current business climate and trends? Have you taken into account if your market is still engaged? Do you see opportunities you can leverage? And are you able to see things to avoid in the next few days and be able to accurately forecast it?
We suggest looking at your nearest competitor and observe their adjustments, unless they are also failing at following the trends. You can see how they target your market, audience or niche and even observe if they are meeting current demands of this market.
Are they doing something different to create more customers and gain their loyalty? What are they doing and not doing well? Can you make a better solution or service? These are some of the questions you can ask yourself to be able to go with the trends.
This way, your business will become unique, responsive and stand out from the others. You can even observe other industries not related to yours to get ideas, look at other businesses that are on top of their game and observe if there are ideas, products and business processes you can leverage to improve my own business. Maybe you can partner with other businesses to strengthen both your positions in the current market.
You’re asking, how about if I just started? You can still do the observations above, think how you would grow big and broaden your perspective. There are several ways to grow and observing and continually looking to adjust and scale will allow your business to grow into greater heights!
Watch out for our 4th article of the series about: Are Employees and Stakeholders Involved?