In Part 1 of this series, we spoke about spotting trends early and how this is a huge advantage to small businesses. Today, we’ll fill in the other side of that equation: implementing an immediate response to early evidence of a developing trend. So, first you spot the trend. Then you come up with a solution. That action could be to remain neutral if you like what you’re seeing, or it could mean taking steps to remedy the beginnings of a downward spiral with business turnaround.
This is the second advantage for small businesses, in that it takes far less time to make a change when necessary. You don’t see that anywhere else in large corporations. For example, it takes GM more than two years to develop a new car design. It takes even longer for pharmaceutical companies, usually up to 10 years to get a drug approved.
Small business can turn on a dime.
But small business has the ability to say “stop that, do this”; “this didn’t work, shut it down”; “let’s change things up.” As an entrepreneur, you can test something out for two days, see what works, then move on. This could mean improving the situation, changing it, pulling a product…whatever it is, it’s immediate. There is no wasted time. This gives you the ability to make a decision today and implement a change tomorrow.
Change is a Constant
The one constant in business is fluctuation so assume that change is coming and always be on the lookout for it. The best trend-spotting entrepreneurs are able to adjust their plans depending on the market because they are constantly aware of the cyclical, up-and-down, back-and-forth nature of the business, points out Entrepreneur.
Smart entrepreneurs are always looking for an edge, striving to learn how they can identify trends and then use that skill to build and grow their business. They can:
- Anticipate change
- See changes coming by reading, watching and analyzing
- Distinguish between short-lived fads and long-term trends
- Develop realistic solutions
- Create a competitive advantage
Are you ready to make a change in response to a trend you just started noticing? Request a consultation today with Second Wind Consultants. From business debt settlement to capital formation, we can help.