3. Industry change

Okay, so you know all about the Blockbuster vs. Netflix story, right? You also know who won that battle, and of course, you know why. In fact, almost everyone knows this information, yet there are still so many business owners who refuse to update aspects of their business, even when they know they are losing business and need to make changes.

Here are some areas in which you can easily make sure that you are handling change in a fast-paced and yet still well-thought-out manner:

  • Sending/receiving funds: How do you send and receive funds between customers and vendors? Are you still using checks or a debit card? Maybe cash? There is a tremendous amount of fraud surrounding checks and debit cards, and you take on most of the responsibility with those. And cash? Once it’s gone, it’s gone. Having and using safer and more effective methods of sending and receiving funds will make your customers happy and keep your accounts safe.
  • Staying on top of industry trends: For your business to stay profitable, it needs to stay relevant, so what changes are happening in your industry? Is there new technology? New business methods? What changes are happening with your customer base? To keep up with change, go to at least two industry trade shows each year. You’ll learn what is new, what’s old, and who is leading the way and getting the best results. Take time in the trade shows to meet people you can network with to push your company forward.
  • Advertising and marketing: Still doing coupon clippers and the local newspaper? Today, if you’re not using , and the rest to market your business, then you’re most likely losing to your competition on a daily basis. The companies that use Google Reviews and take it seriously win. I can’t tell you how many people refuse to hire companies that get a score below 4.5. So, get involved in social media, and take it seriously. Don’t know how? Just hire someone.

Pro tip: Write down the top 10 biggest challenges that you have faced and/or are facing now. Next to it, list out all solutions that you need to solve it. And then, list out what created the issues in the first place and what could have prevented it from happening in the first place. Once you see a pattern, you will be in a better position to prevent any negative experiences from happening in the future!

By John Kyle