By: Abby Yetter
Only half of all small businesses in America survive more than five years. Many of those that have made it longer are in danger of being forced out. Why? They refuse to change with the times or are too slow to evolve. Here are three reasons why you need to force your business to change.
Market Share
Businesses who make changes when needed, or even before, are the ones who will continue to have customers. If you have a retail store that still hand-writes sales tickets or a warehouse that doesn’t have a computerized inventory system (I swear, these situations still exist), you are severely limiting the amount of customers you can serve, inevitable giving more market share to your competitors who are up on all of the latest methods. When you lose market share, you lose customers, which means you lose income. Staying with the times and following trends in your industry will keep you from going extinct.
[Related: Embrace Change Head On]
Edge
When a company focuses on staying ahead of the curve and fostering creativity and new ideas, they are able to actually get ahead of their competitors and grow their business. A great example in recent history is Apple. The iPod, iPhone, iPad, and other inventions by the company were the first of their kind. This made them a leader in technological innovation for the masses that spread like wildfire and put them in a league above their competitors. Your small business needs to follow their example and work hard to stay ahead in your industry. It will give your company an edge over your competitors that will absolutely bleed over into your sales, help you survive and grow.
Reputation
Whether you are the “Apple” of your entire industry or the most creative shop in your local community, when you embrace change and use it to your advantage you build a reputation for being at the forefront of new ideas. For example, businesses that have been instituting paid family leave and gender equality policies have been getting a lot of good press, and also major respect from their employees and the public. People respect companies that work hard to stay ahead of the curve and show it by staying loyal and constantly purchasing from them. Don’t you love to support businesses who are doing great things for the world, the community, and making great strides in their industry? Be one of them by adapting to change with grace and positivity.
Heraclitus once said that “change is the only constant in life.” If you do not embrace the changes that come your way with an open mind, your business will surely suffer. In order to be one of the 33% of small businesses who will survive for more than a decade, you need to force your business into the future. Don’t sit around and complain about how technology or laws or standards change all of the time. Look to be ahead of the trends and you’ll be able to stay ahead of the entire game.
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Abby Yetter is the CEO & Chief Consultant at Bright Ideas Small Business Solutions, LLC, where she strives to use her creativity and experience to solve the many problems of small businesses.
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