Tuesday, April 22, 2014

Business joy rides

     Free daily advice for people in small business
     from someone who has been there, done that.

     You're a business owner. You're running your business.

     You make daily decisions. Some are good and some are not-so-good. You discard those that don't work and concentrate on those that do work.


     Then, why do so many business owners take their businesses on joy rides? 

     You've seen it happen. You stop in at your favorite coffee shop, and the place has been transformed into lattes and biscotti. A regular cup of coffee? Maybe down the street.

     Example: A hairdresser begins spending more and more time checking out and stocking products new to the market. This gives the owner a great deal of personal satisfaction, and the new products might attract new clients. But if you spend more and more time in this new area of the business, you're changing the direction of your business. It might be good, or it might be bad. 

     Example: An Internet marketing expert pushes every newly minted social media possibility to clients. It's because of his interest, not theirs. He's changing his brand and trying to change theirs. It might be good, or it might be bad.

     Example: An American foods restaurant begins offering more and more healthy alternative meals, crowding out the popular burgers that diners have come to depend on. The chef is taking the restaurant on a personal joy ride, to the chagrin of regular customers. It might be good, or it might be bad. 

     These examples show what can happen when businesses go "off target." Once your brand is established, changing course can confuse regular clientele. 

     All businesses change--they must change to keep abreast of market demands. The key to success lies not with the owner's personal whim, but with the marketplace.  

     Changing the business is not the same as letting it drift. All businesses must change to keep up with changing markets. The business will tend to pull in one direction or another. You must give customers what they want or they go elsewhere.

     Drifting toward a new market demand is one thing. Drifting toward the owner's newly discovered interest is another thing. A personal interest might coincide with a developing market that can be tapped. Or it might not.

     Before heading off on your personal joy ride, see how it measures up to your overall business plan. Many business joy rides can grow your business. Others are just joy rides.

     Questions? Email me direct at AlWarr16@gmail.com and put BLOG in the subject line.
     I am retired and I am not selling anything. Your privacy is always respected.

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