Free daily tips, information, advice, and ideas
to help you better manage your small business.
Facebook has blossomed. The early days of friends keeping in touch has morphed into a formidable promotional tool for small business.
Getting your business on Facebook is easy. They lead you through the set-up. It's simple and it's free. How does this compare with the other promotional tools in your toolbox?
After you've established your presence, you're ready to post quick entries. Include a picture--you know, those pictures you are constantly snapping anyway. Eyeballs are drawn to pictures, and they don't have to be professionally done. Upload a photo with every post.
The viewer only spends seconds on your Facebook page. But that short time will keep your business in their minds. And they frequently will pass it on to their friends. This expands your referral network.
Examples: Massage therapists, chiropractors, and wellness centers post upcoming open houses, events, demonstrations that are meant to attract the public. A retail store posts upcoming sales, discounts, and newly received merchandise. A garden center posts an upcoming all-day, hands-on free session on building fences, patios, fire pits. A consignment shop reaches out to announce and show pictures of new items received. A law firm posts announcements of upcoming free seminars on elder care, social security concerns, reverse mortgages.
Keep in mind that Facebook postings are quick reads for the viewer, and they are quickly disposed of. You might not get much activity from a single posting of an upcoming event--especially if you post it the day before the event. To attract more attention, post it two weeks ahead of the event, again one week ahead, and finally the day before--all with different pictures.
Get creative with the pictures you post. Use one of the pictures you snapped of the inside of your retail space. Show close-ups of dresses, coats, boots, jewelry. Go outside and snap a photo of the front of your store. Zoom in on hands doing a massage. Take a selfie to remind your customers and clients who you are. Pets attract attention--take a picture of your cat curled up around a bottle of beer.
You deserve all the help you can get in building your business, especially when it's easy and free. Go to Facebook.com and let them lead you through the set-up.
Facebook and other social media work in any small business. Some will work better than others. But you don't know how it will work for you until you jump into the pond.
Tuesday, February 24, 2015
Monday, February 23, 2015
Customer goodbyes
Free daily tips, information, advice and ideas
to help you better manage your small business.
Customers and clients come in different flavors. When you open your small business door to the world, you can expect all different types to walk in.
Most customers are like gold. You welcome them. You value them. You go the extra mile to keep them happy and coming back.
Others? Well, they are different. Some seem to be forever late in paying the invoice you send. Others haggle with you on every price. Some will not say anything to your face, but they bad mouth you on social media. Others suffer a personality defect that causes them to criticize everything and everybody.
Every business owner has seen all types of people. You might be putting up with a certain number of customers who are not worth the time and effort required to keep them. When this happens, it can be time to say goodbye.
Example: A customer returns again and again to the florist, ordering more flowers, but always complaining that the previous ones died too quickly. It becomes apparent that the customer is angling for a discount on the current order. You give in the first time, and maybe the second, but eventually you realize that her small orders don't compensate for the time spent or the discounts demanded. To handle, you refer her to another florist.
Example: A veterinarian helps a pet cat overcome an itching problem. It takes a couple of follow-up trips before the itching shows signs of going away. The owner insists loudly that the vet should be using a treatment learned on the Internet. It might be time to recommend a specialist down the road.
Example: Painters of inside walls can refer fussy homeowners to others, rather than repaint walls several times to achieve the homeowner's desired shade of green. It can be good for business to refer these types to other painters--and then concentrate on corporate and commercial clients who are much less fussy.
Example: A financial adviser recommends several strategies for an argumentative new client. Even when the clients makes money, he second guesses the strategy and frequently voices endless criticisms. Time to move on.
All customers and clients are potentially good customers and clients. The key word is "potentially" in this statement. Depending on the situation, you might be able to work with problem clients and develop an on-going relationship that serves you and them.
When it serves only them, it can be time to refer them to a competitor. If you make such a decision, always say your customer goodbyes with grace and a smile. They might return one day with a much improved attitude.
Saying goodbye to a customer or client is called "resigning the account" and it is an old Madison Avenue technique. When dealing with problem people takes more of your time and money than it's worth, it's time to gently show them the door.
to help you better manage your small business.
Customers and clients come in different flavors. When you open your small business door to the world, you can expect all different types to walk in.
Most customers are like gold. You welcome them. You value them. You go the extra mile to keep them happy and coming back.
Others? Well, they are different. Some seem to be forever late in paying the invoice you send. Others haggle with you on every price. Some will not say anything to your face, but they bad mouth you on social media. Others suffer a personality defect that causes them to criticize everything and everybody.
Every business owner has seen all types of people. You might be putting up with a certain number of customers who are not worth the time and effort required to keep them. When this happens, it can be time to say goodbye.
Example: A customer returns again and again to the florist, ordering more flowers, but always complaining that the previous ones died too quickly. It becomes apparent that the customer is angling for a discount on the current order. You give in the first time, and maybe the second, but eventually you realize that her small orders don't compensate for the time spent or the discounts demanded. To handle, you refer her to another florist.
Example: A veterinarian helps a pet cat overcome an itching problem. It takes a couple of follow-up trips before the itching shows signs of going away. The owner insists loudly that the vet should be using a treatment learned on the Internet. It might be time to recommend a specialist down the road.
Example: Painters of inside walls can refer fussy homeowners to others, rather than repaint walls several times to achieve the homeowner's desired shade of green. It can be good for business to refer these types to other painters--and then concentrate on corporate and commercial clients who are much less fussy.
Example: A financial adviser recommends several strategies for an argumentative new client. Even when the clients makes money, he second guesses the strategy and frequently voices endless criticisms. Time to move on.
All customers and clients are potentially good customers and clients. The key word is "potentially" in this statement. Depending on the situation, you might be able to work with problem clients and develop an on-going relationship that serves you and them.
When it serves only them, it can be time to refer them to a competitor. If you make such a decision, always say your customer goodbyes with grace and a smile. They might return one day with a much improved attitude.
Saying goodbye to a customer or client is called "resigning the account" and it is an old Madison Avenue technique. When dealing with problem people takes more of your time and money than it's worth, it's time to gently show them the door.
Friday, February 20, 2015
Working youngsters
Free daily tips, information, advice and ideas
to help you better manage your small business.
Apprenticeships were once a path to a lifelong career. Young people in their early teens signed up with experienced tradespeople and learned the craft from the bottom up.
Today, we take a much more enlightened view. We've largely outlawed youngsters going to work. We might feel good about this, but it's the youngsters who suffer the consequences. Our child labor laws have put years of leisure time in the hands of immature youngsters.
Some teenagers are lucky enough to be guided through their difficult years by an adult. Teens can seek out internships or part time work where they learn the interactive skills that will serve them well throughout their lives. They learn how the world really works.
Example: As he was growing up, Billy worked part time helping a neighbor who ran a landscaping business. He learned a lot about maintaining lawns, pruning shrubbery, mulching flower beds, keeping equipment in good repair--and interacting with customers. Billy was particularly impressed with the way his employer talked with and handled homeowners. When he graduated high school, Billy went to college, but he left after a couple of years. Today, he runs a marketing consulting firm and talks about the valuable experiences of his early years handling all types of clients.
Small businesses can benefit from hiring young people. It's part of passing the culture on to the next generation. A youngster has energy, enthusiasm, and naturally wants to learn. Hiring a youngster helps him or her learn self discipline, instills self-confidence and self-esteem by accomplishing tasks, and gets experience in the real world.
Example: Susan worked part time during high school at a local hair salon. She handled the receptionist desk, scheduled appointments, sold products over the counter, and assisted the stylists. She went on to attend a professional stylists school, and today she owns and operates a salon. Without that early start, she might have spent years "finding herself" and putting in place a rewarding career.
Starting early in life is valuable. Part time work by teens introduces them to possibilities they will not learn elsewhere. Not in school. Not in university. Not in playing around, and certainly not in hanging out with other immature teens.
Some of the most successful people I've known did not finish high school, much less college--like my own mother and father. And I know several 40-somethings who are still in college, trying to "find the right career" and connect with the real world. They forever lost those valuable teen years.
to help you better manage your small business.
Apprenticeships were once a path to a lifelong career. Young people in their early teens signed up with experienced tradespeople and learned the craft from the bottom up.
Today, we take a much more enlightened view. We've largely outlawed youngsters going to work. We might feel good about this, but it's the youngsters who suffer the consequences. Our child labor laws have put years of leisure time in the hands of immature youngsters.
Some teenagers are lucky enough to be guided through their difficult years by an adult. Teens can seek out internships or part time work where they learn the interactive skills that will serve them well throughout their lives. They learn how the world really works.
Example: As he was growing up, Billy worked part time helping a neighbor who ran a landscaping business. He learned a lot about maintaining lawns, pruning shrubbery, mulching flower beds, keeping equipment in good repair--and interacting with customers. Billy was particularly impressed with the way his employer talked with and handled homeowners. When he graduated high school, Billy went to college, but he left after a couple of years. Today, he runs a marketing consulting firm and talks about the valuable experiences of his early years handling all types of clients.
Small businesses can benefit from hiring young people. It's part of passing the culture on to the next generation. A youngster has energy, enthusiasm, and naturally wants to learn. Hiring a youngster helps him or her learn self discipline, instills self-confidence and self-esteem by accomplishing tasks, and gets experience in the real world.
Example: Susan worked part time during high school at a local hair salon. She handled the receptionist desk, scheduled appointments, sold products over the counter, and assisted the stylists. She went on to attend a professional stylists school, and today she owns and operates a salon. Without that early start, she might have spent years "finding herself" and putting in place a rewarding career.
Starting early in life is valuable. Part time work by teens introduces them to possibilities they will not learn elsewhere. Not in school. Not in university. Not in playing around, and certainly not in hanging out with other immature teens.
Some of the most successful people I've known did not finish high school, much less college--like my own mother and father. And I know several 40-somethings who are still in college, trying to "find the right career" and connect with the real world. They forever lost those valuable teen years.
Thursday, February 19, 2015
Rental successes
Free daily tips, information, advice and ideas
to help you better manage your small business.
Rentals can increase your income. And every small business needs additional income.
Example: A restaurant that's closed on Mondays can rent out the kitchen that day to an aspiring baker who needs an inspected and licensed kitchen. A cafe that serves only breakfast and lunch can likewise rent out the kitchen when it is idle in the evening.
Today, you can rent almost anything from a rental center. Operations are in business to rent chainsaws to lawnmowers, furniture to televisions, vehicles to boats, tents to portable toilets. But they don't have everything.
Example: Florists and garden centers can rent out baskets of flowers and artificial arrangements to corporations, banks, medical centers, offices and others on a revolving basis. Painters and photographers can do the same thing with framed works--with a written agreement and insurance.
Caterers regularly rent the tables, chairs, even the silver and glassware to clients for special events. Some caterers will rent you a dance floor and a big tent for your special occasion.
Example: A lady farmer in my area raises goats, and she rents them out to other farmers, homeowners and others. Goats will eat just about anything. Her rented goats are brought to location to clean out pastures and hedgerows. The goats will eat away the poison ivy and those multiflora roses that are highly invasive. Renting out her goats is not the lady's main business, but it provides her with additional income.
All sorts of possibilities are available if you have extra space. An empty garage or barn can be rented to bands needing space to practice. A back room can be rented out for meeting space for organizations, clubs, and others needing space to hold events.
Example: A local winery rents out its facilities for private parties, corporate meetings, weddings, organizational gatherings, and other events. The winery setting is unusual and can add that extra edge to any event. And the wine maker is available for talks and tastings.
Get creative when you consider adding rentals to your business. Rentals can involve your space, your items, your time and even your goats. When you write up service contracts to maintain equipment, for example, you are committing to renting your time to a client. The same is true with consulting and coaching--you are renting out your expertise.
Put the rental concept to work in your business. It can provide extra income and extend your reach in the community, resulting in referrals.
to help you better manage your small business.
Rentals can increase your income. And every small business needs additional income.
Example: A restaurant that's closed on Mondays can rent out the kitchen that day to an aspiring baker who needs an inspected and licensed kitchen. A cafe that serves only breakfast and lunch can likewise rent out the kitchen when it is idle in the evening.
Today, you can rent almost anything from a rental center. Operations are in business to rent chainsaws to lawnmowers, furniture to televisions, vehicles to boats, tents to portable toilets. But they don't have everything.
Example: Florists and garden centers can rent out baskets of flowers and artificial arrangements to corporations, banks, medical centers, offices and others on a revolving basis. Painters and photographers can do the same thing with framed works--with a written agreement and insurance.
Caterers regularly rent the tables, chairs, even the silver and glassware to clients for special events. Some caterers will rent you a dance floor and a big tent for your special occasion.
Example: A lady farmer in my area raises goats, and she rents them out to other farmers, homeowners and others. Goats will eat just about anything. Her rented goats are brought to location to clean out pastures and hedgerows. The goats will eat away the poison ivy and those multiflora roses that are highly invasive. Renting out her goats is not the lady's main business, but it provides her with additional income.
All sorts of possibilities are available if you have extra space. An empty garage or barn can be rented to bands needing space to practice. A back room can be rented out for meeting space for organizations, clubs, and others needing space to hold events.
Example: A local winery rents out its facilities for private parties, corporate meetings, weddings, organizational gatherings, and other events. The winery setting is unusual and can add that extra edge to any event. And the wine maker is available for talks and tastings.
Get creative when you consider adding rentals to your business. Rentals can involve your space, your items, your time and even your goats. When you write up service contracts to maintain equipment, for example, you are committing to renting your time to a client. The same is true with consulting and coaching--you are renting out your expertise.
Put the rental concept to work in your business. It can provide extra income and extend your reach in the community, resulting in referrals.
Wednesday, February 18, 2015
Changing world
Free daily tips, information, advice, and ideas
to help you better manage your small business.
Sometimes a good idea for your business is lurking in your past. Taking a look over your shoulder can be productive--you might find ideas to increase sales and expand.
Example: In the past, a restaurant faxed daily menus to regular customers. But faxes became, well, so yesterday. Today, the restaurant has an app for customers to access the daily menu, specials, place an order or reserve a table. An old idea is re-born.
Ideas from the past can come alive again, upgraded to keep pace with today's technology.
Example: Doctors wear white coats in their offices and clinics. One doctor has hung up his white coat for the last time. He decided to re-introduce the house call. Today, he sees elderly and indigent patients in their own homes. His office is in the trunk of his car. He is busier than ever, and patients avoid emergency room visits and hospital stays. And they love the personal attention.
Sometimes, discarded methods can make sense again, even in today's brave new world.
Example: A computer expert discontinued the training sessions he once provided. Although the sessions were popular, he noticed a decline in attendance and interest. He stopped them. It was a bad decision. The furious pace of today's technology has left clients more confused than ever. So he re-structured and re-introduced his training sessions to be less detailed. The re-focus has worked. Instead of trying to educate clients in the weeds of computing technology, programming, and troubleshooting methods, he now provides introductory sessions. His formerly detailed training sessions have today become overview sessions. They are more quickly understood and appreciated by attendees. And they have led to referrals and new clients for his expanding on-site business of repairing, troubleshooting, and networking computers at the offices of clients.
Discarding yesterday's ways of doing business can work against you. Better to take a second look, re-format and re-introduce ways you used in the past. This can offer new business opportunities in today's business world.
Small businesses are fleet of foot. You can change very quickly. In your own business, if you spot a method that that worked in the past, but you've discarded, re-examine it. With a little tweaking, it might work again.
to help you better manage your small business.
Sometimes a good idea for your business is lurking in your past. Taking a look over your shoulder can be productive--you might find ideas to increase sales and expand.
Example: In the past, a restaurant faxed daily menus to regular customers. But faxes became, well, so yesterday. Today, the restaurant has an app for customers to access the daily menu, specials, place an order or reserve a table. An old idea is re-born.
Ideas from the past can come alive again, upgraded to keep pace with today's technology.
Example: Doctors wear white coats in their offices and clinics. One doctor has hung up his white coat for the last time. He decided to re-introduce the house call. Today, he sees elderly and indigent patients in their own homes. His office is in the trunk of his car. He is busier than ever, and patients avoid emergency room visits and hospital stays. And they love the personal attention.
Sometimes, discarded methods can make sense again, even in today's brave new world.
Example: A computer expert discontinued the training sessions he once provided. Although the sessions were popular, he noticed a decline in attendance and interest. He stopped them. It was a bad decision. The furious pace of today's technology has left clients more confused than ever. So he re-structured and re-introduced his training sessions to be less detailed. The re-focus has worked. Instead of trying to educate clients in the weeds of computing technology, programming, and troubleshooting methods, he now provides introductory sessions. His formerly detailed training sessions have today become overview sessions. They are more quickly understood and appreciated by attendees. And they have led to referrals and new clients for his expanding on-site business of repairing, troubleshooting, and networking computers at the offices of clients.
Discarding yesterday's ways of doing business can work against you. Better to take a second look, re-format and re-introduce ways you used in the past. This can offer new business opportunities in today's business world.
Small businesses are fleet of foot. You can change very quickly. In your own business, if you spot a method that that worked in the past, but you've discarded, re-examine it. With a little tweaking, it might work again.
Tuesday, February 17, 2015
Just-in-time deliveries
Free tips, information, advice, and ideas
to help you better manage your small business.
Big companies pride themselves on efficient operations. Just-in-time deliveries are part of this. They don't want delivery of input materials until they need them. For example, this relieves auto manufacturers of the need to store and handle input parts ahead of actual need.
Small businesses need to take better advantage of just-in-time. Owners can use the concept coming and going.
If you are selling to big companies, you already know that they don't want delivery ahead of the time they need your products. If you are buying products from suppliers, you can specify when you want the delivery. Just-in-time works for both incoming and outgoing stuff.
Examples: If you are a hypnotherapist specializing in pain relief, you schedule your client's appointment following their surgery--not at your convenience. If you sell supplies to electrical and plumbing contractors, you know that they want to pick up materials on the way to their daily jobs. If you are a tool rental shop, you supply landscapers early in the morning on their way to a job. If you sell goods to customers located out of your area, you ship via UPS or Fedex or the U. S. Postal Service, targeting the arrival date wanted by your customer.
Notice that the preceding examples are for outgoing goods and services. Here you are complying with the needs of your clients and customers. But you can use just-in-time for materials and services incoming to you.
Examples: If you have an on-going maintenance contract to troubleshoot and maintain your computer setup, you schedule the technician to come in at times convenient to you--not at his convenience. If you run a restaurant offering farm fresh foods, you tell the farmer to deliver fresh lettuce and herbs on the morning you'll be needing them--not when the farmer wants to move product. If you are a caterer and you have a big wedding coming up, you order a spacious tent to be delivered and set up on the grounds the day before the event, not at the convenience of the rental center. If you run a vehicle repair shop, you want deliveries of parts from the supplier just before you need to install them--not several days ahead.
Look around. Put on your thinking cap. Put the just-in-time concept to work in your small business. It can save you time and money.
You already use just-in-time. When you get down to the last ink cartridge for your printer, you place an order for more. And when the fuel gauge in your vehicle starts to shake hands with the big "E" you begin looking for a service station.
to help you better manage your small business.
Big companies pride themselves on efficient operations. Just-in-time deliveries are part of this. They don't want delivery of input materials until they need them. For example, this relieves auto manufacturers of the need to store and handle input parts ahead of actual need.
Small businesses need to take better advantage of just-in-time. Owners can use the concept coming and going.
If you are selling to big companies, you already know that they don't want delivery ahead of the time they need your products. If you are buying products from suppliers, you can specify when you want the delivery. Just-in-time works for both incoming and outgoing stuff.
Examples: If you are a hypnotherapist specializing in pain relief, you schedule your client's appointment following their surgery--not at your convenience. If you sell supplies to electrical and plumbing contractors, you know that they want to pick up materials on the way to their daily jobs. If you are a tool rental shop, you supply landscapers early in the morning on their way to a job. If you sell goods to customers located out of your area, you ship via UPS or Fedex or the U. S. Postal Service, targeting the arrival date wanted by your customer.
Notice that the preceding examples are for outgoing goods and services. Here you are complying with the needs of your clients and customers. But you can use just-in-time for materials and services incoming to you.
Examples: If you have an on-going maintenance contract to troubleshoot and maintain your computer setup, you schedule the technician to come in at times convenient to you--not at his convenience. If you run a restaurant offering farm fresh foods, you tell the farmer to deliver fresh lettuce and herbs on the morning you'll be needing them--not when the farmer wants to move product. If you are a caterer and you have a big wedding coming up, you order a spacious tent to be delivered and set up on the grounds the day before the event, not at the convenience of the rental center. If you run a vehicle repair shop, you want deliveries of parts from the supplier just before you need to install them--not several days ahead.
Look around. Put on your thinking cap. Put the just-in-time concept to work in your small business. It can save you time and money.
You already use just-in-time. When you get down to the last ink cartridge for your printer, you place an order for more. And when the fuel gauge in your vehicle starts to shake hands with the big "E" you begin looking for a service station.
Monday, February 16, 2015
Moving on
Free daily tips, information, advice, and ideas
to help you better manage your small business.
A business is a living thing. The baby is born and begins to find its way in the world. Just as a parent nourishes and guides the child into maturity, your business needs feeding and guidance.
Businesses tend to move in a certain direction. It's determined by the marketplace. If people are buying certain types of shoes, your shoe shop will naturally stock the shoes that sell. If homeowners no longer want wallpaper on their walls, you begin to specialize in painting walls. If car buyers no longer want station wagons, the manufacturers stop making them.
So the marketplace pulls businesses in one direction or another. The marketplace can turn a nutritionist into a weight reduction specialist. A gift shop can become a cooperative for artists. A local baker can close the bricks-and-mortar store and concentrate on selling only brownies on the Internet.
The marketplace is a restless beast. It's constantly changing. You cannot jump in every direction that opens up. You must choose, based on most likely outcomes--and your own business plan. Is this new direction enough to support your business? Is it a passing fad that won't last? Does it represent a permanent change in direction for the marketplace?
Example: Ralph has been repairing televisions for more than 40 years. He also repairs stereo systems, VCRs, and other electronics--but not computers. Several years ago he noticed more and more people bringing him stereo systems. He thought those days were long gone, but he looked into the market. He found many people who had LP music collections, and they needed a way to play them. He began putting the word out on social media and attracted lots of paying customers. They came for repairs and they also came to sell their old systems to him. He now offers old stereos for sale, and he has largely transformed his old TV repair business into his new shop offering stereo systems and repair.
More examples: (1) Cars once had hubcaps. They were supplied to vehicle manufacturers by small companies. Then, suddenly, hubcaps disappeared. (2) Several years ago, gluten-free foods were unheard of. Today, they are everywhere. (3) High-maintenance lawns once kept landscapers busy. Then, the wildflower look attracted many homeowners. Lawns became passe. (4) Clothing cleaners today must be prepared to deal with clothing impregnated with micro-deodorants as well as wicking weaves in garments. (5) Small machine shops still turn out products needed by big companies, aerospace, health care industry, manufacturers, and more. Today, 3-D printing technology is making rapid gains, displacing many of the older machine shop methods. (6) Big companies today depend on smaller firms to furnish temporary placement of personnel--engineers, accountants, and other specialists are hired only for a particular project instead of adding permanent employees. (7) Primarily due to government regulations, many more part time employees are added today than in the past.
Market forces are everywhere. They continually change and they affect your business. Keep on top of the market or you might be blindsided. Changes in technology tend to unfold in the marketplace very rapidly. The resulting tsunami can wipe out a small business overnight.
Don't be caught unawares. The market can cause you to inch off in a direction you might not want. On the other hand, the market can alert you to future directions you can take.
to help you better manage your small business.
A business is a living thing. The baby is born and begins to find its way in the world. Just as a parent nourishes and guides the child into maturity, your business needs feeding and guidance.
Businesses tend to move in a certain direction. It's determined by the marketplace. If people are buying certain types of shoes, your shoe shop will naturally stock the shoes that sell. If homeowners no longer want wallpaper on their walls, you begin to specialize in painting walls. If car buyers no longer want station wagons, the manufacturers stop making them.
So the marketplace pulls businesses in one direction or another. The marketplace can turn a nutritionist into a weight reduction specialist. A gift shop can become a cooperative for artists. A local baker can close the bricks-and-mortar store and concentrate on selling only brownies on the Internet.
The marketplace is a restless beast. It's constantly changing. You cannot jump in every direction that opens up. You must choose, based on most likely outcomes--and your own business plan. Is this new direction enough to support your business? Is it a passing fad that won't last? Does it represent a permanent change in direction for the marketplace?
Example: Ralph has been repairing televisions for more than 40 years. He also repairs stereo systems, VCRs, and other electronics--but not computers. Several years ago he noticed more and more people bringing him stereo systems. He thought those days were long gone, but he looked into the market. He found many people who had LP music collections, and they needed a way to play them. He began putting the word out on social media and attracted lots of paying customers. They came for repairs and they also came to sell their old systems to him. He now offers old stereos for sale, and he has largely transformed his old TV repair business into his new shop offering stereo systems and repair.
More examples: (1) Cars once had hubcaps. They were supplied to vehicle manufacturers by small companies. Then, suddenly, hubcaps disappeared. (2) Several years ago, gluten-free foods were unheard of. Today, they are everywhere. (3) High-maintenance lawns once kept landscapers busy. Then, the wildflower look attracted many homeowners. Lawns became passe. (4) Clothing cleaners today must be prepared to deal with clothing impregnated with micro-deodorants as well as wicking weaves in garments. (5) Small machine shops still turn out products needed by big companies, aerospace, health care industry, manufacturers, and more. Today, 3-D printing technology is making rapid gains, displacing many of the older machine shop methods. (6) Big companies today depend on smaller firms to furnish temporary placement of personnel--engineers, accountants, and other specialists are hired only for a particular project instead of adding permanent employees. (7) Primarily due to government regulations, many more part time employees are added today than in the past.
Market forces are everywhere. They continually change and they affect your business. Keep on top of the market or you might be blindsided. Changes in technology tend to unfold in the marketplace very rapidly. The resulting tsunami can wipe out a small business overnight.
Don't be caught unawares. The market can cause you to inch off in a direction you might not want. On the other hand, the market can alert you to future directions you can take.
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