Is it really necessary to keep track of changing trends in small businesses or in the market environs? Anita Campbell of Trend Tracker observed:“Small businesses are being sold more frequently than in the past. Statistically, on any given day, 1.7 Million small businesses are for sale in the United States. Yet, business brokers report that in many industries there are more buyers than sellers. In the past, the vast majority of small business owners either started their companies or inherited them. The way in which small business ownership comes about is changing.”Is this growing demand for buying and selling of small businesses worth paying attention to? What does this implies to us small business owners? Although Campbell was highlighting about the issue of small businesses “changing-hands” or changing ownership, this trend is something worth considering. Ok before I digress farther, let me note some important issues why watching small business trends are advantageous for your small business’ viability.
Primarily, for any small business to remain viable, sustainable, and profitable, the business owner needs to keep track of the changes and trends in its market, particularly in the tastes and preferences of its customers. Accurately identifying and monitoring market trends is indispensable in doing business; in fact, these can often spell the difference between a robust and sluggish business competitiveness and performance. Although by being able to recognize business and market trends won’t be enough to guarantee business success, nevertheless a small business must also be able to identify and harness the opportunities created by those trends. In most cases, the opportunities created by these trends do not reflect the thrust and intentions of small business owners. Who can blame them? All of us have our own (unique) biases, values, and priorities; which more often collide with ‘scientific approach’ in business management. However, if we really desire to succeed and move from the small business category into the big league, then by all means we have to set aside these biases, values, and priorities in order to better use trends to our advantage.
The second quarter of the year is generally not as favorable compared to what business analyst predicted, and the third is seen to follow closely. Though crude oil prices in the world have tapered-off in the last few days, inflation rates remain high and the consumer spending remained low as a result. While these global business trends have lately been causing a setback on business resources and efforts, small business owners should remain optimistic with a rising consumer demand come the fourth quarter of the year, especially the holiday seasons. After all, the aggressive and forward looking small business owner is the one that can thrive both in good and bad times.
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About the Author
Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.
