If your market changes and your customers have new problems they need to solve but you keep using the same selling methods, then it will be no surprise when your sales drop.
The selling methods you’ve used two years ago, three years ago, even five years ago may no longer work with new prospects. Your market is constantly changing; people face new problems, new wants, new tastes and new personal and business challenges.
Look at it this way: You have changed over the past few years; technology has changed, costs such as electricity and fuel have risen beyond predictions; the economy has been in a worldwide recession; bankers eroded trust in the financial system; large companies are squeezing suppliers and taking longer to pay. Continue reading “Detect changes in your market really and act quickly”
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In this economy every source of income counts. But where do you begin to discover hidden or new sources of income?
You may wonder about the term “multiple streams of income”. What is it? A buzzword from some self-help business guru that helps him or her sell their books and other products. It’s really a term to entice people into believing that it so easy to make money that you merely need to turn open a tap and money will pour into your banking account. This does not happen in the real world. You need to work long and hard for any sort of income.
A dog day care business faced stiff competition with similar businesses starting up. The owner decided to introduce new services such as caring for older, sickly pets, offering on-site vaccinations and placing webcams in the facility so owners could check their pets anytime. This innovation helped the business expand from 11 locations to 100 franchise outlets and wholly-owned shops.
The perception exists that small businesses are not as innovative as larger companies. Yet while this may be true for common village professionals like shopkeepers, real estate agents, plumbers, lawyers and doctors, many small business owners are highly innovative.