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WEBSITE MARKETING

How will Your Business Respond to the Challenge of Change
By: Developer Shed
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    2004-03-03

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    How Will Your Business Respond to the Challenge of Change?
    by Bob Leduc


    Copyright 2000 By Bob Leduc

    Most new business owners expect to devote a lot of time and
    effort to getting their business established. Then, they
    plan to relax as the business "runs itself" and continues to
    grow. This was an achievable goal in the past. It isn't
    today. Aggressive, innovative competitors and rapidly
    changing technology make it impossible to establish a system
    today that will automatically meet all future challenges.

    EXPECT CHANGE

    Develop a "change is normal" attitude. Realize you're never
    going to reach the point where you know your business so
    well you can stop learning. Just when you think you've
    mastered the operation of your business something will
    change and disrupt your growth.

    Make it a habit to look for changes that may be a developing
    trend. Then try to determine how this trend may impact the
    growth of your business. You can develop the best solution
    to a problem when you catch it early and take your time to
    carefully work out your response. There's nothing more
    difficult than trying to make good long term business
    decisions at the same time you're trying to rescue rapidly
    falling sales.

    #1. TAKE DEFENSIVE ACTION IN ADVANCE -- DIVERSIFY

    Diversification is your best defense against the impact of
    change. This applies in 2 major areas:

    * The products and/or services you offer
    * Your marketing activities

    The primary reason you want to offer a variety of related
    products or services to your customers is to maximize your
    income. But there's a second reason. Changing market
    conditions or an aggressive competitor can cause sales for a
    product or service to decline, often suddenly. The impact
    won't be devastating if a variety of other products and
    services continue to produce business for you.

    The same applies to your marketing. You'll reach more
    prospects and generate more sales by using a variety of
    marketing methods instead of just one or two. But it also
    protects you from suddenly losing a substantial volume of
    business because one of your marketing methods stopped
    producing results.

    TIP: Keep looking for and testing new marketing tools and
    old ones you haven't tried yet.

    #2. LOOK FOR OPPORTUNITY HIDDEN IN CHANGE

    The challenge of change often forces you do discover a
    hidden opportunity you can exploit to gain more business. I
    recently spoke with the owner of a sporting goods store near
    a fast growing city in the Southeast. 2 years ago a large
    retail chain started building a new superstore nearby. The
    store included a large sporting goods department. Jeff
    wasn't going to be able to compete with their prices and
    stay in business.

    Instead he set up a used sporting equipment section in his
    store and started advertising to buy and sell used
    equipment. Today most of Jeff's income is generated by sales
    of used equipment. His total income has almost doubled and
    he's even planning to expand his used equipment business to
    the Internet. It's an opportunity Jeff wouldn't have
    recognized without the challenge of competition from that
    superstore.

    The biggest challenge to business success today is change.
    Develop the habit of looking for the early signs that
    something is changing and confront it before you're losing
    business. Take defensive action against the impact of change
    by diversifying the number of products and/or services you
    offer and using a variety of different marketing methods.
    When you decide how to respond to a challenge, look for a
    hidden opportunity to increase business. You may find a
    source of additional sales and profits you previously
    overlooked.

    Bob Leduc retired from a 30 year career of recruiting sales
    personnel and developing sales leads. He is now a Sales
    Consultant. Bob recently wrote a manual for small business
    owners titled "How to Build Your Small Business Fast With
    Simple Postcards" and several other publications to help
    small businesses grow and prosper. For more information...
    Email: BobLeduc@aol.com Subject: "Postcards".
    Phone: (702) 658-1707 (After 10 AM Pacific time)
    Or write: Bob Leduc, PO Box 33628, Las Vegas, NV 89133


    DISCLAIMER: The content provided in this article is not warranted or guaranteed by Developer Shed, Inc. The content provided is intended for entertainment and/or educational purposes in order to introduce to the reader key ideas, concepts, and/or product reviews. As such it is incumbent upon the reader to employ real-world tactics for security and implementation of best practices. We are not liable for any negative consequences that may result from implementing any information covered in our articles or tutorials. If this is a hardware review, it is not recommended to open and/or modify your hardware.

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