17 Strategic Innovation Statistics and Trends for Small Business

Statistics-and-Trends-for-Small-Businesses

Reinventing Your Business Makes You More Competitive

It is a tough world out there in business and it just keeps getting tougher. The survival of your business and the growth of your business is directly dependent on how you manage change. Knowing when to change and what to change can get your business to the top faster than anything else in the present market.

Business is getting better. One third of all small businesses have reported increased profits so far this year and expect growth of about ten percent despite the dramatic increase in the ferocity of competition.

More than one half of all small businesses have reported the implementation of some type of sales or organizational change to meet the competition head on and improve customer loyalty and satisfaction as well as promoting employee loyalty and increasing the productivity of every employee.

Get Creative

You will have to put some serious thought into what parts of your business need change the most in order to maximize the return on investment that change for higher profit will cost you. Some of the most productive changes used by businesses include revamping products and services to better meet customer’s changing demands, infrastructure changes including technology upgrades, minimizing staff while increasing productivity, and increasing sales and marketing budgets and personnel. Some companies have ever lowered their profit margins to beat the competition.

Strategize

Keeping ahead of your competition just does not happen. You have to work for the top spot in the business you are in. Some of the most effective strategies used by the top companies in their field to beat out competitors are keeping continually updated about changes in their field and market, using social networks and the internet as a sales and branding tool, upgrading computer systems, and increasing their face time with customers. You can never hurt you business by knowing your customer better and catering to your customer’s preferences.

Bring Attention to Yourself

You need to make the changes that maximize your visibility and profit. A few of the most well known companies that have grown from small local to huge global competitors because they managed change well are Groupon, Instagram, and Twitter.

Just like everything else in business, you need a change management plan to effectively and cost efficiently produce the optimal profit making changes for your business. You must create a plan to manage change.

Your plan for change should include all the collaboration and input you can get from your sales personnel, employees, customers, suppliers, and business associations that are directly involved in the product or service you provide. Government is also a good resource to touch base with when considering change to avoid legal problems.

Managing change includes knowing when to change, knowing or deciding what to change, having a step by step plan for the changes you decide to make, and a time line for implementing change. Implementing your change for profit strategy may require an attitude shift in you and your people but the work in changing a paradigm means your business becomes more profitable.

The basic idea is you can and must manage change and plan change instead of allowing change to manage you.

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