Profit from Business Trends

Overview

Over time people’s values, preferences and behaviour change. This means they may make different decisions and alternative choices in the way they live, dress, eat, entertain and handle many other issues. If we have a collective shift in behaviour and mentality by a significant amount of people we call it a trend. A trend is a general direction in which something is developing or changing.

For business people and individuals who want to be successful in the future it is very important to take note of changing trends. As business owner wouldn’t you like to know what the product or service preferences of your clients will be in the next month or year? If you know you can really cash in by stocking and promoting the right products.

Be in line with existing trends

A business in line with consumer trends is built on a solid foundation. The reality of life is that most people think the future will be more or less a repetition of the past.

The four steps to use trends to your advantage

1. Note and observe the key trends affecting your market and business
2. Explore the nature of each trend
3. Know what the relative impact of the trend is going to be
4. Develop an action plan to implement the necessary changes

Do you need to modify or change your business model or supply chain activities? After a proper consideration. you must make informed choices and prepare an implementation plan. You must be able to execute the desired changes and also have the competencies and capacity to conduct the business in the new intended way.

This is an excerpt of a post on my blog: http://www.peterjoubert.com/four-steps-to-profit-from-trends/
You can read the full article there.