Tuesday, 14 August 2012

Fresh Ideas Necessary

Unfortunately, there are businesses whose market has changed so drastically that their products or services now have limited demand.  And it might not be the slow economy!

Those business owners may have to consider a whole new business model and get into research and creative thinking mode.

There are a couple of places a business owner could start:

·         Internet – probably the easiest and fastest way to get creative.

·         Peer groups – every local municipality have networking groups filled with like-minded entrepreneurs.  Sharing your challenges and thoughts will surely produces a different ideas.

·         Competition – there is no shame in copying a good idea.  I didn’t invent blogging; I copied the idea and made it personal to me.

·         Provincial/Regional Economic Development offices (also the Chamber of Commerce) – often times they have people on staff specifically there to help you.  In a way you are already paying for the service, you should use it.

·         Customers – ask the people that use your product or service, they are the ones that can give you the most info and ideas.

·         Employees – create an environment that fosters ideas is great, but take the next step ask outright.  You might be surprised with what you get.

Spending the time using some or all of the above resources will help ensure you never find your business’ products or services redundant.

Do you have small business questions you would like answered about this article or others?  Please visit www.VRWindsor.com or call 519-903-7807. 
William Sivell is a sales representative of VR Windsor Inc., Business Brokerage; his blog appears every Tuesday.

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