How to keep changing and working on your business to stay ahead of the pack

YOU can’t afford to crawl along in small business when you have a rapidly moving market around you. You have to be across the practical stuff like how to use technology.

Pastry Chef Francois Galand says customers are always looking for the “wow” factor. Picture: John Appleyard

WHEN it comes to business, no matter what you do, you can’t be a dinosaur.

“We all know what happened to them,” said small business expert Linda Hailey.

Innovation is essential to survival in business, she says, whether you are a plumber or a pastry chef.

“It’s a turbocharged market,” Hailey said. “Everybody can access information so much faster, and people go off things faster too.”

“You can’t crawl along when you have a rapidly moving market around you. You have to be across the practical stuff like how to use technology and you have to know about marketing — and particularly who you are marketing to.”

Markets have become tighter than ever but that has brought with it opportunities.

Pastry Chef Francois Galand among sweet treats at his shop. Picture: John Appleyard

“A clothing site might make bamboo bibs for babies — a niche market that traditionally small businesses couldn’t access easily. But online (anyone in the world) can search ‘bamboo bib’ and find your site,” she said. “You can be a one-man band and have as much presence as a large business.”

Of course the volume of information and expertise available online can also make life harder.

For instance, people who leave their job with another company and go out on their own as consultants in their area of expertise may find it hard to compete with all the information and advice that is readily available.

Researching your market and developing ways to target that market are key.

Francois Galand opened his bakery, Francois Artisan Baker, a year ago.

The skilled French pastry chef has owned numerous businesses over the years but says you can never stop learning and researching the latest trends to stay ahead in this competitive market.

“Cake and pastries are like fashion; the basic style remains the same but the finishing touches and design are always changing,” Galand said.

“People want innovation. Something that makes them say ‘wow’!”

Linda Hailey advises small operators to spend a few hours a month working on their business rather than in their business.

That’s why he is extending his website to include custom made cakes and catering for parties delivered straight to the door.

“People are always looking for ways to personalise their event and make them memorable and different to every body elses’s,” he said.

The internet has created a lot of opportunities for retailers.

Apart from enabling small local shops to extend their market, it is also a valuable research and marketing tool.

“Social media is a must, if people are following you there is a better chance they will visit your shop,” he said.

He also said that in the past if you didn’t travel you would not learn about the latest products around the world. For example, when he started baking in Australia, no one really knew about sourdough bread but now if you are not selling sourdough then people will simply walk out of the shop.

“There is so much food information online, like on Pinterest, to show you the latest food trends ... you need to keep up to make sure your customer does not grow tired of your products.”

No matter what your business is, you need to understand the technology.

Hailey said small businesses all need to spend at least two or three hours a month working on their business, rather than in their business.

This means taking a step back from the day to day activities to look at how to improve your operation.

It might be walking down the street to see what your competitors are doing, looking online at trends, doing some research into new theories or subscribing to a new publication.

Keep asking yourself: “How can I do things better and differently?” Hailey said.

Just because you have always done things a certain way doesn’t mean you should not change.

Not every business has to use social media or the latest technology but you have to know what’s happening in your industry and ensure you are doing what you can to stay ahead.

“For instance I met a tradie recently and he was using a flash new tablet so his customers could pay him immediately,” she said.

It is a simple piece of technology that makes him look efficient, makes invoicing and tax easier and provides his customers with a better experience and more information which makes them more likely to use him again.

“Whether you are a sparky or a plumber the more you know about trends and the latest developments in your area, the better you can advise clients and the more chance you have to potentially upsell them a better system or piece of equipment,” she said.

SIX WAYS TO STAY AHEAD IN BUSINESS

1. Don’t waste time being all things to all people — be specific about your target market.

2. Tap into some trends.

3. Do some direct marketing to your audience through advertising or social media.

4. Stay up to date with changes in your industry: the more expert you seem, the more you can charge and the better your chance of return business.

5. Keep asking yourself: “How can I do things better and differently?”

6. Spend a few hours every month working on how to develop your business.

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Fit For Business is a partnership between Leader Community News and Allianz.