In order to keep your business in top form it is imperative to be aware of emerging trends within your competitive marketplace. Peronsally, I try to stay ahead of the curve so that I am prepared when change happens.

Sometimes curveballs are thrown but if you do your homework you’ll find that you can win the guessing game.

Here are 4 tips to help you keep up on industry trends:

1) Set specific investigative times.
Set a time for yourself in order to research your sector for new trends. Industry is constantly evolving with every day that passes, are you aware of the leading edge?

2) Make trend spotting part of your daily routine.
Get into the habit of researching every day at the time you chose. Each time you research you are bettering not only your company but also yourself. Stay disciplined, stay on track and you will succeed.

3) Persistently investigate competitors.
Disect their offerings and compare it to yours. Do they have an advantage that you can meet or beat? If so, a change in plan might be needed. If you’re already ahead of the competition, maintain what you’ve got and think of ways to expand on your advantage.

4) Utilize the power of the Internet.
Use Google Alerts to notify you by email when a story featuring your industry is published. Keep track of the authors and other related stories they may cover. There are other powerful ways to use Google Alerts, but I have to keep those a secret.

Turn your research into an asset by applying what you learn to improve your business and create new products and services. This learning process will help you use your time effectively and take action with conviction.

Related Resources
• PCWorld.com - Tech/Industry Trends
• RileyGuide.com - Employment & Industry Trends
• ComputerWorld.com - Sleuthing Out Industry Trends

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Regardless of the type of service you sell, a potential client will have a certain degree of risk worry when buying. They don’t really know what will be getting until they see the final outcome (or have really good references!).

Remember that service clients are buying a promise that you will do something for them to their satisfaction.

But there’s a problem with this… services are intangible–you can’t see them, touch them, take them out of the box or demonstrate them. Yet this is exactly what you need to do to make them easier for your customers to buy them.

How do you accomplish this?

• Turn your service into a product.
Create tip sheets, templates, worksheets and supporting educational pieces that share your expertise at a fraction of the cost of having you consult directly. Websites are great for this.

• Package your different service levels.
Do your services vary based on custom needs? If so, package the most popular services together for maximum price efficiency. Think of cable and satellight companies and how they package channel options.

• Combine your services and create a new offering.
Start by listening to what your customers are asking for and paying closer attention to their buying patterns. Find the niche that needs to be filled and fill it using what you already have set up. No need to reinvent the wheel!

• Package your process.
When it seems impossible to package what you deliver, differentiate your company and increase your perceived value by packaging how you deliver. This approach shows prospective customers you follow a logical approach and that you’re established, professional and capable.

Related Resources:
• NewFangled.com - Book Report: Selling the Invisible
• Entrepreneur.com - The Basics of Selling Services
• Line56.com - Selling Services

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April 15th is still more than six months away but the IRS is helping entrepreneurs prepare early by releasing its 2006 Small Business Resource Guide CD-ROM last week.

The free, interactive CD provides critical tax information for small businesses, including forms, instructions and publications. The CD provides valuable business information from a variety of government agencies, non-profit organizations and educational institutions.

The CD contains essential start-up information needed by new small businesses. The design of the CD incorporates file formats and browsers that can be run on virtually any desktop or laptop computer.

Small businesses can order up to five copies for free at the IRS Web site. To get your copy of the CD, call (800) 829-3676 or visit www.irs.gov/businesses/small/page/0,,id=7128,00.html

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Yesterday I covered the elements of a winning brand. Today I’ll take a look at what ingredients go into creating and maintaining a successful business.

Despite the bad news we so often hear about the number of small businesses closing or moving, a good percentage of small companies have learned what it takes to survive the early startup years.

• Company Culture
• Customer Service
• Attitude
• Business Strategy
• Discipline
• Risk
• Financial Roadmaps
• Business Processes
• Information Technology
• Marketing
• Sales
• Training
• Team of Advisors
• Work/Life Balance

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What people hear your company name, what words are associated with it? Some buzz words commonly associated with a brand are fast, reliable, friendly, discount, low prices, available, service, top rated and many many more.

Getting people to associate buzz words with your brand is what creating a winning brand is all about.

1) A winning brand is differentiated.
What separates your product or service from its competitors?

2) A winning brand promises value.
What does your brand bring to the table?

3) A winning brand acts like a leader.
Focus on improving customer experiences with your company.

4) A winning brand is consistent.
Your brand must be uniform across all marketing channels.

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You may think street smarts are enough to be a successful entrepreneur, but these top entrepreneurship programs are giving students the practical and theoretical knowledge they need to succeed in any venture.

Entrepreneur.com presents their top 10 undergraduate and graduate programs for entrepreneurship:

Top 10 Undergraduate Programs:
1. University of Arizona
2. Syracuse University
3. DePaul University
4. Temple University
5. University of Dayton
6. Drexel University
7. Fairleigh Dickinson University
8. University of North Dakota
9. University of Illinois, Chicago
10. Babson University

Top 10 Graduate Programs:
1. Syracuse University
2. DePaul University
3. Northwestern University
4. California State University, San Bernardino
5. University of Washington
6. University of Arizona
7. Temple University
8. Monterey Institute of International Studies
9. Indiana University, Bloomington
10. University of Louisville

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Some of the most wealthy people I know got there by having superior people management skills. Every employee that works for you is a potential brainstormer, the one person who may think of the great idea that makes millions.

How can you inspire your employees to innovate?

1) Business owners must set personal egos aside

An employee may keep a great idea to himself if she/he doesn’t like you!

2) Create open brainstorming sessions for employees

Allowing them to give their own input makes them feel as if they truly are a part of the system.

3) Recognize the unique gifts your employees possess

Once you find someone with a unique gift or talent, nurture that talent and capitalize when the time is right.

4) Set parameters

Specify what you’re looking for, and guide your employees. You’ll be amazed at the new concepts they’ll throw at you.

“The direct benefit [of employee innovation] is competitive advantage, but the secondary benefits are greater employee empowerment and satisfaction.”

Source:
Sparking Bright Ideas

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When starting a new business venture it’s easy to skip over the little things that may come back to haunt you in a big way. The real defininition of entrepreneur should be “a business-minded person who’s willing to constantly solve unforeseen problems.”

Tamara Monosoff of Entrepreneur Magazine offers the following booby traps you may encounter when starting a new business venture:

Trap #1: Universal Product Codes
Trap #2: Product Liability Insurance
Trap #3: Electronic Data Interchange
Trap #4: Chargebacks
Trap #5: Slotting Fees
Trap #6: Timing

Source:
Business Booby Traps

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According to a survey by Yahoo! Small Business and Harris Interactive, 66 percent of American adults say they’ve considered starting a business. But many never take the leap.

The key word in “small business” is small… your business can take up as much or as little time as you want it to. The art of the start is really about setting yourself up with a system that provides clear direction and keeps you moving forward no matter what challenges you face.

Here are some tips from Cornelia M. Flannery of Entreprenuer Magazine to help steer you in the right direction:

1. Choose a Business That Fits You.
2. State Your End Goal.
3. Identify the Milestones That Make Up Your End Goal.
4. Choose One Milestone From Your List.
5. Identify the Tasks Required to Achieve Your Milestone.

Source:
Start a Business in 10 Minutes a Day

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