I have been in business now for over twenty years and in that time I have made friends with many small business owners. What I have found has been one of the major reasons why some small businesses fail is that the owners are not willing to change direction.
Most small businesses have an office, premises, vehicles and maybe a couple of staff. If they are struggling to make money with their existing product lines why do some of them refuse to move to a new product range that might work better?
The major advantage of being a small business owner is that it is possible to move very fast. If you have products that are not profitable then why not ditch them now? If the niche you are operating is no longer as profitable as it used to then surely it is time to find a new niche?
Small businesses can be nimble. They can bend or even change direction at a drop of the hat. This ability to react quickly to market forces is our biggest weapon against the large companies we compete against.
By being the first to exploit a new niche brings with it the potential for large rewards. The slow footed large companies will eventually follow you but it will take them time to catch up.
We have an advantage in that if we stay alert to what is happening in the marketplace we can change our business model quickly when the old ways of doing business changes.
By thinking outside the box and looking for partnerships with non competing businesses it is possible to supply a larger range of products / services to your existing clients.
"Jack be nimble, Jack be quick" is the one of the best ways to stay one step ahead of the game. It's no longer about "survival of the fittest". It is now "survival of the quickest".