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...
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