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TOTW 11: Dealing with change as a solopreneur

Tip of the Week #11


Small businesses are on the increase again and they way that those businesses form, operate and adapt to change will strengthen the local economy they operate in.  It is a business owners' secret weapon; being able to spot when change is necessary and respond quickly to it to maintain a competitive edge.  If you are facing change in your business here are three tips to help you stay on top.

 

  1. Recognise new opportunities: Change is inevitable in business, so it's important to be vigilant and seize new opportunities when they present themselves. As a business owner, you need to be able to pivot your business strategy, products, or services to meet the changing market demands. Stay informed about the latest trends in your industry and be open to new ideas and opportunities that can help you grow and stay relevant.  

  2. Plan ahead: It's important to have a plan in place to deal with unexpected changes in your business. Creating a contingency plan outlines the steps you can take to create new products and services that generate new income for your business.   

  3. Seek advice and support: Don't be afraid to ask for help and seek advice from other business owners, mentors, or business coaches. Joining a business  community can also be a great way to connect with other like-minded individuals and share experiences and knowledge. Remember, you don't have to face the challenges of running a business alone.

 

The importance of small business to local communities is evident.  Supply chains are shorter and more environmentally friendly.  Small businesses are closer to their customers and more in tune with their changing needs, allowing them to adapt quicker and more cost effectively.  Change can feel quite daunting, but it doesn’t have to be if you approach it in the right way.

 


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