Small Business Owners Are Never Too Old to Learn
It’s a good bet that if you own a small business you probably learn something new every day. In today’s volatile marketplace, knowledge is still power. Granted, there’s no substitute for on-the-job experience but you must be prepared to keep up with the rapid pace of commerce in order to stay competitive.
Entrepreneurs who believe they can stay on top by merely having a good product and loyal customers soon discover that isn’t enough anymore. Experts maintain that those owners who stop learning are basically writing their own epitaphs.
Nancy Fabricius, a Fiducial franchisee in Marlton, NJ, is constantly counseling her small business clients on the importance of keeping up with the changes in their specific industries.
“They should be reading industry magazines articles and should be members of their industry association,” said Fabricius. “That’s how you stay on top of changes. They should also go to conventions.”
Keeping up with the changes
That’s one of the ways Fabricius keeps up with the changes that are occurring in the accounting industry. She was among the attendees last week at Fiducial’s Fifth Annual Convention in San Francisco where she learned about utilizing Information Technology systems to better serve clients.
“You should make sure that the IT systems are interfacing smoothly because emirates airlines +vacancy clients don’t want to pay to process work—they pay for consulting,” she said.
Fabricius keeps up with the latest trends in the accounting industry and in particular how to target small businesses that have been dropped by larger CPA firms who don’t necessarily want their accounts anymore because of compliance issues with the Sarbanes-Oxley Act of 2002.
One of her clients owns data entry practice a gym that she purchased two years ago but fitness centers have changed a great deal since then. The client, who was always an aerobics instructor, has found out that aerobics aren’t in much demand anymore since gym club members want to lift weights, use cardio equipment, get a massage and sit in the sauna as opposed to turning themselves into bodybuilders.
Fabricius recommended that her client attend a fitness industry conference in Atlanta, which she did, and the owner came back much more open to making necessary changes in her operation. She will even be charging more for annual membership fees with aerobics and massages offered as extras.
A key reason why small businesses fail, Fabricius says, is they do not stay on top of what’s happening in their industry.
“Business has a life cycle,” she said. “It’s all about dealing with consumers who are trendy people. The smartest entrepreneur will definitely spend more time keeping up ca dissomaster on their industry and less time running the company.”
Being open to new ideas
Larry Recor, who was
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