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  • Add You - Market Trends: Assessing the Effects on Your SME Business

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    anges in Society
    What social changes are happening? What demographic changes affect your business? What migration effects hav
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    Often as I work with small businesses, I find they assume their market is unchanging and static. They are so tightly focused on trading in their market that they miss the trends in the market around them: they can count their sales, they can describe their customers, they know their competitors but they are blind to the big picture.

    Once I have got them to agree that market trends might impact their business health, I write these four headings on a piece of paper to capture what they know about their environment:

    1. Changes in Society
    What social changes are happening? What demographic changes affect your business? What migration effects have

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    g in their market that they miss the trends in the market around them: they can count their sales, they can describe their customers, they know their competitors but they are blind to the big picture.

    Once I have got them to agree that market trends might impact their business health, I write these four headings on a piece of paper to capture what they know about their environment:

    1. Changes in Society
    What social changes are happening? What demographic changes affect your business? What migration effects hav

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    hey know their competitors but they are blind to the big picture.

    Once I have got them to agree that market trends might impact their business health, I write these four headings on a piece of paper to capture what they know about their environment:

    1. Changes in Society
    What social changes are happening? What demographic changes affect your business? What migration effects hav

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    heir business health, I write these four headings on a piece of paper to capture what they know about their environment:

    1. Changes in Society
    What social changes are happening? What demographic changes affect your business? What migration effects hav

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    anges in Society
    What social changes are happening? What demographic changes affect your business? What migration effects have you noticed in your neighbourhood? Are your customers getting older or younger? Do particular age strata, racial groups or cultural clusters buy more or less of your products or services?

    2. Technology Changes
    Which new techniques might use costly inputs more efficiently? How could difficult or wasteful processes be avoided using technology? What current products are being displaced? What technology changes are happening to products that are similar to your own?

    3. Movements in the Economy
    Which g

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