You’re a small business owner. How can you keep up with industry trends?

Understand your type of business, sole proprietor, LLC, C or S Corporation. As a business owner, you decide on a niche or diversity. If it's a niche, you will find yourself cornered and commit resources that might not be recovered. Limiting your flexibility. If you understand consumership, and forgo the niche mindset, you increase your flexibility. For example, if you sell water, and learn the demand is tea, your flexibility will allow you to shift from water to tea. Technology gives you incredible flexibility by just asking the questions that can guide you on the demand. No matter what you decide, ensure flexibility is part of the decision process. Trends change quicker than you can keep up, so don't procrastinate, be decisive to win

Newsletters, blogs and podcasts work for some people. I also enjoy following 'creators' from my niche on tiktok, instagram and linkedin, and then reading around the topics they discuss.

Read everything you can get your hands on and join any networking groups or professional groups that are available to you. Nothing beats actually talking to people and having informative conversations.

Small clinic owners must stay updated on industry trends to ensure success. This includes engaging with industry resources like journals, newsletters, podcasts, professional associations, social media, and market research. By subscribing to relevant sources, engaging with professional associations, and identifying key influencers, clinics can stay informed about industry leaders' discussions and approaches to evolving trends. Conducting market research helps understand patient needs and preferences, ensuring clinics remain adaptable and thrive in the ever-evolving healthcare landscape.

One of the industry trends I work to keep up with is social media. Being in the performing arts industry, having social proof of what we offer is a huge audience draw and can generate organic clients who are ready to join our community.

don’t just join an industry association. Participate. Fully. Go to the conferences. Attend the educational events. Meet real people who do what you do in a different place and stay in touch with them. For so many people in industry association is just something you send money to.I’m sure the association appreciates the donation. But get value for it. It’s there for the taking.

Create a small local cohort of business owners in your area that provide same/similar services to do round tables with weekly/monthly. Make sure you align through collaboration, referrals, problem solving, personality and lifestyle goals. Enjoy the wins!

Industry associations are the best way to see the trends IF you participate in association activities. The people who are connected to the field are the best way to understand what is happening beyond what you can personally see. And when you pool your information together you can see a bigger picture. Networking and asking questions is a must!

"Two minds are better than one" is a popular saying. But in reality, the more minds you have working together, the better the outcome can be. These days, there are many ways to connect with groups, whether it's through local in-person groups, associations, or networks, or through online platforms like websites, webinars, and virtual events. You can now connect with people from across the country or even the world to share ideas, collaborate and achieve more together."

Associations are a great suggestion, don't be afraid to look at groups that are broader than your specialism or that just have values in common with yours. I think of this as cross pollination.

I find this the easiest to digest and most inspiring way to keep up to date. Its important to cross reference and make sure that the information comes from a reputable sauce, especially in health care.

Learn from others mistakes. If you have been in business, you have made mistakes, these mistakes can be great solutions for future situations.

Stay on top of trends through social media, connecting with both your customers and influencers within the industry. See what they gravitate toward, including the products they’re talking about and buying and what resonates with them. Social media can help you understand the psychology of your ideal clients, what they're thinking and how they see not only new products in your industry but also the world generally. This will help you make changes to current products and come up with new ones.

Spend some time researching top influencers in your industry to jog some ideas and see emerging trends. We're all unique, so be sure to add your own personal spin to 'trends' to help others.

Getting ahead of the drag curve can really help. Ask your clients and followers what THEY need and value most in their business? Business ownership isn't a one-size-fits-all situation. A bespoke approach shows value-first thinking.

Benchmarking is a common practice and a way to help you conduct research. We all have competitors, and by following and paying attention to one in your industry, you can learn about what they are doing. Imagine you want to open a coffee shop. A good marketing research activity would be to visit a Starbucks to learn how they do it. In addition to competitive research, you can look for groups on social media sites to learn about current issues and trends. And remember to use AI tools to help you help accelerate your market research.

You cannot be afraid to fail. Well, you can be whatever you want, but you will have both fails and flails more often than not. The thing that helps me is to keep in mind, this is new. This is the first version, the next will refine, after that will revamp and so on and so forth. There’s nothing you haven’t been able to fix when you break it, that doesn’t change here. The problems will happen, you’ll handle them and keep it pushin’. To quote Kenny Powers, ‘a true hero knows that after every victory is just another (edited) test.’

Don’t be afraid to look silly or try something others find strange or unique. Our best ideas come when I ask the team to tell me their craziest idea for this situation, or how would your six year old solve this problem.

In my experience, trial and error are an integral part of small business owners' life. So go ahead, try new ideas, you never know, it might be the next big thing in your industry!

Einstein has the best quote "Insanity is doing the same thing over and over and expecting different results." Ask your business connections for advice on ways you can do things differently for new products or services and ways to do things. They often have ideas that you might not have thought of doing. Try to define the customer problem you're solving and that can often help you gain a new perspective.

Skill stacking is the way to stand out from the crowd. You can build additional skills in your own discipline, or strategically choose interests from other disciplines to enhance your offering. For example, the health care professional with an interest in accounting and video editing.

I'm always looking for ways to improve my skills. I attend as many conferences and continuing education seminars as possible. Attending networking events keeps your network current.

Keep up to date with other small business owners you admire, or are where you want to be, and look at how they're doing things. But also, don't get too hung up on trends. They come and go. Being yourself and doing things the way you enjoy will always bring like-minded clients who are always the best!

Keeping up with industry trends doesn't have to be a snooze-fest. Try these quick tips: Social Scan: Follow industry gurus and hashtags on social media for bite-sized updates. Network Ninja: Join industry groups and chat with peers to stay in the know. Trendy Reads: Read industry blogs and newsletters for a quick dose of what's hot. Event Hopping: Attend conferences or webinars to soak up industry insights and snag freebies. Stay Curious: Be open to new ideas and don't be afraid to ask questions – curiosity is key! With these tricks, you'll be trendier than a viral TikTok video in no time!

You can conduct Search engine or GenAI searches to identify existing trends. By looking outside your business for the hints and clues that drive change, you can spot developing trends while you still have time to decide if, when and how to respond. Once a trend has formed, all you can do is react to it.

Here are a few things I have found helpful to help me keep up. - Subscribe to Industry Newsletters - Write a newsletter or blog about your industry - Join Industry Associations - Go to Conferences and Trade Shows - Network - Read Industry Reports Hope this helps. 🏴☠️✌️

In our business, we have a term called self serve to serve. Your client is hiring you to help them. Serve their client, but you have vendors that are helping you serve your client. Everyone is other categories prior to what I’m talking about is important however, in my experience when you have time and your vendors, want to meet for lunch and show you new products or ways to use new products I have found that not only 10 times more beneficial, but also have turned into very rewarding relationships