Small Business Trends and How to Take Advantage of Them

Small Business Trends and How to Take Advantage of Them

By Douglas Campbell III

Since I have been fortunate to work with dozens of companies across a range of industries, I was reflecting on meaningful advice to help small businesses grow. Follow the emerging trend and be early. I have started 5 businesses that were in the adoption stage. Whether it was a child portrait business when I was in college or becoming a recognized expert on the oceans and co-authoring a textbook in the mid 1970s after college, I have always sensed trends early and plunged in. Here are some stories and insights from these experiences.
When my wife, Gwynne, and I started Sylvan Learning Center in Darien in 1984, there were a handful of centers in the northwest. A professional learning center that was diagnostic-prescriptive and focused on math and reading skills specific to each child was new concept. Research supported the need for Sylvan. A national report in 1983 emphasized weak basic skills, discussions with educators were favorable, and parents wanted the resources, educational materials, national educational leaders and technologies Sylvan had to offer to support its 1:1 tutoring. Today there are over 900 centers, and half are students are in study skills, writing or SAT enrichment courses. Virtually every parent knows Sylvan through its national advertising, and our teachers, who have come from every school system in southwestern Connecticut, have changed numerous lives.
Business Coaching was virtually unheard of in 1996 when I was first exploring the field. After teaching MBAs for 10 years, I was looking for the next challenge. I was invited to offer several workshops at the International Coaching Federation Annual Conference in Houston. The other coaches I met there were similar in background – knowledgeable, successful in several ventures and ready to give back and help others. Validation is powerful when it is complete. When I ran Sylvan in its early years, I met with 3-4 other business owners every week to discuss software packages, marketing in Fairfield County, and other timely issues. Today the business owner frequently stands alone on a mountaintop. They inevitably can’t turn to their spouse for support and ideas for lack of time or interest, and their neighborhood and longtime friends are too busy with their own ventures. A key experienced coach “who has been there” can act as a sounding board, share the truth, and serve the many roles that a professional sports coach provides for a high-performing athlete.
Choyce Peterson is a new business model I have recently come in contact with. They are real estate professionals who serve only tenants in lease renewal and finding new space. Since they specialize, they know issues inside and out – a detailed comparison of space options architects, telecommunications and computing needs- all at no cost to the tenant because the landlord pays them. Roger Staubach has built a sizeable tenant representative firm in Dallas and the surrounding area. The business model makes sense and is a win-win. While Choyce Peterson is relatively new to Fairfield and Westchester counties, they have a talented team that has worked locally and nationally. There is no conflict of interest in representing both tenants and landlords. They can save companies time and money and help tenants make more informed real estate decisions. Currently, 95% of tenants who renew with their landlord don’t use a tenant representative and usually take the deal they are offered. As time passes, it is inevitable that tenants will bring in professionals to “get a better deal and be better informed.” An additional benefit is less time commitment by tetants and no cost to them. Real estate decisions are one of the biggest business investments tenants make, professional advice and representation are a win-win.
In summary, set aside time to see and view new trends. Read publications in your industry and also on the future. Do research, get validation, and find a business model that is a win-win. Don’t be afraid to “think outside of the box” and try new approaches to find new opportunities for your company, they can pay off bigtime.

Douglas Campbell III (www.thesuccesscoach.com) facilitates team-building and creativity workshops for companies to build effective management teams. As a business coach, he works to find creative solutions to help entrepreneurs grow their businesses. Additionally, his set of experiences include starting 5 businesses, teaching undergraduates and MBA students, serving as Director of Marketing for a Fortune 100, writing for several newspapers and speaking on a range of business topics.