Change. How many times have you heard that word in business?

It can cause a sense of fear in some people and a sense of opportunity in others. Those who are in business realize that like it or not, change happens. The only thing which doesn't change is that change always happens. I have mentioned that before, especially when discussing the need for developing and updating business plans. However, business plans are not the focus of this article. Rather, I want to present to you some items to consider about how to address change, and I want to share with you what I consider a valuable resource for you.

As important as it is for an animal to remain agile if it hopes to survive in the jungle, so must a business be agile to survive in the marketplace.

Change is coming, or has already arrived, and now you as a business owner must move to take action — hence be agile).

If you answer yes to any of these questions, change has arrived:

• Have your sales leveled off or are they in decline?
• Are you gaining customers at a slower rate or even losing some customers?
• Do you have new competitors, or are existing ones doing a better job in the marketplace?

Action items

What to do? Doing the same things you have been doing may not be a good plan. Here a five things to consider in addressing change:

1. Develop a new image. This could be as simple as changing an ad campaign or changing your logo. It could also be as involved as totally rebuilding public perception of your company. That's uncommon, and only after long and thoughtful consideration would this approach be taken.

2. Reinvent yourself through branding. How many times have you bought a product based on the brand name and not considered other offerings? You do so because of the quality or other characteristics of the product (or service) based on your perception, built most likely on experience and good brand marketing.  Ask yourself, how is my packaging? Is it current or out of style? How is my brand perceived in the market? Am I aware of what my brand is?

3. Identify customer tastes. Change must be done to result in better sales and profits, so change that better addresses your customers' tastes is important. Do you know what your customers expect, want or need? For what benefits are they searching? What do your customers buy, and what do they leave on the shelf?

4. Diversify. This action is a move into new markets, products or services that are not necessarily related to your current product mix. This involves locating previously unseen niche markets; determining the wants, needs and benefits customers in this market will pay for; and building a business plan that will allow you to develop the market profitably.

5. Use the Web. Many businesses handle change via the Internet. The Web offers the opportunity to reach new customers and new markets, but is a tougher option than in the past because of an ever more crowded market. A business presence on the Web must stand out to get noticed.
 
Resources

Want to learn more about change and the points mentioned? Take a look at the Kentucky Small Business Development Center website, www.ksbdc.org. You can access 25 free on-line training courses, some in Spanish. Just click on the "Resources" tab and scroll down about half of the page to "KSBDC Free On Line Training Courses."

Here are a few of the topics:

• Developing a business plan.
• Conducting a marketing analysis.
• Analyzing your competition.
• Targeting your market.
• Maintaining an agile company (sound familiar?)
• Creating a competitive advantage.
• Creating a strategic plan.
• Determining your business legal structure.
• Managing cash flow.
• Running a profitable company.
  
• Creating a profit-and-loss statement.
• Analyzing your financial ratios.
• Protecting your business with contracts.
• Assessing your company's financial needs.

I encourage you to take advantage of these free courses. And I ask that you contact me with your thoughts about the sessions or with your questions.

Chris Wooldridge is director of the Murray State University Small Business Development Center, which helps entrepreneurs create business plans or refresh existing plans. The center offers training sessions specifically for developing business plans. It also offers free, confidential, personal counseling sessions. Call 270-809-2856 for more information or to schedule an appointment. On the Web: www.ksbdc.org.