Keep an eye on your industry
By Helen Dowling (www.exceptionalthinking.co.uk)

Whenever someone starts a new business, they enter into a specific "industry" and are immediately affected by everything that happens within that industry.

This is the case no matter what your business is; whether you're a life coach, plumber, pest control expert, artist or provide financial services. If something happens that affects everyone in your chosen business sector (good or bad), chances are it will affect you too.

P.E.S.T analysis
So, what types of things could happen that might impinge on your business. One way of looking at this is to use a P.E.S.T analysis. By this, I don't mean a rat infestation. What I mean is Political, Economic, Social and Technological issues that might have an influence on your business. Issues might be real ones, such as the introduction of the Euro, or things that haven't happened yet, such as the impact of a massive power cut on your business.

The most obvious question that springs to mind is why? What is the point of looking at these issues? Even if they do happen, they might not affect your business. Well, there are two main reasons that it's important to consider these issues. The first is opportunities; that is, what opportunities might be created for your business if things happened? The second thing is to identify threats; that is what threats exist for your business if these things happen and how can you minimise the impact of these?

Opportunities
By looking at your business from this angle, there might be several opportunities that you can use to enhance your business. An estate agent in Hertfordshire has used technological issues to improve the way it communicates with customers. The staff now text customers as soon as any new houses meeting their criteria come onto the market. New opportunities have also been realised by companies such as Easyjet, who saw from social trends that people did not want to pay a lot of money for short haul flights.

Threats
But, threats can also be created by P.E.S.T issues. An example of this is the impact of computer viruses on business. There are several companies out there who still do not have adequate protection from these threats, with the result that getting a virus could have a drastic effect on their business.

Other threats could be the introduction of new regulations and legislation that could have a huge impact on your business, particularly if you employ staff or work in a high risk industry that typically has a lot of health and safety regulations. But, perhaps the greatest threat at present is the global impact of terrorism, which could potentially impact every business in the UK and abroad.

Taking advantage and minimising risks
So, how do you make sure that you take advantage of any opportunities that are available and minimise the risk of any threats? The first step in doing this is to identify the issues that would be likely to affect your business. And for this a bit of creativity is needed.

Take a large sheet of paper and work with a friend or colleague to come up with as many ideas as you can, of things that are happening in the outside world which may have an impact on your business, either now or in the future. You might also want to look on websites for news related issues that you haven't already thought about. Feel free to be as creative as you like and think of factors that might not necessarily have happened yet, but could happen. Don't forget to write down positive things too: things that you would like to happen.

Once you have done this exercise, look at each issue in turn to see whether you can use it to your advantage or whether it poses a threat. How could you take advantage of the opportunity or minimise the risk?

An example of this might be an issue faced by a cleaning company who read a news article showing that domestic cleaners were often getting asthma as a result of their job. The company recognised that they could eventually be held liable for this and put in place policies to minimise the risk to cleaners. By doing this, and letting potential employees know, this action has resulted in many new employees and new clients who have acknowledged this unique viewpoint.

Your industry as a whole
While looking at P.E.S.T issues is valuable to your business, it's not the only issue you should be concerned about. You also need to look at what is happening in your specific industry as a whole. If you identify now for instance, that the number of customers buying your type of service is declining, then you could do something about it now, rather than waiting until it starts to affect your business.

Consider for example, traditional butchers and bakers shops. While some are still in existance, many have been overtaken by large supermarket chains and have seen their business severely affected as a result. Perhaps the ones that have survived are the ones that saw the change coming and put in place measures to prevent it.

Continual Change
As your industry and issues external to your business will be changing continually, it is vital to make sure you keep an eye on what's going on with your industry. Doing so, could mean the difference between life or death for your business.

Exceptional Thinking can look at your industry trends as well as provide comprehensive customer and competitor analysis. For further details, contact 0845 644 9371 or email info@exceptionalthinking.co.uk

The small business world's best-kept secret
By Matt Weston of Business Bricks

BOILED EGGS AND SOLDIERS

I know, I know, I'm a big kid at heart . . . but I like nothing better than to start my weekend with boiled eggs and soldiers for breakfast. And as I was dipping the toast in the yolk on Saturday, it hit me. Nothing goes together like boiled eggs and soldiers. What else goes with soldiers? To borrow from Amazon, they're "perfect partners" - just like Cobra ("the less gassy bottled beer") and the nation's favourite dish (the curry). Both benefit when they come together.

When you buy a book at Amazon, it always suggests a "perfect partner". "Buy both now and you save £4.83." It's full of clever suggestions, Amazon.

Fix on this idea of "perfect partners". It's an important one, especially for small business owners, start-ups, freelancers - you know, people like you and me.

WHAT MAKES A "PERFECT PARTNER"?

I dropped by to one of the business bricks meet-ups last Tuesday, and spent the best part of a beer talking to Alex Valy, a very talented graphic designer.

Alex is doing pretty well for work . . . but like many small business owners cum freelancers, she's no white-hot salesperson. She'd prefer to concentrate on what's she's great at (designing off-line and on-line) than what she's
not.

I suggested that instead of targeting end customers, she focuses on finding her "perfect partners", i.e. established companies that don't see her as competitive, but serve the same market.

Small businesses target niches. For every one company that's directly competitive with yours, there are usually another five that serve the same market with an uncompetitive product or service.

For Alex, the best example is web developers. Web development companies tend to be small. Many don't have enough work to justify employing an in-house graphic designer 24/7.

But when they get a job that requires a specialist . . . They could call Alex. And just 5 partnerships with web developers might bring in as much business as 50 with end customers.

It's often easier to target "perfect partners" like web developers than end customers. (Just take a flick through the Yellow Pages, contact the appropriate Trade Association etc).

So Alex gets a shortcut route-to-market (see www.businessbricks.co.uk/brick43.htm)

And the web developers are able to fulfil an order they might otherwise not have been able to. Everyone's a winner. (see www.businessbricks.co.uk/brick30.htm)

Speaking of which . . .

THE SMALL BUSINESS WORLD'S BEST-KEPT SECRET

I've found you the "perfect partner" for business bricks.

I've known Andrew James and Sophie Chalmers for some time. For over 10 years, from an idyllic setting in rural Wales, they've been publishing "Better Business" . . . a subscription-only magazine I regard as the small business
world's best-kept secret.

I'm a loyal reader. In fact I even follow the advice on the inside front cover and circle the many ideas that are immediately applicable to my business.

In many ways, business bricks and Better Business are the same (for a start we share the same initials). Both offer "actionable advice" not just "news and information". And both are written by small business owners, not just journalists
doing their day-jobs.

But whereas some people would view the other BB as competitive to business bricks, I view it as perfectly complimentary.

Better Business is kind of the "yolk" you dip your business bricks "soldiers" in (or something like that).

So, with that in mind, around Easter I travelled down across the New Severn Bridge to see Andrew and Sophie, and to set-up a deal that would make us "perfect partners". And give you a chance to try Better Business for yourself.

HERE'S THE DEAL

-- Usually the subscription to Better Business is £72/ year for 10 issues. And at that rate it's well worth your investment (compare the advice you get to say the money you spend on say a website, a brochure or your business cards)

-- But at the £48 first-year rate we've agreed between us, you get Better Business at a steal

-- You enjoy a "Full No-Quibble Money-Back-Guarantee". If, after receiving your first two issues, you decide the magazine is not for you, just tell them and they'll refund your money

To subscribe either:

Visit this special address.
Note that your discounted £48 price won't appear until you get to the order form (click the "click to subscribe" button then "buy online")
http://www.1shoppingcart.com/app/adtrack.asp?AdID=78035

Call the subscriptions hotline
0845 458 9485 Monday to Friday 9am to 5pm. You'll need to quote "brick66" to qualify for your special £48 rate