in life is in a constant state of motion and this means
that like the four seasons there are different yet distinct
cycles that occur. Every business has three phases, the
birth, the life and the death phase.
determines the long term success of any business is to continually
create new and innovative ways to fulfill the markets needs.
By doing this you are renewing the life cycle of your product
or service. Ultimately this is the only way that you can
guarantee that your business will be around for the long
run. To do this however means that you must always be future
oriented and pacing future trends of the market.
distinction that can be made here is the difference between
trends and fads. Fads will go just as quickly as they come,
where as trends will last for the long term.
the ability to detect future trends beforehand requires
skill. It also requires that you are prepared to make changes
based on your beliefs of these future trends, well in advance.
People who do this will always be at the forefront of their
particular market. A great example of creating a renewable
market for a product is that of Bi-Carb Soda.
For those that will remember Bi-Carb Soda was first used
as a rising agent in plain flour. Every household in that
day and age would have stocked Bi-Carb Soda in their pantry.
However it wasn’t long before somebody thought up the
idea of self raising flour.
Bi-Carb was no longer a necessary commodity. Their market
share began to fall rapidly. What would you have done if
you were the manager? Looked for other products? Re-geared
the manufacturing plant? Closed down and said that you were
They created a new life cycle.
Yes, by being innovative and looking at new and future markets
they were able to educate the public in a host of new ways
to use their product. Some of these included using Bi-Carb
to remove stains from the carpet, also to use in the refrigerator
as a way of removing nasty odours.
most recently of all Bi-Carb Soda is being used in toothpaste
as a way of whitening your teeth. These along with many
other ideas helped the company to not only survive, but
to ensure that the long term success of the product was
a certainty. It
doesn't matter what industry that you may be involved with
there will always be new life cycles that can be created.
Nothing great was ever invented by those
who continued to think in terms of limitations. We are only
ever limited by our own imaginations. People who are limited
in their thinking live limited lives.
Step back from your present position and ask yourself “How
will people be dealing with my industry in the future? How
will they be valuing what I have and what other ways will
they be engaging or using my product or service?”