Late last year Grant Thornton published a paper on private food companies in Australia. For me, the key issue that came out of that survey is that innovation is a core success factor in growth and profitability.

I often see private companies who have their head in the sand when it comes to taking a proactive stance on innovation. They believe that what has worked in the past and been successful will get them through in these ever changing times.

Jack Trout wrote a book that should be a must read for all business owners. It is titled Differentiate or Die although written in 2000, it is even more relevant in today's highly competitive business world. The only difference is the impact of the web in 2012 an some of the examples mentioned are no longer in existence due to mergers , takeovers etc.

Consumers are faced with thousands of choices on a daily basis. They research on the internet before making a purchase and are able to access product from all over. For example, my daughter is expecting her first baby next month and I have watched with interest how nearly all the new baby gear has come via research on the internet.

Innovation has to be part of your DNA and be a constant core activity in your business. Your competitors will copy you and that requires you to be leading the way. My experience is that the greatest change is in packaging and making convenience king.

What are you doing to ensure your clients will chose you and your products over your competitors ? If you have an advantage now, is it sustainable ?

Just look at McDonalds menu today compared to ten years ago and their sales are still growing. 

Embracing Social Media will  grow your business. So, why do so few SME's have an effective web site or web based sales and marketing strategy?

 In the USA  over 70% of customers go online before making a decision. In Australia it is over 50%.

Does your sales strategy have a hole in the bottom ?

I suggest you contact Fergal Coleman at www.symphony3.com.au .