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The conventional wisdom is the collection of ideas or explanations, generally accepted by people or experts in a specific field. But this wisdom can also act as an obstacle to the acceptance of new innovations happening in the industry. Franchisors believe that conventional wisdom is a great tool for them, with a little bit of revision.
With the franchise market constantly evolving, the trend has shifted towards trying new innovative methods. Your small business is less likely to grow if you don’t move beyond old, tired ways. Here are a few other reasons why it can bring your business to a standstill:
If it’s not broken, don’t fix it
Broken situations are not always obvious. It’s necessary to keep an eye out on broken operations. With a little visibility, it might look that nothing is broken, but a closer look might reveal that changing the order of the process can result in increased output. Your business depends on fixing just obvious issues, which can be learnt.
Stay focused on what you know
Despite immense knowledge of your specific industry, your business can’t survive if you don’t learn the new skills required to run a company. Just as important, many small businesses thrive because they expand their offerings past what their owners knew on opening day. It’s necessary to read the market behaviour and act accordingly, offering services to your clients.
Keep up with competition
Following this wisdom can help you just survive in the market, but is that your only goal? Constant research is required in order to understand what your competitors are up to stay in trend. Following the wisdom can put your startup at a halt, making the service and procedure outdated as compared to other brands of the same sector.
Therefore, conventional wisdom is good to make your brand stable, but you need to improvise with time in order to create an impact on ever-changing customers.
