Mighty MorphingA new survey shows leading businesses have one thing in common: change.
ByJanean Chun•
Opinions expressed by Entrepreneur contributors are their own.
Change is in the air, or so it seems. Over the past year, 85percent of all small businesses reported changing the way they dobusiness, according to the recently releasedSurvey of Small andMid-Sized Businesses--Trends for 1996conducted by ArthurAndersen's Enterprise Group and National Small Business United.In addition, 97 percent of fast-growing businesses (defined by thesurvey as businesses that increased their revenues by at least 10percent over the year) reported that things, they area-changin'.
Why the metamorphoses? When asked about their greatest challengethis year, survey respondents answered overwhelmingly with a singleword: competition."Now that the economy has improved,[entrepreneurs] are focused on competing with other businesses intheir industries," says Laurence Hayward, marketing directorwith Arthur Andersen's Enterprise Group. "To do that, theyhave to change the way they've traditionally donethings."
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