If you ignore advances and new products that relate to your business because you are doing fine, you may want to reconsider your strategy. While it makes sense to test new products or strategies and see how they actually work before you use them, waiting too long to make changes can affect your bottom line.
Take the Cadillac, for example. This car used to be cutting edge. However, the company didn’t make any major changes for so long that it is now struggling to change the perception that younger generations have of the Cadillac.
One great way to be sure you are “keeping up with the Joneses” is to read trade publications in your field. To look for free subscriptions to business related magazines, check out freebizmag.com.