We hear a lot about "leading edge" companies today, almost every issue of any business magazine highlights one of them.  So just what is "leading edge" and how does it apply to small business?  The business definition of leading edge is "the foremost position in a trend or movement, the vanguard."  If being "leading edge" implies being aware of and taking advantage of trends, how does this apply to small businesses?

First, lets look at some trends.  One trend that has been around at least since the 1950's and the hula hoop is the popularity of fads.  (Dictionary.com defines "fad" as a temporary fashion, notion, manner of conduct, etc., especially one followed enthusiastically by a group).  Entrepreneurs who saw this trend and provided items like the hula hoop, pet rock, and desktop fountains found profit in being leading edge. 

The exciting thing is that you don't need a million dollar idea if you can see the trend itself clearly, and develop a niche product or service.  Ken Hakuta developed the Wacky WallWalker in the early 1980's.  It was a sticky spider-like shape in neon colors that "walked" down the wall if thrown on the side of the refrigerator or a similar surface.  It sold for 25 cents in the toy vending machines that dispensed it in a plastic egg.  They used to be located in most supermarkets at the time, I must have purchased a dozen for my daughter who wanted one in each color.  Was this item a crazy idea, or a brilliant vision?  Mr. Hakuta earned $20 million in profits selling 250 million WallWalkers in a six year period.  The Wacky Wallwalker became one of the best-selling fad toys of all time and is on display in the Pop Culture Collection of the Museum of American History at the Smithsonian.

What trends can you take advantage of in your business if you don't sell toys?  How do words like green, organic, youth market, alternative energy, and wellness fit into your business?  These are descriptive of just a few current trends.  But what if you're in a mundane business like a taxi cab company?  If you are you should check out www.climatecars.com, a London taxi company that uses only hybrid cars, and carries bicycles along for free for those who want to pedal around their destination.  Another London entrepreneur has jumped into the trend with www.greentomatocars.com.  In the U.S. there are already similiar companies starting up in Boston (PlanetTran), New York (OZOcar), and Los Angeles (EcoLimo).

But where can you find out about trends, especially emerging ones when running your business 24/7?  Reading business magazines like Inc, Entrepreneur, Fast Company, Forbes, Fortune, Business Week, and Florida Trend is one way.  Searching the web is another, and reading e-newsletters like www.trendwatching.com is a third source.  The current issue identifies an emerging "Still Made Here" trend that is growing as consumers want to help the U.S. economy and lose trust in the safety of products imported from China. 

No matter which trend you identify and latch onto, being trend conscious can improve your bottom line.  Don't become complacent however, trends are by their nature temporary and new ones are constantly emerging.  By studying trends and adopting those that fit into your business on an on-going basis, your business can become "Leading Edge."