Ah, the proverbial double-edged sword that is a competitive work place! Done right, a healthy competitive nature boost productivity, motivates team members and injects energy into a project. Done wrong, competition can breed jealousy, back stabbing and a “me myself and I” mentality that can disassemble a team faster than you can say, “GO!”. For sales to soar we …
While we are not encouraging you to take up espionage as a new hobby; taking an active role in knowing your competition is vital. Knowing your enemy (the competition) is one of the strongest ways to ensure that your business flourishes in a saturated market. Knowledge is half of the battle – being aware of your competitors’ price points, package …
“The quickest path to getting big in a new market is to aim small.”
Whether you’re developing a business from scratch or expanding your existing product line, it’s vital to understand your market — your target customers, your competition, and the environment in which your company operates.
As one expert puts it, “Gone are the days of simply putting out a ‘Hiring’ sign”. Competition for the right person and the right skill sets can prove a difficult task with disappointing results.
In a fast changing and challenging business world never underestimate the value of a continuing education. Often our success is based on setting goals, implementing the necessary strategies, achieving those goals and then setting some more.
In business, making pricing decisions is always tough — and even more so when the economy is slow and sales are slipping. It’s tempting to cut prices hoping to generate higher sales volume. But sometimes that just produces lower margins on a low volume. What do you do if you’re being squeezed by cost increases?
The internet has made it much easier to keep on top of your competitors’ activities with the spread of social media. Even if your competitors don’t use social media, you can bet their clients and suppliers do.
It’s a fact. When competition is based on price alone, smaller companies often find themselves squeezed by high-volume, low-priced competitors. How do you, as a small or mid-size business owner, survive in such an environment?
Most business owners will say that their customers’ key concern is price and actually inquire about price first before anything else.