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 …
A lot of businesses position their marketing around what is known as the “Four P’s”: product, price, positioning and promotion. While sound advice, this strategy is missing a fifth, and vital, element: people! Without a direct focus on all FIVE of these areas, any business, even with a foolproof idea, can struggle. Let’s simplify this strategy, starting with the …
For years, real estate developers have recited the mantra of “location, location, location,” and start-up businesses do well to take heed. Location is often the single most important determinant of a company’s success or failure. Place your brick-and-mortar building in a prime locale and, other things being equal, the firm will have a greater chance of accomplishing its objectives.
Walk through most commercial warehouses and you’ll find products that have been collecting dust for months, even years. Tires that no one wants to buy, raw materials that are no longer used, tubes of caulking that are good for nothing but the dumpster, textbooks that college professors revised two years ago â€” all may be considered obsolete inventory.
When the economy is uncertain, you must be extra careful to avoid the types of disasters that could ultimately lead to your company’s demise. Fortunately, some advance planning may prevent or alleviate severe problems. Here are seven common scenarios facing owners and managers of small to mid-sized businesses.
A successful business is one that is well managed. Being adaptable and flexible before major fluctuations occur can greatly assist you in hard times.
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?