Business Development, How The Experts Do It

Business Development, How The Experts Do It

By Russell D Armstrong  |  

The best strategies for business development include focusing on the outcome of the endeavors such as about the market demand for a product or service. There are several fascinating products that are simply limited by the universal application of the product. Therefore, the strategies must include a focus on a niche or wider market. The new business may provide a service that is not offered by the current competitors such with services for mobile windshield replacement. The service would allow the customers to have a windshield installed at a home or office location.

Market

The market may have several competitors that offer a variety of services for a wide range of prices. Therefore, the target market for the new business should be identified with demographic details, occupational details, economic details and details about the method for doing business. There are several things to consider to develop a business such as the information about the customers who will use and purchase the services. The product or service must have a marketable value to customers, which could include homeowners or songwriters.

Prices

The prices for products can be lowered with more advanced methods of production. Large corporations make huge investments in equipment and machinery, which can produce an individual product for less costs than would be incurred if the product was made by a skilled craftsman who had used hand tools. Therefore, the product should not be an item that can be mass produced more cheaply such as a plastic toy. The best approach for lowering prices is to offer products that are unique or to offer customized services, which includes landscaping services.

Outsourcing

Some of the functions within the business may need to be outsourced. Several companies may not be able to afford the costs for monitoring a phone line for 24 during each day. Those same companies may also prefer to not have recorded messages from the customers because the managers want to be advised immediately about any concerns. Therefore, those companies may need to use an answering service or outsourced customer service department that will contact a manager if there is a problem such as with hazardous wastes.

Partners

Some companies may form a network of partners who can work together to complete a project. There could be system designers, experts who make models, software engineers and plumbers who work together to install a new plumbing system in a building. The software engineers could write code for new software that would be used to make virtual presentations that would be presented to the customers for the projects. Therefore, the best strategies for business development include planning for solutions to any potential problems such as with finding an electrician who has the necessary skills to complete a project.

Quality

The business organization should have a structure with ethical business practices. The customers should receive the best services, which must be protected by a promise from the company to correct any problems. There is no attraction for a customer to do business with a company that does not stand behind the services and products because a lawsuit is the only way to achieve a resolution. Therefore, there are several things to consider to develop a business, which may be financed with the personal investments from entrepreneurs who only want to succeed.

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Using Yesterday To Improve Tomorrow

Using Yesterday To Improve Tomorrow

By Kristy M Lopez  |  

Our experiences mold our views and decisions in the future. For example, if the first time you ate raw sushi it wasn’t prepared correctly or the fish was bad, then you could very well develop an opinion that you don’t like sushi. On the same track, if you have tried something for your business and it didn’t work, do you just give up because it’ll never work, or do you change your strategy a little and try again? I would venture to say that the majority of small business owners do the former, but they should be doing the latter. Just like the sushi – I don’t always get the best sushi when I try a new place, but then I move on to the next restaurant and try their sushi until I find a place where I like how it tastes.

Maintaining an open mind, especially when doing things for your business, is critical to learning from your mistakes to help grow your company.

Have you looked back to last year yet to see what worked and what didn’t? If you haven’t yet, I highly recommend doing this now. If you launched a new product line, entered a new marketing space, targeted a new demographic, changed your business structure, changed vendors, or even changed your business hours – look at it and determine if your business increased, decreased, or stayed the same around that change.

If you didn’t see any change in the business, then that specific change may not have impacted your bottom line. If it didn’t it may not have been a large enough change to make a difference. Maybe it wasn’t a change that was meant to change the business. If it wasn’t, then no change is a good thing.

If the profits dropped at all directly after the change, then the change may not have been good for the business. Another explanation is that more funds went out than came in due to the change, which happens a lot, especially when a new product is introduced. Account for ramp up time if this is the case and then reevaluate the change in profits. If no ramp up time is required and you determine that the profits dropped, look at how you can learn from that change and do it better this year.

If the profits increased, then you certainly did something right! Look at what that change was, when you made that change, what else was going on in your business and the industry. Plan for similar changes this year to continue growing your business and increasing the profits.

Remember to keep an open mind with the things that didn’t work the way you had hoped the first time. Maybe the timing wasn’t right, maybe the industry wasn’t stable enough at the time, maybe it wasn’t peak buying time for your specific product… there are tons of maybes for every situation. Look at the big picture, what exactly was happening in the industry, with your customers, and with your businesses. You have surely made other changes to your business since then. Look at it from a different approach and try again, possibly changing a few details (small or large) of your plan.

Of the businesses I have worked with that do look back at what they did yesterday to help guide their decisions for tomorrow, most do this at least once a year. Looking back more frequently may not give you the big picture you need to make informed decisions about why something did or did not work.
For more information on business, sales, and profit visit http://www.kristymlopez.com
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5 Easy Tips to Improve the Customer Focus of Your Business

5 Easy Tips to Improve the Customer Focus of Your Business

By Mike Mirshams  |  

If you are a business owner, you must already know that any business absolutely cannot operate without a reliable customer base. So, it makes sense that you should make customer focus a top priority in the workplace. Here are 5 easy tips to improve the customer focus of your business.

Size Up the Competition:

Step one of improving your customer focus is to size up the competition. What do other businesses in your field have going for them? What do they have in common with you? What do they offer that makes their company different from your company? Make note of the things that you think are better about your business and the things that you think are worse. Then, look at how you can improve to get a leg up on the competition.

Focus on the Customers:

It may seem silly, but one of the simplest tips for improving the customer focus of your business is to focus on the customers. In other words, make sure that you have a clear understanding of what your clients want and expect.

There are a number of common methods for figuring out what the needs of your clients are. They are commonly known as customer relationship management techniques. One such technique is doing periodic customer surveys. Those can be done by phone, e-mail, regular mail, or even in person, if you regularly have face-to-face meetings with your clients.

Another customer relationship management technique that cannot be ignored is social media. These days, it’s absolutely amazing how much can be accomplished online. If you don’t have the time to manage your social media websites yourself, you may want to hire a person whose sole job it is to handle online customer service and social media interactions.

Make Your Customers Feel Important:

The next tip for improving customer focus in your company is to make your customers feel important. People like to feel like their opinions are valid and their concerns are being addressed. So, you need to be able to really listen to what your customers are saying. Depending on the size of your company, you may even want to set up a designated customer service department to handle complaints.

Agree with Your Customers:

The phrase “the customer is always right” may seem like a cliché, but there’s a reason that it’s still a common phrase. It can often pay in multiple ways to replace goods or give refunds, even if your company didn’t necessarily cause the problem. Of course, there are some times when that’s not practical, but most of the time it pays to agree with your customers. After all, happy customers will refer friends and family members to your business.

Adjust Your Business for Your Clientele:

A large part of customer relationship management and general customer focus involves adjusting your business for your clientele. Consider what types of clients you have and when and how you can cater to them best. For example, if most of your clients are other businesses, you may want to adjust your hours of operation to accommodate them. You might also want to offer special bonuses or incentives to larger businesses that use your products or services.

If, on the other hand, the majority of your customers are individuals, it helps to take a more hands-on approach to customer service. Be sure to make yourself accessible and visible to the clients. Essentially, you can build up your client base as if it is a big, happy, family. Something as simple as a friendly smile can go a long way towards turning a one-time buyer into a repeat customer.
eLearningChampion.com offers high quality online training in management, specially for PMI PDU hours, NASBA credits and HRCI credits. Whether you need to get a start on a new career, want to study for pleasure or simply looking to complement your university degree, eLearning Champion has something for you.
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Minding Your Business

Minding Your Business

By Brian Hurlburt  |  

Minding your business is a short look into the many aspects to minding, or managing, your business. The things that nearly every business owner is aware of, and perhaps a few things you never thought about!

Minding your business in a way that you understand the wide range of activities, is important in making your business run smoothly. This can mean the success or failure of your business.

Somethings may come easy to you, others may seem more daunting, while others may mean hiring someone else to do things for you.

Things like recruiting and training employees, or finding consultants, and sales and marketing are key components and things with which most, if not all business owners should become proficient.

While other things like the accounting, payroll, and taxes, may require professional services. Additionally, depending on the type of your business you may also want legal services regarding local regulations, city ordinances, and so on.

Also, depending on the size and scope of your business and the day-to-day operations there may be additional areas that need special attention.

Another, I would say, crucial aspect to all businesses today is that of e-business! It’s not enough to simply create a website and expect the sales to start flowing in! Much the same as opening a business on main street would not guarantee your success if no one knew you were there!

For small, and home based, businesses many of these things are often handled by the proprietor… That’s you!

So, knowing where to go for answers becomes crucial.

Although there are a ton of articles online and increasing on an ongoing basis, one of the places I like to gather information is definitely online! However, it’s also nice to go visit the local library, and it’s a good idea to find others in the same, or similar niche.

Seek out someone you can confide in, someone who deals with the type of situations you’ll be encountering in your business. Other business owners may, or may not be receptive, but when you can find those you can trust they can be a very valuable resource. Mainly because they have likely encountered and already addressed many of the situations you’re likely to experience.

Another thing about business owners, especially small, and home based, business owners who have become successful, is that they are often lonely! Which often leads to a willingness to help! Especially those who recognize their success and doubly for those who sincerely want to learn!

So, seek out someone who is successful in the field of business you’d like to become successful in. Put in the time to become a friend, and you may just find a mentor! A most valuable asset in teaching you to mind your own business!
For more information on minding your business please contact me… Brian Hurlburt, or visit http://YourIndependentBusinessConsultant.com
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Business Development, How The Experts Do It

5 Common Small Business Diseases and How to Treat Them

By Raphael Huppe  |  

1. Cash Flow Hiccups: A tight cash situation can cause your business to struggle. Your inventory runs low, you skip payments thus accumulating debt, and you certainly can’t reward yourself for all your hard work. Most importantly, you can’t afford to invest in new merchandise and keep your stock up-to-date with the latest trends, which in turn leads to lost sales opportunities.

The Cure: If you want to turn your business around, every penny spent should be accounted for. A thorough assessment of your business financials will help you get a clear view of your current situation. Make a list of your monthly operating costs and look for items you can leverage. For example, you could re-negotiate old debt payments, ask for a rent reduction, or get some of your employees to work part-time. Eliminate all unnecessary expenses, or try to keep them at a bare minimum.

2. Suppliers’ Pain: If you’re buying from a single supplier, you may find it hard to negotiate better terms because your business’s day-to-day survival relies on a sole provider. On the other hand, if you’re using multiple suppliers, you may have trouble managing payments while losing the benefits and discounts that large purchases grant you. How can you make the best of both worlds?

The Cure: Renegotiate your contract with your supplier to see if you can achieve better terms. If that’s not possible, you can shop around to decide whether you’d be better off taking your business elsewhere. Ideally, you should stick to one or two main suppliers, while also looking out for promotional offers and special deals from independent sources.

3. The Impulse Buy Syndrome: When a sales rep pitches his brand new, limited-time offer, you instantly jump on board. The price feels right, your profit margin becomes better, and you may even sell the products at a discount to attract more customers. That sounds like a great deal, doesn’t it?

The Cure: When it comes to wholesale purchases, there are more important factors to consider that the price you’re paying. The main volume of your inventory should consist of products with a short sell-out time, which is the amount of time it will take you to sell the entire quantity of a product. Therefore, before placing an order, you should examine whether the product is in season, how attractive or necessary it is for your customers, and how well the specific product category sells in your store. Running ad campaigns and media coverage also help a product sell faster.

4. The Best-Sellers Amnesia: It’s hard to manage your inventory if you can’t recognize the items that bring in the cash. In other words, you need to know not only how many units you sell per code, but also the amount of money they earn you over a given period of time. These sales figures will also help you identify the products you need to discontinue or put on sale.

The Cure: You need a reliable inventory management system, and plain excel sheets won’t cut it. Inventory software will allow you to instantly check your current stock, and collect and view valuable sales stats. You may even create promotional offers and coupons for slow-moving codes, or set up automatic re-orders for your best-selling items. This way, the process is simplified and your business is always well-stocked.

5. The Discount Plague: Big box retailers and chain stores sell lower than you because they can afford to. By buying massive amounts of products, they score better deals that allow them a more flexible pricing strategy. Given that you lack this kind of flexibility, an aggressive discount strategy will have a devastating impact on your bottom line.

The Cure: Forget about the price war. There are numerous ways to add value to your products while maintaining high price points. Boost your competitiveness by providing stellar customer care and make sure you keep up with the latest trends in your field. You can also attract more customers by offering personalized services and rewards to your loyal clientele. After all, you don’t want people to come to you because you’re the cheapest; you want them to choose you because you’re the best option on the market.

The first step to reviving a business is identifying harmful habits and behaviors, and correcting them. From then on, all you need is a solid plan and lots of determination. As long as you’re willing to put in the hard work and long hours it requires, you can turn your struggling business into a success story.
Raphael Huppe’s extraordinary and impressive career is that of a businessman who has overcome a variety of obstacles. Mindful of his achievements, Raphael Huppe realizes that his greatest reward has always been his ability to contribute to the success of other people.

http://www.raphaelhuppe.com
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Building A Unique Brand Identity

Building A Unique Brand Identity

By Christopher Melotti 

What is a brand?

A brand is a name, term, symbol, design or a combination of these used by an organisation to identify it or its products as unique from others. It acts as an identity and signal, communicating many messages to the market.

Therefore, brand identity is its ‘personality’ in context of your target market. In other words, it’s a brand’s characteristics as sees by the market. Every business has one, although some are more subtle and others are very in-your-face.

It’s very important for a brand’s success to have a solid, well supported identity as it allows the target market to relate to it. People are emotional beings and this comes across in their buyer behaviour, so therefore, if a business wants their product to appeal to a certain customer, the identity of the brand must offer a relevant characteristic that is pleasing and favourable to them.

For example, popular cola soft drinks run intensive branding campaigns with their product on the beach with people enjoying summer, with the intention that their brand will become associated with ‘fun times’ and ‘enjoyable experiences with friends’. This trait, which is an element of brand identity, means that customers will recognise a relatable characteristic, and associate their happy emotions with a product that naturally lends itself to that situation.

Five Dimensions Of Brand Personality

Research into the marketing and psychological aspects of branding date back to the 60s, 70s and 80s, and identify five main brand personality traits, known as ‘The Big Five’, which encapsulate the main categories of identity.

How a consumer interprets all brand messaging is how a brand identity is defined, and the definition tends to focus on one of the following traits.

(1) Sincerity

Down-to-earth, genuine, honest, and comfortable.

(2) Excitement

Exhilaration, adrenaline, fun, stimulating and sporting.

(3) Competence

Reliable, trustworthy, successful and intelligent.

(4) Sophistication

Upper class, cultured, charming and posh.

(5) Ruggedness

Outdoorsy, tough and strong.

Regardless of which category, a brand identity can significantly impact a customer’s interaction and emotional connection with a specific product or organisation.

How To Develop A Brand Identity

An identity of a business, a product or brand functions very similarly to that of a person. When you think of a person, you can list off all of the qualities they have that come across to you when you interact with them. For example, witty, smart, fun, outgoing, frustrating, and so on. These qualities can be both negative and positive, and the way you were able to come to the conclusion of these adjectives lies in how you’ve interpreted the signals they projected through their actions. For example, you would label someone as fun, because they shared an experience with you that you enjoyed, or label someone as frustrating because they were difficult to get along with.

It works the same with a brand. The best way to establish, uncover and promote a brand identity is to begin describing the traits and characteristics that come to mind. Then you (as the owner of that brand) must leverage messages and actions which act as signals to the target consumers to allow them to discover and interpret those characteristics and relate your brand to those traits.

Branding Elements

Branding elements are the physical identifiers of a brand, such as design, images, colours, font, name, shaping, spacing and so on. Consistency is key here: once you establish your traits, as discussed above, the way your brand physically exists must be consistent with the characteristics you wish to portray.

For example, if you want a sporty, exciting brand, you may lean towards brighter colours, modern fonts and trendy logos, as opposed to, say, a conservative fashion brand which may choose a more formal name, a cleaner font, a more conservative colour palette, etc.

Customers are very intuitive, and therefore, brand identity and the associated branding elements must be planned very carefully to ensure that they both sync in such a way that the correct messages are being successfully and easily interpreted by the market.

Using A Voice

A ‘voice’ in this branding context refers to the entire suite of communication tools used to promote the brand identity and elements, above, to the market. Basically, it’s how you speak and interact with your audience and how they relate to this.

This can be the colouring, layout and words used on a website, the music and sound on a radio commercial, or the images featured on a print advert.

Again, consistency is very important here. It’s very essential that the voice matches the characteristics and traits originally established for the brand, so that the audience isn’t the victim of mixed or conflicting messages.

Write A Branding Guidelines Document

A ‘branding guidelines’ is a document where all of the branding elements, identity and voice are clearly written out in detail. It provides the ‘go-to’ guide regarding everything about a brand, from design, exact colours, tone, images, sizing, backgrounds, tag lines and correct use.

As mentioned above, for a successful brand and strong identity, consistency is paramount so that the audiences are not receiving mixed messages or incorrect signals. The market is already cluttered with noise, and so it’s very important that a business sharpens their message to be so specific that when a customer interacts, they interpret the message positively and correctly.

A branding guidelines document ensures that all of the branding is used correctly so that the entire marketing effort is heading in one, uniform direction effectively. Making this document easily accessible internally within a business ensures that everyone working on promoting the brand is doing so in the correct manner.

Every business has, or should have, a distinct and unique identity which makes it appealing to their customers, and it lies in a solid branding program to ensuring your brand’s personality stands out from the crowd.

Christopher Melotti
Freelance Copywriter at Melotti Media.

http://www.melottimedia.com.au

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