The Small Business Companion Blog Space

What Are Your Strengths ?

Do You Know Your Strengths?

Take some time to consider what you believe are the strengths of your business. These could be seen in terms of your staff, products, customer loyalty, processes, or location.  Evaluate what your business does well; it could be your marketing expertise, your environmentally-friendly packaging, or your excellent customer service. It's important to try to evaluate your strengths in terms of how they compare to those of your competitors. For example, if you and your competitors provide the same prompt delivery time, then this cannot be listed as strength. However, if your delivery staff is extremely polite and helpful, and your competitor's staff has very few customer-friendly attributes, then you should consider listing your delivery staff's attitude as a strength. It is very important to be totally honest and realistic. Try to include some personal strengths and characteristics of your staff as individuals, and the management team as individuals. Whatever you do, you must be totally honest and realistic: there's no point creating a useless work of fiction!
 

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Does Planning Help Your Performance?

Business is Similar to a game of Chess – Planning ahead WILL and DOES Help with your Performance.       

Planning can help your Business grow 30% faster

Research on business growth found that planning improved business performance.
However this study still doesn’t answer the question it raises:
Why would planning help a business that has a few years of history more than one that is just starting up?
The answer most likely lies in the fact that existing businesses know a bit more about their customers and what their needs are than a new start-up does. For an existing business, planning involves fewer guesses or assumptions that need to be proven, so the strategies they develop are based on more information.
Action: Carve out some time to set goals and build a plan for your business. More importantly, re-visit your plan as you grow and revise it as you learn more about your business and your customers.
Business planning is not an activity you undertake only when you’re getting your business up and running or for finance. It should be something you return to, time and time again, to revise and improve upon based on new knowledge.

The Quality of the Plan Matters

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What Price Will Your Customers Pay?

The price you charge for your product or service is one of the most important business decisions you will make. Setting a price that is too high or too low will – at best - limit your business growth. At worst, it could cause serious problems for your sales and cash flow.  If you're starting a business, carefully consider your pricing strategy before you start, once established the businesses can improve profitability through regular pricing reviews.
When setting your prices, you must make sure that the price and sales levels you set will allow your business to be profitable. You must also take note of where your product or service stands when compared with your competition.
Below are a few important facts that will help you to understand how your pricing structure should be set.

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Does Your Technology Fit Your Business?

Does Your Technology Fit Your Business?

Technology is changing rapidly, business IT solutions that were cutting-edge five to 10 years ago seem outdated and clunky today. (Remember the first mobile phones?  They were like carrying 2 bricks around!) As a busines
s owner you must be open to new solutions to enhance your IT capabilities if you don’t want to be left behind by your competitors

A recent study conducted by Brother International revealed that 63 percent of small businesses felt overwhelmed with the number of technologies available to run their business.

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