Staying Competitive With Your Business
Having an edge shouldn't mean cutting corners
In every economy, businesses succumb to the temptation to cut corners to make a little bit extra on a particular transaction or overall. While the virtues of thrift go directly to positive associations of character traits, within companies and businesses you often find the hypocrisy of management verbalizing the strains of hard times while only the workers earn little and are asked to cut corners. This character flaw impacts credibility within and eventually outside a company or organization. When times are difficult, the "we're in it together, approach is the ONLY approach effective managers should use. Pretending that managers are "suffering" to the same extent as employees when increases are suspended, for example, is a common and ineffective means of saving money because people aren't stupid and they will immediately jump ship when alternative jobs come along. The people a company has are its strength and that's why along with thrift, loyalty, fairness and humility are also virtues emphasized in our society. While using cheaper pens might be an alternative, suspending increases, cutting hours, and expecting more from current employees while maintaining management's status and salary is a sure loser for companies.
Always Have People available with the competence and authority to be able to help
In the 1990's, the use of technology to avoid providing actual customer service took off as answering machines, voicemail, email and the like became new layers of avoiding actual interaction between human beings and companies. Today, we all have experienced companies that loop you through so many layers of clearance before you ever reach a person that consumers are often left without satisfactory responses to their inquiries and complaints. Today's businesses could save themselves money, improve their quality and build customer relations and therefore add new customers by doing away with the endless operators at the end of 800 numbers. Instead, spend the money to always have a staff of qualified people with whom consumers can speak. Shutting down lines of communication never means that you will shut people down completely. If a company doesn't respond, then the Better Business Bureau, a government agency, or even a consumer website will become the channel that unhappy consumers will follow. Fewer detours and definitely fewer individuals who are reading from a script will save companies money that they can pay to qualified customer service representatives.
When times are good work extra hard to avoid arrogance
Arrogance in the business place is more common than ants at a picnic, but the glory days of people kissing manager butts and putting up with bullying ended with the harassment laws that are decades old at this point. When times are good, feel good but never isolate yourself from employees or shut yourself off from complaints. Arrogance is the biggest risk that those who are successful in business face because it shuts them off from the dynamic world and places them in an artificial and static spot that creates the risk of them becoming irrelevant.
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Many small businesses sometimes do not get the chance to showcase their products and services. They are forced to compete with established companies that have an adequate budget for advertising and marketing.
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Small business marketing strategies are a breed of their own, and not something that can be easily or effectively spun off of the marketing plans of huge, multi-national corporations. The plans for smaller businesses, and especially home based ventures, are relatively unique to this business type. A correct small business marketing plan sets the tone for future success by tailoring the efforts to the specific nuances of small business.
The backbone of an effective small business marketing solution is just that - implementing and following a system as opposed to kind of trying a whole bunch of different stuff and hoping something is going to work. Don't overcomplicate things. In fact, the best marketing systems are very simple and easy.
Large ERP software vendors have recently started to create ERP software for small businesses to help small to medium sized businesses realize the benefits of an ERP solution.
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The key reason why some firms thrive while some implode during an financial recession is still a puzzle to many people business-owning business owners. Some wrongly assume that all businesses should suffer via recessionary cycles. But the truth is that some companies are usually essentially recession-proof, and it is not necessarily because they are much larger, better known, or a lot more generously capitalized.
Companies like Arch Coal (ACI) and Massey Energy (MEE) watched his or her stock climbed.
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