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Your EnterQuest Bulletin - Issue 251
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| Thought for the week: "Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit." Conrad Hilton |
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In this week's issue:
How to compete with the big guys
Back in June 2004 we published a short article in EnterQuest about the advantages of being a small enterprise. Despite the passing of time, the article's message is just as valid today so we've published it again this week.
Big isn't always beautiful, or even desirable, for that matter. And high growth isn't what the majority of small businesses will ever achieve. Nor is it necessarily what they want to achieve.
But that doesn't mean you can't succeed as a small business, make serious leaps and bounds in your market, or beat the stuffing out of the biggest players in your sector.
Being small actually gives you several advantages over your bigger and so-called stronger competitors, and also over every other small business you compete against.
Because being small doesn't stop you from being smart.
It doesn't stop you from finding the killer apps, the deadly strategies, or those life-changing, impact-making breakthroughs that can propel your small, ordinary enterprise into the profit-making, market-leading firm in your niche that you are dreaming about.
Here are ten ways you can act smart to beat the big guys as well as everybody else:
1. Be faster - this is all about being able to find a way to be quicker off the mark than anyone else. For example, faster delivery, quicker production lead times, getting a new product onto the market before everyone else.
2. Be easier to do business with - you're small so take advantage of that fact. Your customers can speak to the right people in your firm without hassle. You can make it as smooth and as painless as possible for your customers to order, pay, get their money back, get advice and feel good about dealing with you.
3. Be flexible - this is where the big guys often struggle and the small firm can win hands down. You have fewer decision making levels, no politics to avoid, and can just make the difference your customers are looking for.
4. Be seen as an expert - you should carve your niche and exploit it. Work out what you're better at doing than anyone else, and then let everyone know about it as often as possible and in as many ways as you can.
5. Be open-minded - don't just look inside your own sector for new ways to do things or promote yourself. Try and find new ways of doing things from outside your sector by looking at what's working and what's successful in unrelated sectors, and then try and apply these in your own.
6. Find opportunities that others don't - spend as much time as possible looking for new business opportunities, get out and network, do joint marketing deals, find strategic partners, and sniff out areas for doing business that bigger businesses would never have the time to find.
7. Be first - innovate all the time and get a reputation for always trying things first in your sector, even if they don't always work - because often enough they will and you'll get noticed for it.
8. Be caring - make it clear that you care about every aspect of your business - i.e. your quality standards, your customers, your staff, your local community - and again, you'll soon get noticed for this.
9. Be different - in all aspects of your business, not just your products and prices. Make your marketing, IT, after-sales service, and terms and conditions unique and attractive to your audience.
10. Be a fanatic - this is your biggest opportunity. Get yourself known for your beliefs, knowledge, madness about your business and sector, and make sure you strut your stuff as often as possible, so that everyone knows about you and what you and your business stand for.
If possible, incorporate and act upon as many of these things as possible in your business, go out of your way to apply them every day, and make sure they form the backbone of your USP and marketing strategy.
Selling smarter
Selling is not a mechanical process; it's more like a focused conversation where all participants have agreed on the topic. So as well as following a logical sequence, you need to respond to your prospect and recognise opportunities to get closer to agreement.
Many negotiators give up too quickly. But remember, selling isn't about being pushy, it's more about putting yourself in your prospect's shoes. Here are seven ways to make your sales interviews more successful and help you sell smarter.
1. If you get turned down by a prospect, ask why. Not only do you need to know the reason, you also want an opportunity to overcome their objection.
2. Hand out business cards, they're a cheap way of advertising. Always carry cards and never hold back from presenting one.
3. Get out and about. Develop a profile in your sector. Attend the events your customers attend. Ask good questions of speakers you hear. Be noticed.
4. Be memorable. Some of the best businesspeople have a physical 'trade mark'. Branson doesn't wear a tie, others always wear a bow tie. Stand out from the crowd.
5. Read everything. Develop the habit of reading everything from press articles to office noticeboards. You will become more aware of what you can do to increase sales.
6. Say your name. Whenever you meet someone, say your name as you introduce yourself. This spares embarrassment and makes it easier for people to remember it.
7. Make news. Get to know the journalists who write for your marketplace. Keep them fed with stories about your business. Be helpful and co-operative when you deal with them and enjoy more publicity.
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To receive regular tips, articles and how-to guides like these to help you run your business more effectively you can subscribe to BETTER business magazine.
To receive a free copy of BETTER business magazine simply send us your name and address to enterquest@cobwebinfo.com, putting 'EQ magazine offer' in the subject box. |
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
- Veggie burgers with a twist. New York-based Zen Burger offers vegetarian food that is supposed to look, feel and taste just like meat but still enables customers to abide by their vegetarian principles.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'profligate'?
a) abundant
b) scarce
c) reckless
d) artificial
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) New rules coming into force this week could see Internet Service Providers (ISPs) take a 'three strikes and you're out' stance on certain Internet users accused of illegally downloading films and music. But what major sticking point could cause problems for ISPs trying to enforce the rules?
a) offenders who are 'wi-fi piggybacking'
b) offenders who have more than one account
c) offenders who have moved home
d) offenders who use false identities
2) The restrictions on migrant workers means that thousands of kitchen vacancies remain unfilled in Britain's Indian and Bangladeshi-owned restaurants. The head of the Immigration Advisory Service (IAS) has warned that tough restrictions on migrant workers will also affect which other types of restaurant?
a) Spanish tapas bars
b) Chinese restaurants
c) Sushi bars
d) American-style diners
3) The British Chambers of Commerce (BCC) has released the latest figures for its annual Burden Barometer. It shows the cost of red tape on business has risen to £65.99 billion. But which red tape legislation has cost UK businesses a staggering £7 billion since inception?
a) The Groundwater Regulations 1998
b) The Data Protection Act 1998
c) The Work at Height Regulations 2005
d) The Smoke-free Regulations 2007
Answers at the end of the Bulletin.
Top tools for retailers
The Retail Academy has a section on its website devoted to helping retailers get more out of their business. Free tools such as pricing, conversion and margin calculators and skills gap analysis are available. There's also a range of downloadable business documents, including accident reports, risk assessment forms and crime records.
Trends and opportunities spotter
The Daily Networker is billed as a blog dedicated to connecting people and opportunities. It is written by Oli Barrett, the ambassador of the Make your Mark Campaign. He writes about interesting meetings and campaigns in a bid to inspire others to network and seek out new opportunities.
Practical articles from the Impact Factory
These helpful articles will help you get to grips with a range of work-related issues such as management style, the art of persuasion, time management, leadership and change. They're free to read from the Impact Factory website.
Start up illusions dispelled
This article from Business Week offers an insight from Scott Shane, author of 'The Illusions of Entrepreneurship', who wants to dispel illusions about start up businesses. He argues that start ups do little to expand the economy and that the economy would do better by helping existing businesses to grow.
Win an OKI A3 colour laser printer worth £1,500
EnterQuest has teamed up with OKI Printing Solutions to give readers the chance to win the C8800, top-of-the-range, A3 colour laser printer worth nearly £1,500.
With the C8800, which is both Mac and Windows-compatible, businesses can save money and build a competitive edge by producing high-quality, colour documents quickly and efficiently. The printer can print the first colour page in just 10 seconds and delivers up to 26 colour pages per minute (ppm) in A4 and 15ppm in A3.
To enter this competition, simply answer the following question:
Q. How many A3 sheets can the OKI C8800 print in one minute?
a) 15
b) 20
c) 25
E-mail your answer, together with your name, address and daytime telephone number, using "OKI laser competition" as the e-mail subject line, to enterquest@cobwebinfo.com.
All entries must be received by February 29. EnterQuest and OKI will use the information you provide for their own marketing purposes only and your details will never be shared with any third parties (except to arrange delivery of the prize).
This book explores the possibility of creating conditions which favour creative thinking. It is aimed at managers and business leaders to help them boost creativity in the workplace or office and come up with the next big idea. It combines research and science with interviews from innovative and creative people and offers a practical solution for individuals looking to stay ahead of their competition. Check out:
Just one word answer
The answer is c).
Profligate means reckless.
The marketing manager had profligate tendencies with the promotions budget. |
How's your business radar? The answers
1) The answer is a). The Times says that the act of 'wi-fi piggybacking, where users link up to a paid-for network which is not their own, is expected to cause ISPs headaches as innocent Internet users could be reprimanded for other users' crimes.
2) The answer is b). The head of the IAS said in a letter to Immigration Minister Liam Byrne that Chinese as well as Indian restaurants will be affected by the tough laws on migrant workers imposed by the Home Office.
3) The answer is b). The BCC reckons that Data Protection Act has cost businesses more than £7 billion so far. The BCC also says that, given that the Act is nearly ten years old, it should be reviewed. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
