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Your EnterQuest Bulletin - Issue 345
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| Thought for the week: "People that pay for things never complain. It's the guy you give something to that you can't please." Will Rogers |
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In this week's issue:
The EnterQuest team is taking a break for the festive period next week, so your next bulletin will arrive in the New Year. In the meantime, we'd like to wish all our subscribers a Merry Christmas.
How to compete against bigger businesses
One of the biggest worries facing the new business owner, or anyone thinking of starting up their own venture, is that they just won't be able to compete with all the bigger companies that are already out there. Understandably, they think the business world is dominated by large corporations and therefore they won't stand a chance of surviving, never mind competing.
Nothing could be further from the truth. In fact, small firms are inherently more competitive than their larger counterparts and have many qualities and advantages that big businesses often try to copy to improve their own performance.
Here are five reasons why small firms can beat much larger ones:
1) Small businesses are so much closer to their customers. In fact, the proprietor of a small business will very often meet and speak directly to customers every day. In large firms the owners or decision makers often don't get exposure to their market at all. The advantage to the small firm is they can spot opportunities and have the 'nose' to be much more need-oriented.
2) Small firms are more responsive. They can change things in their operation quicker than large businesses. This is mainly down to size and scale. So in this respect small firms usually find it easier to innovate or introduce something new at very short notice.
3) Small businesses can be fanatical. They allow their owners to be obsessive about their business and products, and as a result never give up in their attempts to make their service, new development or project a success, no matter how many times they can't quite get it right. Big firms, on the other hand, are often too inflexible to allow this.
4) Small businesses can keep their costs lower. They don't have any choice. They haven't got the overheads of their larger counterparts, and as a result the cost of innovating or developing something new doesn't have to be a competitive barrier.
5) Small firms are inherently more flexible. They can turn orders around fast, they can try several ideas at once, and they can have more informal business plans which allow them to react and adapt to market or customer needs almost at will.
It's sometimes easier for the smaller firm to concentrate on quality and service, maintain individuality and gain real advantage by simply trying to be better than everyone else in the eyes of their customers.
And it's worth remembering the old business maxim that people prefer to buy better products, not just the cheapest. So even though small firms may not be able to beat their larger competitors on price, they can certainly try to beat them on quality.
Here is a list of non-price factors that are proven to affect the decision-making process of purchasers.
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Product or service superiority - potential buyers will compare quality standards and performance levels between similar offerings.
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Specification - how close it is to meeting their exact needs.
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Convenience - of ordering, delivery, payment terms and so on.
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Customer service - before, during and after the sale.
All of these 'quality' factors come into play in a purchaser's mind, and they're all factors that a small business can do something about in a competitive marketplace.
So yes, small businesses can compete very effectively indeed, and fear of larger firms should certainly not put the budding start up off launching their own venture. Indeed, many large companies study small businesses very closely and will very often go out of their way to emulate their success.
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For more marketing techniques and ideas, check out The UK Small Business Marketing Bible, which contains hundreds more tips and tactics for boosting your sales using proven marketing strategies that work no matter what product or service you sell. |
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Glow-in-the-dark bacteria used for marketing messages. Marketing and advertising firm CURB uses glow-in-the-dark bacteria as a novel marketing tool. It is cultivated in Petri dishes of all shapes and sizes to accommodate large and small marketing messages, slogans and logos.
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Print-to-web photo albums. Memolio is a site that enables users to create small photo albums. Users can upload 24 of their favourite photos from either a website or their computer onto the Memolio site. Then they can personalise it and request a print version, as well as an online version to share with friends of family. Each album costs €14.99.
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 'subversive'?
a) quiet, shy
b) rebellious, destructive
c) delicate, subtle
d) inferior, lesser
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) According to an industry report, which of the following types of catering establishments has achieved 6.2% sales growth in 2009, despite the recession and closures of both independent and branded outlets?
a) pizza shops
b) coffee shops
c) pubs
d) fish and chip shops
2) HM Revenue & Customs' (HMRC) Business Payment Support Scheme has prompted insolvency experts to warn of business failures in the two sectors that have been the heaviest users of the scheme. Which sectors are they?
a) health and beauty
b) media and digital communications
c) retail and construction
d) food manufacturing and catering
3) Market analyst Verdict has predicted that sales of goods online will treble to £67 billion by 2020, up from £21 billion in 2009. It also predicts that online sales of which of the following items will overtake sales in high street stores by 2020?
a) clothing and accessories
b) health and beauty items
c) electrical goods and books
d) soft furnishings and upholstered items
Answers at the end of the Bulletin.
Free mobile content aggregator
Mippin is a free content aggregator for mobile Internet devices such as the iPhone or Blackberry. With this tool you can have your favourite or most used content sources in one place on your mobile, so access is easier and quicker. It's also good for bloggers - it optimises blogs for the mobile Internet.
Blogging assistant helps improve blog posts
Zemanta is a tool that works while you blog, suggesting ways to improve and promote your blog. You can also design your blog using the tool. It integrates with all the major blogging platforms, including Blogger, Wordpress and TypePad.
Late payment interest calculator
This calculator helps businesses calculate how much interest to charge under the Late Payment of Commercial Debts (Interest) Act 1998. The rate on the calculator is set at 4.25% but can be adjusted to current interest rates.
Social media tips for business
This article from small business website Noobpreneur.com will help you get to grips with the basics of social media and what it can do for business. It discusses different types of social media and how businesses can benefit from implementing them.
You can get access to hundreds more online business tools, how-to articles, checklists, standard forms and business development resources by subscribing to the Better Business Adviser.
Win a Bluetooth mobile printer worth £199
The PrintStik from mobile working solutions firm PlanOn is the world's smallest full-page printer that makes it possible for users to print documents anywhere, any time, while on the road.
PrintStik offers full-feature printing capabilities on a self-contained, 20-page roll of A4 paper. It is extremely user-friendly and syncs easily with a variety of devices including laptops, PDAs and smart phones, transferring images and documents clearly with no smudging or bleeding.
EnterQuest has teamed up with PlanOn to offer readers the chance to win this really useful device, worth £199.
To be in with a chance of winning this great prize, just answer the following question:
Q: According to a report by analyst firm Allegra, how many coffee shops are there in the UK at the end of 2009?
a) over 11,000
b) over 15,000
E-mail your answer, together with your name, address and daytime phone number, using 'PlanOn PrintStik competition' in the subject line, to enterquest@cobwebinfo.com.
All entries must be received by 31 January. Full competition rules are available on request.
This book contains 100 ideas to help business owners get more out of their business and staff. It covers everything from customer loyalty and marketing to people management and intellectual property development. Check out:
Just one word answer
The answer is b).
Subversive means rebellious, destructive.
The subversive nature of the interviewee discouraged the business owner from hiring them. |
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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. |
