In a perfect world your business would be the only one. In reality this is both impossible and, thanks to anti-monopoly laws – illegal. So the game is on and you’re forced to find a competitive edge over other businesses. Here are four practices your business must implement to gain a competitive advantage in your relevant industry.
Critical thinking: Know your customers
You’d be surprised how many businesses operate without a hint of idea who they operate for; they just launch a product or service in hope that somebody out there will find it useful or interesting. By learning more about the market and your potential customers you can gain a great advantage over your competitors. Answer these simple questions – what are you selling, who are you selling to and why do they need it? This basic knowledge will be enough to start making the right decisions.
People often consider purchasing a franchise to give them business ownership, flexibility with hours and the opportunity to build the franchise up. Owing a franchise can give you independence from the demands of a difficult boss and can also give you the chance to express creativity and give you a sense of achievement through your own work. Make sure to read the Franchise Guide before embarking on any purchase. You must also decide whether you want a franchise that deals with the provision of services or the selling of goods and products.
Fast Food Outlet
All of the big fast food outlets are franchised. Most of them are already well established and have made a good reputation for themselves. Because of this, these fast food outlets are constantly expanding. Look at where new housing estates are being built, with new shopping centres being erected. Do your research in these areas.
Starting a home business has lots of advantages. You get to work in your pyjamas if you feel like it, you save money on fuel and you can grab a home-made coffee whenever you want one. One of the downsides of setting up a business in your home is that you are always at work. For this reason it is important to set aside a space for business. When you leave that space, you leave work.
If you have a spare room this would be the obvious place to set up your business. If you don’t have this luxury you can create an office space in a corner of a room, against a wall or even in the garage. Home office arrangements are really only limited by your imagination.
Good communication is essential in building a business that prospers. It allows information to flow effortlessly around your business, and helps everybody know exactly what’s expected from them, and who to turn to for help. A good flow of information is necessary to help your business achieve its goals. Here are 4 ways effective communication helps in the workplace.
You could end up losing at least 18lbs in a single year by shrinking the size of the dinner plate by 2 inches only. This is in line with the Small Plate Movement that was established by Dr.Brian Wansink who works at Cornell University to help enhance healthy eating habits. The main aim of the movement is to help people eat on small plate sizes in a bid to reduce over eating and calorie intake. They say by doing this, a person can end up losing a lot of weight. This can be applied to an individual’s personal finances especially for people who are looking to make changes at this front by:
Innovation and new ideas can stem from social media sites and the knowledge of the crowd can be a catalyst for change. Organizations and individuals can foster new things and ideas, identify service opportunities and market needs with the use of these new technologies as well.
Feedback, ideas and market needs
Social media channels allow organizations and individuals alike gather insights into the needs and wants of their customers or possible clients. Twitter, Facebook and other channels are examples of these virtual venues. Innovation can come from the innovative mass and not just from the innovate few that firms hire to get things done in a different fashion, and they need to set their egos aside if they want to innovate like no other firm in their industry. Advocacy programs can be used to get more ideas from customers and the way the want their future products created.