Business Education

I Have New Competition that’s Eating into My Sales, What can I Do

New competition can unnerve even the most seasoned business owners. After all, it’s new (meaning it brings a new presence, new energy, and a new atmosphere). Even if it offers something that’s already long-available — such as retail goods — it just seems like it’s got an immediate edge. So, people give it a try.

When it appears it’s starting to take away sales, that can be cause for concern. But, it doesn’t mean the end of your business whatsoever. Read on to learn more about how to deal with new competition.

New Competition Means New Opportunity

New competition might well be frightening. It’s scary to think of someone else coming into the area to poach customers. And, if it starts to occur, that’s downright troublesome. However, it also means there’s new opportunity.

…if you don’t have a strategy to beat the competition, you probably shouldn’t be in the business in the first place. But how can your business out-compete competition when the business world is such a tough place to survive? Much of it is about understanding the competitive threats and overcoming them.
—Cleverism

It’s important to remember that opportunity comes in many forms. Although this is one that is unexpected and probably unwelcome, it nonetheless remains an opportunity for your business. If you think about it in terms of opportunity rather than crisis, you will make far better decisions than you would otherwise. This means adopting a positive mindset that allows you to see and act clearly.

3 Practical Steps for Deal with New Competition

A new business has opened in your market and you’re worried that it will or is taking sales away from your company. It’s an unsettling experience to say the least, but you can take three strategic steps to effectively deal with the situation:

Don’t panic. It’s imperative to put things into perspective right away. Remember, your business is already established and the competition is new to the area. This means they have to make inroads where you’ve already been successful. Additionally, there is no cause for concern when you have an existing loyal customer base.
Do some research. Take a little time to do some research. You can always visit the business yourself (online and in-person) to see what’s going on first-hand. Additionally, you can ask people who’ve patronized the company about their experiences. Between your own observations, and soliciting feedback from others, you’ll get a complete picture.
Take appropriate action. Now, you can use that information along with anything else you gathered about your competition, to create a plan of action. Since you already know the local market, including demographics, your target customers, the overall niche, as well as other relevant factors, you still retain the advantage. Leverage this to retain your current customer base and to position your business as the established, trusted choice.

What other suggestions do you have? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Successful People Over Come These Big Challenges

May 16, 2017 No Comments

You’ve heard the cliches about you being your own biggest obstacle and starting with the person in the mirror to change course. Although inspirational, these leave something to be desired, and, it’s an important element called action. It’s difficult to take on challenges, especially when it’s your own business. These will be a reality, but, it’s how we act and react that ultimately dictates the outcome. The reason successful people act, or, react in certain ways is because they accept one immutable truth — avoidance does nothing but make situations worse. Oddly enough, just acting without a true purpose or plan, usually delivers the same consequence, which is why Zig Ziglar said many times over, “If you aim at nothing, you will hit it every time.” Successful people not only act and react in a deliberate way, they do so with a goal in mind. Successful People Overcome these Big Challenges The trouble for some entrepreneurs is they let other things get in the way. Let’s be clear, we all have doubts, we all are susceptible to believing the worst, and to give into negative emotions. This is why there are no self-help manuals on how to fail. Failure is something we all do naturally, success is something that’s learned. It’s a combination of experience, judgment, and attitude. When you fail, you ought step into a Thomas Edison mindset, accepting the ultimate answer might be among many failures. Many small businesses are limited in growth by the number of hours they have in the day. They can’t scale their businesses without adding more people or automating existing processes. Automating sales and marketing processes allow small businesses to gain the efficiencies of their bigger counterparts. —The Business Journals Within these examples, we see perseverance, but, even the most resolute can be negatively impacted by various influences. All sorts of pressures can put an entrepreneur under a lot of stress and stress stretches thin clear thinking. It’s how you deal with these that determines if, as a business owner, you will succeed or will fail. In other words, successful entrepreneurs don’t let these challenges hold them back — not even the following: Money. This is perhaps one of the single largest challenges (read: myths) that plague the business world. While money does provide you with resources for options, that doesn’t mean said options are worthwhile. Just ask Facebook, a company valued at about $200 billion with more than a billion users worldwide. Just two years ago, in 2013, the company put a lot of resources (read: money) behind Facebook Home. It debuted with a two-year subscription price of $99. Just two months later, it drop precipitously to a mere $0.99, after consumers put-in their two-cents worth. Having to really think about spending money wisely means having to make informed decisions. Age. The number of years you’ve lived on this planet might be relatively few or relatively long, but, it doesn’t really matter. Notice the word “relatively.” Age is only a number and it doesn’t mean that you’re naive if you’re young or wise if you’re old. Your age doesn’t give people the authority or right, to tell you what you should and should not do. Self doubt. This is a primordial trait, and, one that’s designed to make us approach the unknown with caution. Our primitive ancestors simply didn’t know if something would be harmful or helpful until it was tried. Doubt is healthy because it forces us to take pause but it doesn’t have to be an insurmountable barrier. Use it to your advantage and don’t let it take control. Toxic people. Successful people don’t allow toxic people in their lives. What’s more, they quickly identify such bad personalities and stay clear. The reason some avoid what’s otherwise obvious, is the ability to rationalize certain relationships thinking that the good will outweigh the bad — it won’t. Another big challenge is one that’s very real and direct: the competition. You are nearly assured to see others succeeding in the same industry, even in the same niche. This can certainly be a discouragement, but, doesn’t have to be one. Instead, look at them as an inspiration, if he or she did it, then why can’t you do the same? While you might have different beginnings, talents, and resources, you can use what’s at your disposal to your advantage. Set small measurable goals, achieve each one, and built up success in an incremental, sincere fashion. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Let’s Talk about the Office Break Room — Seriously

August 12, 2021 No Comments

Did you know that a full 86 percent of employees believe breaks during the workday make them more productive? Also, 59 percent indicate that regular breaks increase work satisfaction. What’s more, 43 percent say breaks improve their personal happiness. Sure, this certainly isn’t the most exciting topic. But it’s an area of your workplace that does play a vital role and in more than one way. On the positive side, it’s where your team members go to relax and decompress, and even form interpersonal relationships. However, it can also be a battleground for bickering employees and an area that breeds and thrives on office politics. That’s why you should make it into a place that promotes good vibes, relaxation, and yes, a true break from work. Beware the Break Room Drama There’s no question that there are two sides to every break room in every office building. While it can provide an escape for employees, there are inevitable instances when it is hijacked and made into a room full of drama. In most cases, this is simply a matter of conflicting personalities and people who really like to push conflict on to others. It’s also a place where people who will avoid conflict tend to retreat, only to be thrust into an argument. Today’s workforce works extremely hard, putting in long hours that often spill into our home lives. People need a place to decompress at work, both physically and mentally. To do that effectively, the space should look and feel different from the rest of the office to distinguish it as a place to relax, rewind and collaborate with colleagues. —Business News Daily So, it’s important to understand that the room itself can be part of the problem. That’s right. If the break room environment, meaning it’s aesthetics and functionality are counterproductive, it won’t naturally be a relaxing place to take a little time away from the daily grind. Make no mistake about it, if the room feels empty, unwelcoming, and doesn’t provide ample distraction, people’s bad feelings are more liable to escape them and that’s obviously bad for company morale. How to Create an Effective Break Room in 3 Easy Steps The break room should be a place that feels separate from the workplace itself. Think about it as an oasis of sorts, a spot where employees can truly unplug for a few moments and enjoy their breaks away from their roles and responsibilities. Here are three simple ways to create an effective break room: Provide food and beverages. A nice variety of healthy snacks is always a good idea. Particularly, popular food and drinks, like water, sports drinks, and even energy drinks, along with fruits and vegetables and perhaps nuts and other snack foods. While you don’t have to stock the refrigerator and pantry with entire meals and common dry goods, there should be enough delicious little edibles and both cold and hot drinks available. Furnish it for comfort and relaxation. Whatever type of furnishings you put in the break room, don’t make the colossal mistake of turning it into a stuffy office or crowded cubicle. In other words, it should feel very homey, with comfortable furniture and even some fun pieces, like oversized bean bags and such. Additionally, having relaxing music playing in the background is a nice touch. The decor should also be aesthetically pleasing and it should forgo any corporate feel. Make it a fun place with games and entertainment. Not only should it be comfortable, the break room ought to be a fun place where employees are encouraged to escape with things like simple board games. Or, if your company culture permits it, table games like foosball or ping pong. Alternatively, you can put a television in the room but this particular idea may not work in every workplace environment. What other suggestions do you have that might be of help? Please share your thoughts and experiences by commenting so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Top Networking Mistakes Too Many Entrepreneurs Make

June 13, 2017 No Comments

Even though we’re becoming more digitally connected through social media and other technology, personal interaction cannot be replaced. Whether you want to open a retail shop or start another type of business, you’ll have to network. While reaching out on social media is a must, there’s just no substitution for face-to-face conversation. We’re innately social creatures and you can definitely use this trait to your business’ advantage. But, don’t put unnecessary obstacles in your way. Instead, understand which networking mistakes most entrepreneurs make. Top Networking Mistakes too Many Entrepreneurs Make There’s no question opportunity awaits for you to start a business. And, there are also a number of financing options available. However, there’s another component to starting a company and making it successful. Of course, this requires customers patronizing your business. The question is, just how do you find customers or clients? The age-old answer is simple: networking. This practice provides a wonderful opportunity but it’s vital to do it right. There is a right way and a wrong way to network. If you are one of those people who hate to network and view it as phony or pretentious, then you are doing it all wrong. Networking is not about building a mammoth list of contacts or passing out business cards like you’re dealing poker. Networking means building mutually beneficial relationships. —U.S. News and World Report Networking allows you to become a known quantity. It also serves to sharpen your people and communication skills. But, it can also be frustrating, tiring, inconvenient, as well as near disastrous. What’s worse, is networking can also be counterproductive. If you want to get the most out of networking, you’ve got to know what does and doesn’t work. Here are some of the worst networking mistakes too many entrepreneurs make: Selling, not networking. Alright, this makes the “all-too-obvious” list. But, it definitely bears inclusion here because it cannot be left out. Think about what’s most annoying about those loud, hard-selling commercials you hear and see. Now, imagine you are the embodiment of those — selling, selling, selling to each individual you meet. That’s certainly not productive. Keep the sales talk to yourself and meet people, have pleasant conversations, instead. Failure to make and follow a plan. Entrepreneurs are notorious for making plans and following them step-by-step. Planning and executing provide awesome results because you set goals and then achieve them, one-by-one. That gives you a sense of accomplishment and increases your level of motivation. So, do the same when you go to a networking event. Make a plan and follow it. Not networking with regular consistency. If you network, you’ve got to do so consistently. Without consistency, you send a modest signal you’re not really interested in others. Also, without consistency, you run the real risk of always being relatively unknown and that’s not a good thing. Talking too much, as well as listening too little. Even if you’re not engaged in selling this or that product and/or service, talking too much is a big no-no. Everyone knows talking too much is downright impolite. Moreover, if you manage to hold back, be sure to actually listen. There’s a difference between being politely silent and being an active listener. Making pre-conceived assumptions about people. “Never judge a book by its cover.” So the old adage goes and it’s proven true, time and time again. Since this is the case, make a sincere effort to not form assumptions about others. If you do, it will have an impact on how you come across. What networking mistakes do you think should be included? How do you approach networking at-large? Please, share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]