It's vital to get ahead of the rest

Jan 12 2009 by Iain Laing, The Journal

WITH the exception of a very lucky few we are all having a tough time at the moment. The stark reality is that in order to survive, we all need to up our game and perform better than ever.

During previous recessions, some real success stories have emerged from those who have exploited market opportunities and outwitted the competition, turning gloom into boom.

Can you actually remember why you went into business in the first place? It’s a good time to take time out to review your business and see yourself as others see you. What areas of you business need to improve?

An excellent starting point is your customer service which is a key differentiator in business. Be brutally honest with yourself and ask your customers for their views on your service – this is extremely powerful information and could reveal a real market opportunity for you.

Whichever area you target for improvement, it is very important to review the current market situation, key opportunities, competitors, market prices and what makes you stand out from the crowd.

It doesn’t matter how well established your business is, in the current competitive climate you have to get ahead of the rest.

Having established that there is still sufficient need for your product or service, find out what more you can do to add value to your service and make your customer’s life as easy as possible.

After this research exercise has been completed you are well positioned to begin to determine your masterplan.

It is important to develop a plan embodying:

A database of potential clients in your target market

Will you sell direct to market or indirect via resellers/wholesalers

Will you have your own sales team or sell via agents

Establish a price list which caters for resellers, commissions, etc

The production of promotional materials, PR with local Press and trade journals

Appropriate listings in offline and online directories under all appropriate sections

Can you develop alliances with organisations to influence your services?

All of the actions taken to promote your products or services should be continuously monitored in order to establish the most effective method for you to achieve more business.

If you require any further support or advice please call Tedco on (0191) 428-3300, email starting@tedco.org or visit us at www.tedco.org

Carole White, business support manager, Tedco