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Competition can help encourage businesses to become more innovative and develop new strategies that could improve their service. To stay competitive, business owners must be aware of what their competitors are doing to keep up. When dealing with competitors, it's always best for businesses to plan ahead and analyzing your business's core strengths. Doing so could not only help it thrive but also help it develop a competitive advantage. Sometimes, competition can be so fierce that other competitors may try to replicate your business model instead of their own. This can be frustrating for some owners. Instead of getting upset, here are some ways you as a business owner can deal with competition. Be original but appreciate imitators Originality takes work but imitation is easy. Many businesses would copy the strategies of other businesses if they see it's working. While it's annoying knowing that your competitors are taking your ideas, it only means that you're doing something right. It's important, however, that you don't stay complacent and that you constantly find new ways to reinvent your business strategies. The best ones are usually the hardest ones to imitate. Be different Pepsi, Coca-Cola, Cott and Jolt Cola are all different brands of cola though only two of them are household names. While you don't need to spend millions on marketing campaigns, investing in something as simple as a catchy slogan or unique design can help your business stand out more from competitors. Establishing a niche market is also important as it allows businesses to zero in on target markets that are more interested in what you have to offer. Niche markets let you know what your strengths are so your brand can dominate in that particular market. Change your perception More competition means you're doing something right. As said earlier, many businesses like to copy from their competitors and if more businesses are entering your industry it means you were on to something that everyone wants a piece of. Competition allows new ideas to formulate which could have a positive impact on the long-term success of your business. Share with others The fact of the matter is, not many businesses can handle the total demand from the market because you can't meet everyone's needs. Sharing the market actually relieves stress from you having to deal with hundreds of customers instead of tens of them. If you were the only shop in town you'd probably be working close to 24/7 hour shifts which can be very exhausting. Not everyone wants to compete Not everyone that works in the same industry as you wants to compete. By focusing your efforts on competing with other businesses, you could probably be missing out on an opportunity to collaborate. No one business can handle all the demands from customers if they are the only ones in the neighborhood. Sharing your customer base and working together could prevent both businesses from being overburdened with work and create partnerships that both businesses could benefit from. When it comes to business, it's important to be watchful of many things that can affect its success with competition being one of those things. Although it can be stressful trying to come up with ways to deal with other competitors, just remember that competition can help business owners bring out the best in their business by putting them in a position to innovate and improve their current service. Even though imitating others can be a clever idea, being original and finding what works best for you can help set your business apart from others. Keep in mind that not all businesses want to compete so if it's possible, taking advantage of any opportunity to work with your competitor can help both of your businesses to prosper in the future. ...read more
By Smart Business Funding November 27, 2018
It is a well-known belief that in the world of business "the customer is always right". The phrase itself wascoined by American business magnate, Harry Gordon Selfridge, who opened his first store in 1909 London. The phrase led people to believe that they would get good customer service from businesses who implemented it in practice. For businesses, it grew to be a popular business strategy that could potentially help them retain more customers. While keeping your customers happy is always important, going out of reach to please everyone isn't always a good idea. Below are a few reasons as to why sometimes, the customer isn't always right. 1. Knowing what your customers need In many cases, a customer may know what they want but not what they need. Some may claim to be experts on a certain product or service and complain to you when neither one works. This could be because they used it improperly or that they chose the wrong product/service. As opposed to agreeing with them, you can help them understand how to use a certain product or service correctly. It's important that they know what is the right product or service they should use and help them find it. If a customer is still not satisfied, refer them to someone else who can help them. Doing so would at least improve your business's reputation for being honest. Always aim to be as helpful as possible so that they would be more inclined to come back. More info can be foundhere. 2. Bad precedents Allowing one customer to believe that they're always right could set a bad example for other customers to follow. Problem customers could create a precedent where hostile behavior is accepted in your business thereby impacting your other customer's experience. Some owners may try to appease to their demands for fear of delivering bad customer service or getting bad reviews. This could make your more loyal customers feel very uncomfortable and disrupt your business's workflow. These type of customers are obviously never right for your business. While you should always be courteous to your customer, you should never let them push your business around. 3.Wasteful customers A good business would go out of there way to provide quality service but sometimes it can go too far. For companies, especially small businesses, there's a limit to what they can provide so it's best to allocate your resources wisely. There may come a time when you will meet a customer who will never find anything that you do satisfying. If you come across such a customer, it is better that you cut your losses and move on. No one customer should take priority over your business, and no owner should drain their resources to satisfy one person. Instead, focus your time and effort on your other customers and employees to efficiently manage your resources. Never feel guilty for getting rid of one unsatisfied customer. 4. Employee satisfaction Your employees are just as valuable as your customers so you should treat them right too. A working environment that always puts the customer before employees can create some problems. Among them included low morale, which can affect the quality of the customer service they provide and resentment towards employers. By siding with your customers all the time, you send a clear message that you don't have your employees backs. It also shows a lack of faith from your employees to deal with certain situations. If you let this problem grow, your business might face turnout issues. The fact is if you want happy customers you got to have happy employees working for you. Satisfied employees provide excellent customer service which adds more value to your business. Make sure you treat your employees right and remind them how important they are to your business too. A good business always provides the best service they can so that their customers will keep coming to them. A good employer, however, knows when someone is bad for business and when to cut them loose. Going out of your way to please all of your customers can have a negative impact on your business. Not only could you lose other valuable customers to your business but you lose your employees as well. Keep them both by making sure that your employees stay happy and productive so that your customers stay cheerful too. Don't let a "right" customer ruin your business. ...read more
By Smart Business Funding November 09, 2018
TheQuickBooks Error Code 1328is a common error that occurs when you are attempting to either install the software, uninstalling it, updating it or repairing it. The error appears in a pop up window that will prevent you from performing these processes with ease. Our QuickBooks Error Support Number will help you perform a clean install to remove any bugs in your program. ...read more
By QuickbooksOnline October 17, 2018
Making the decision to sell one's stocks can be very confusing if one is a novice. There are a number of factors that should be considered when selling stocks, such as what price one should sell the stocks for and when is a good time to put them on the market. ...read more
