This is a difficult topic to speak on, not know what type of businesses we have represented amongst the attendees
Survey the group to find out what we have in the room
Find out if there are any specific areas people want me to cover
Economic fundamentals are:
Simple to understand
Universal β it doesnβt matter where you live
Timeless β they were the same 500 years ago, and will be the same in the future
Unchanging β based on peopleβs needs, and the basic needs do not change
Global
Today it is possible for people in other countries to affect your livelihood. That wasnβt always true
Events in another part of the world can affect your business today
Global Economy
Companies can compete in more than their local market
Companies can more easily compete in distant markets
The internet is making it economical to create a global business
Competitive Saturation
Competition is the norm. There are no businesses where there is no competition.
There are more competitors than the market can support. Therefore companies go out of business. This is normal.
Fast-Paced
Customers are impatient. They want their needs satisfied on their timeframe.
The ability to complete tasks quickly, efficiently, and well has high value
Your companyβs success is based on the ability to perform
Fast-Changing
Communication has become extremely efficient
Events and information can be quickly conveyed
People expect fast response
People want efficient, fast service
The internet has enabled fast change. A new player can quickly alter what was a stable situation
Following are a list of ideas to consider.
The ideas are tailored for small businesses rather than large ones
Medium-to-large businesses could draw some benefits from the ideas
In an environment where there are many competent alternatives, there needs to be something about you that sets you apart from the crowd.
Whatever the core, essential skills of your business may be, learn to do them well and efficiently. They will be at the core of your success.
Donβt try to do everything. You wonβt be able to. It will detract from your ability to do the core things well.
Hire other people/companies to do the non-core things that are outside your competencies so you can focus on the core of your business
Keep the core under control, and use the competition of the marketplace to manage the non-core aspects
You cannot manufacture more time. Guard it well. Consume it wisely. You cannot replace it, and you are only allowed a specific amount each day.
COMPANY WEB SITE
A web site is your corporate identity in the world.
It is the PRIMARY source of public information about your company
It establishes what you are as a company
It is your storefront on the web
SOCIAL NETWORKS
People sharing similar interests finding each other
Low/no cost to create
Use it to inform people about you and your business
Show them a side of you they would not otherwise know
Create a connection
SEARCH ENGINES
These are potential customers in research-and-buy mode
The fact they are searching means they are ready or near ready to consume
BLOGS
Your chance to shine as an expert
Update it daily, even if just a little bit. It keeps you relevant in the search engines
PROFESSIONAL ASSOCIATIONS
Meet others in the same industry
Meet others in businesses surrounding you
They are potential friends, supporters, and competitors
Do not give a person a reason not to contact you
Employ every means available for customers to get in touch with you
Think generationally. Use the appropriate method with each generation.
Make it really easy to buy your product
Offer it for sale in a variety of easy-to-consume methods
Donβt require too much information to make a purchase
Accept as many forms of payment as possible
Take advantage of the low-cost services of businesses in the head
Use only reputable ISPs and banks
Do not try to squeeze people for extra amounts of money. Youβll lose business
Chances are that others have previously done the things you want to do
Learn through observation
Meet others in your business. Talk about how they do things
Read about new businesses. Are they incorporating concepts you have not heard about?
Take classes
Get certifications
Go to conferences
Join local associations
Start your own association
Meet others for lunch
Expand your circle of business associates
Learn about new products
Read blogs
Write a blog
Read online discussion groups and forums