Tweet

New Competition in 2008

Written by: Tom Parsley

Article Overview: Small Businesses who gained profits in 2007, are you ready for your 2008 competition? New competition does not always mean trouble, however competition for the same marketplace can sometimes be tricky. Keeping in mind that competition will allow small businesses to grow and strive in the marketplace. If you are struggling against your competition keep in mind some key principles to help your business strategy.

New Competition in 2008

Small Businesses who gained profits in 2007, are you ready for your 2008 competition? New competition does not always mean trouble, however competition for the same marketplace can sometimes be tricky. Keeping in mind that competition will allow small businesses to grow and strive in the marketplace. If you are struggling against your competition keep in mind some key principles to help your business strategy.

Interact with you customers and let them know that you are listening to their needs. Ask you customers what they are looking for in the marketplace. Knowing what the consumer is looking for will allow you to develop a way of reaching them through quality products or services. Making yourself known to customers will make them remember you and what you stand for. Keep in front of your customers with marketing as well as people skills will allow you to be ahead in competition.

Take care of your employees. When competition gets rough, employees stick with you through the difficult times. Keeping in mind that productive employees are your key to success. Employees are what make your company. Happy employees will continually work for the main goal of the company. In order to keep down costly turnovers, pay your employees competitively and be sure the benefits are in line with your competition. You are not only competing for customers and sales, but also your employees.

Use the tool of local businesses and marketing efforts. Grouping together with local businesses for the common goal of keeping customers. Grouping together with local businesses will allow you the ability to market to a vast number of people with a larger budget than one company could handle. The greatest advertisement is word of mouth, if you can get customers and venders to talk about your product or service, then you can gain exposure.

Have a marketing plan. Compose a marketing plan that will allow you to communicate with your customers. Marketing is a key for every company. Being known in the marketplace will creditability will allow you a step ahead of the competition. Be certain to prove your uniqueness through your advertising. Begin to grow your company with brand recognition, prove why you are better than the competition.

Know who your competition is and recognize what you need to accomplish in order to a successful 2008. Take the time to research your competition and your customers. Identify what the market is asking for and you fit into the business niche. Keep you marketing plan well within site and know how it will affect you in the future.

Related Articles
  Moment of Good Financial News Zen: Shark Attacks Down
  What are the 3 biggest challenges faced by supply chain/purchasing professionals today? (Survey Result 9)
  Consumers Continue to Choose Credit Cards Over Mortgages
  Koch Industries Financing Climate Denial
  Bye Bye Business Method Patents

Article Tags: advertisement, budget, business strategy, common goal, difficult times, local businesses, main goal, marketing efforts, marketing plan, marketplace, productive employees, profits, quality products, small businesses, vast number, word of mouth



Related Forum Posts
Re: Why isn't Starbucks instant coffee selling? - I didn't know about Starbucks instant coffee. However, at the other end of the market, Nestle''s Nespresso is continuing to do well and grew by 30% in 2008, which is pretty impressive in any year, but especially in 2008!! David
Re: Congratultations to GT! - Hi GT, Competition is great and i know I wouldn't be here without it, but it is not the main reason for posting and participating. But I admit, it is the trigger I need to get some work done. If there is none, i create one for myself and try to make it. First prize is ice cream.
How to valuate a business - Hi Garth - here is how we did it at Northern Crown Capital when I was helping them raise venture capital for Toronto-based entrepreneurs. Assume the start date is 2003 so 2008 projections are 5 years out: How Northern Crown Capital Valuates a Business 2008 Financial Projections Earnings Before Tax $5,865,000 Tax Rate 42% Taxes $2,463,300 Net Earnings $3,401,700 Amount Seeking to Raise Today $3,500,000 Discounted Value of Future Opportunity, 5 Years Out 2008 P/E Ratio 15 Value of Company in 2008 $51,025,500 Discount Rate Applied 30% Year 2008 $51,025,500 Year 2007 $35,717,850 Year 2006 $25,002,495 Year 2005 $17,501,747 Year 2004 $12,251,223 Value of Company at Investment in 2003 $12,251,223 Less: Investment Amount $3,500,000 Present Value $8,751,223 Discount for Risk & Private Company 40% Less: Discount for Risk & Private Company $3,500,489 Private Company Value $5,250,734 Present Value (What the Owner Keeps) $5,250,734 60.00% Financing (What the Investor Gets) $3,500,000 40.00% Total $8,750,734 100.00% I hope this helps!
Re: Is Google Search getting better or worse? - Competition and that too stiff is something I have always loved and being a true web user I hate spammers the same way and so I am very happy with the recent changes that Google has made and so I must say that it is getting better. I am happy because now we could be able to get and read fresh and unique content instead of the repetitive ones. Now the value of actual SEO will be seen as results now will be completely depend on the hard work SEO and strategies an internet marketing company will apply to get on top of search giant's ranking. surfing the web daily as addiction I have seen most of the webmasters asking several questions related to real time search and how they should commence now to get better and faster results, found lots of useful information and learned new strategies too.
Re: Top Franchises For 2007 - Hi theFranchiseMarket and brandEXPANSION, Can I ask what your fast food and fitness/beauty franchise picks are for 2008?


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Improve E-mail: Avoid the Quicksand

4 Steps To Hypnotize Your Business Prospects

Setting Goals for your Home Based Business

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.