Staying Afloat In A Competitive Business Environment

Our streets, roads, the print and electronic media are awash with different offers from manufacturers and service providers. The one I enjoy so much is the one between the phone manufacturers. The competition is so hot that Apple and Samsung had to extend their “fight” to the court room 🙂  I also read online that one major phone manufacturer, and a one-time major player in the phone business, has been having some “survival” meetings with some organisations. How sad! But that is the nature of business. It’s like a game – no pity for the opponent and all the players cannot be winners.

As a consumer, I love competition for so many reasons. It affords us the privilege of having alternatives to choose from; it forces businesses (serious-minded businesses, if I may add) to see consumers as being the most important factor to consider and hence, be the focal point in business decision making process; it makes pricing to be at consumers’ advantage; it forces businesses to constantly seek for their loyalty; and it forces businesses that are not quality-conscious, to have a rethink……The benefits continues……

No doubt, as consumers are enjoying these benefits, businesses grapple everyday with the art of “out-smarting” one another in a game, an interesting one at that, that involves winning as many customers as they can, over to their side. Sadly, the inability to cope with competition is a major reason why so many businesses all over the world are finding it very tough to operate, and in extreme cases, many have “crawled” out of existence!

Competition has been the bane for so many businesses that have either not mastered the tricks of the game; cannot withstand it or have simply believed that businesses can survive on luck, mediocrity or chance for so long.

I got the urge to do this post after my wife started complaining that the number of businesses competing with her was rising every day. The fact is that the only way to avoid competition is to “close shops.”  Aside from legal monopolies (organisations given the legal power to be the sole producer or seller of a product/service), every business attracts other businesses in the same line of trade. Even where turnover/profit is not encouraging, or where a business enterprise is creative and launches an entirely new product or service, other people/businesses would still join the market and create competition.

So, since competition is inevitable, and the foundation of competition is “winner takes all,” what will a business do?  Apply for a legal monopoly status? 🙂 Well, I am not aware of any country where that is done. Cut corners? That too, is not a good business option as it is a short-lived solution that can even boomerang. So, what’s my take on competition?

Below are six [to avoid putting up a very lengthy post] of the tips I shared with my wife…..

1. See business like a boxing match. In a boxing match, boxers fix their eyes on each other to counter every move of the opponent. In doing this, they have to be alert and conscious of their environment – a case of complete alertness. Thus, businesses have to constantly be at alert – conscious of, and pre-emptive of competitors’ actions and inactions. I feel this among phone manufacturers this days. To me, competition among phone manufacturers is  good case study for my post.

2. Do something extra.something special.  Make your product or service very outstanding. Relate with your customers in a way your competitors are not known for. Give them a very competitive price, without lowering standards. Use marketing campaigns and strategies that your competitors have not explored or have not even thought of. Give your customers reasons to stick to you and give your competitors‘ customers reasons to cross over to you.

3. If making huge profits was your major focus, think of this : while you are busy chasing money, your competitors are busy strategizing on increasing customer base, including, of course, winning the hearts of your own customers over. So, my take on this is: re-strategise by making customer-focused strategies to be your main focus.

4. Where you do not see your customers for a while, do not wait for them. Reach out to them. In this age of high tech communication, distance or large number of customers is not an acceptable and reasonable excuse.  By just by clicking “enter” or “send” on your computer or mobile device, you can reach millions of customers. A simple message that reads : “Hi valued customer. I/we just want to wish you a splendid weekend” can go a very long way in reawakening a dwindled customer loyalty.

5. Every consumer loves convenience. Think of ways you can create convenience for your customers. There are many ways that this can be done. This however depends on the nature of your product. You can carve out time for home service, break bulk, arrange for delivery of the goods to the door-step of the consumers, ease usage, among others. All of these are aimed at satisfying different groups of consumers rather than seeing the entire market as being the same.

6. There is no doubt that the human resource “drive” an organisation towards growth, stagnation, decline or eventual collapse. It becomes MANDATORY therefore for businesses to engage and maintain(through motivation and excellent welfare and staff development packages) goal getters and workers who understand what business growth and success is all about. Thus, merit and not nepotism or sentiments should be a business’ over-riding criteria in employment.

Of special mention here, is the caliber of the CEOs and top management personnel who take far-reaching decisions affecting the entire business. This days, wrong choices of who pilots the affairs of a business would be a costly mistake as it could place a business on the path of failure, stagnation, inability to stand competition, and then collapse.

I hope you found my tips useful.  I would like to read your reactions 🙂

Thanks a lot for your time and wishing you loads of luck in your business 🙂

Advertisements

Flash back 5 : The make or mar abilities of “POWER”

Nelson Mandela

Madiba…so much to learn from him.       Image source:wikipedia.org

My favourite TV stations are international news stations like CNN, BBC AND CCTV News. I love these stations because they keep me abreast with developments across the world. Sadly, these stations, unavoidably, report to much of very sad developments across the world, particularly, the shedding of innocent blood, the latest being what is being suspected to be a chemical weapons attack in Syria.

Not too long ago, my younger brother’s employer could not pay salaries for upwards of two months. The CEO was being accused of misappropriating funds. I saw a similar scenario on my way to work where employees of a financial institution staged a protest against their boss over similar allegations.

Flash back 5 is therefore a collection of five posts dedicated to everyone in authority who therefore has the powers or authority to oversee the affairs of people and resources – whether in the private or public sector.

Please allow me share my thoughts with you by just clicking and reading the posts below 🙂

I hope my message travels far….

1. The transient nature of power

2. Decision Making : The Most Sensitive And Far-Reaching Function Of A Manager

3. The Amazing Grace Of God

4. Promotion Comes From God…Not Man !

5. The power in a name

Please help me spread the words of wisdom….

Thanks for your time and God bless you 🙂

Related posts:

Flash backs

#CHILDRENOFSYRIA (http://kirstenstok.wordpress.com)

Flashback 4 : Wishing You … And I Family Bliss

Image courtesy photostock/FreeDigitalPhotos.net

Image courtesy photostock/FreeDigitalPhotos.net

Hi Pals. I decided to dedicate my 4th flashback to “FAMILY PEACE.”

The most important community in the world is undoubtedly one’s family. After all the hustling and bustling that we go through everyday, the home provides the best place to unwind.

I have shared quite a few experience, tips and views on this very important topic and I hope you find them useful. If you have read them before, thanks a lot, and I wish you a happy and rewarding reading for a second time 🙂

Please click any of the posts below and savour my tiny contribution towards having and sustaining family bliss….

1. Parent-Child Relationship Gone Awry

2. Building A Strong Relationship With Your Child

3. Marriage Could Turn Out To Be A Nightmare If…

4. Handling Outsider Involvement In Marriages

5. A Humble Woman….

6. Pride Stinks !

7. That Comforter Of Yours Could Just Be A Home – Breaker !

Thanks for your time and wishing us all peace in our homes 🙂

Bloggers for peace

Flashback 3 : Message Of Hope

God.jpg

Image source:quotediary.me

Hi pals. It’s been  a while. I have been caught up with so much work lately. I t feels good to be back, especially as I bring good news to those in pain and sorrow; and to those who seem to be saying “God has abandoned me” or “God can NEVER see me through my pains and sorrow.”

Flashback 3 (please check out Flashback 1 and Flashback 2) brings back some of my messages of hope which I have shared in the past, and which is still strengthening people around the world, and which I belief still have the potency to do even much more today. Glory to God !

Flashback 3 is a special dedication to three people that I know who have been waiting on God for many years to become mothers. I feel your pains. I join my faith with yours and wish tons of testimonies sooner than you can ever imagine. Please read and have faith that…

“Behold, the LORD’S hand is not shortened, that it cannot save;

neither his ear heavy, that it cannot hear:” – Isaiah 59:1

Please click and read the following messages of hope….and  have a rewarding read….

1. Keep Your Head Up : GOD Is Still GOD

2. Never lose hope…

3. The Awesome And Privileged Gift Of A New Day

4. Pause For A While …. And Count Your Blessings…

5. Exodus Chapter 14…My Comforter…

 

Today’s Children…

image

Today’s children are products of a complex web of factors which includes society, family, technology, modernisation, school, peer influence, religion, government and the grace of God, among others. All of these factors exert a lot of pressure and influence on the child. What you actually see the child do is determined by which of these factors eventually have the greatest effect on the child.

As the owners of these children, PARENTS THEREFORE HAVE A LOT OF WORK ON THEIR SHOULDERS !!!

God help us !!!

Have a splendid Sunday 🙂