January 22, 2021

3 Obstacles Your Business Faces to Controlling More of the Market

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Making your business as successful as possible can present many challenges. However, by understanding the obstacles you may face, you can come up with a business plan and defeat your competition by appealing to and expanding your customer base.

Skeptical Customers

One barrier that often faces businesses is skepticism from current and potential customers. If your customers don’t feel confident that you can meet the expectations you set, they are unlikely to work with you.

Often, customers aren’t sure if they really need the product or service a company is providing. By clearly showing the benefits and use of your company’s products and services, you can minimize their skepticism. Once they begin working with you, they will see that their needs are being met and be more confident in your company. This can help you build a stronger base and get a firmer grasp on the market.

Industry Competitors

In any field, there is bound to be competition, and learning how to overcome that competition is the key to dominating the market. You are more likely to beat the competition with the right intelligence. By collecting data on your competition and customers, you will have the intelligence you need to attract new customers and practice good decision making to beat out your competition. If you don’t have a good understanding of what your competition is doing, you don’t have much of a chance of overcoming them, but armed with intelligence, you are sure to come out on top.

Lack of Communication

One of the major barriers for companies’ success is a lack of communication between employers, their employees, and the customers they work with. Without proper communication it is difficult to maintain connections and encourage continued use of your company.

When working on communication, focus on building solid relationships, listening, and revolving any issues quickly and effectively. This will keep your business in good standing and help you stand out from other companies in your industry.

Breaking out ahead of the pack in the business world is challenging, but it can also be rewarding. Start working on overcoming these common obstacles and you will see the benefits it can have for your business today and in the future. No matter what field you are in, there will be obstacles. Only you can make the choice to overcome them.

For more help with your business, schedule some coaching sessions with us!

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How to Avoid Holiday Sales Issues This Season

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Holiday shopping can bring your business significant sales. But with added customers, you may encounter added issues. Forecasting specific issues that you could encounter during the holiday season will help you best prepare in order to be able to fill all the orders that you get.

Prevent Shipping Roadblocks

Make sure that you have an adequate shipping infrastructure for your products. In the wake of the COVID-19 pandemic, there will be an even greater influx of customers doing their holiday shopping online.

And when customers do their shopping online, one of the most important factors that goes into buying a product or not is whether or not they can get that product in time for a holiday.

One of the best ways to make sure that you will be able to process your orders quickly and get them to your customers as soon as possible is by converting to cloud-based software. Using updated software will help you streamline your process.

Keep Accurate Inventory

One of the main issues that companies encounter during the holidays is having a popular item sell out when there is a high demand. This can have huge repercussions for companies. In fact, inventory issues cause 39% of consumers to leave stores empty-handed due to an item that was out-of-stock.

Take steps early on to predict which products will be popular and plan to have extra inventory to be able to fill high demand.

Use Effective Discounting Strategies

When it comes to holiday sales, you’ll want to consider adjusting your approach from what you normally do throughout the year. When you do normal sales throughout the year, it’s easy to simply discount items that aren’t selling well in order to break even.

But when it comes to holiday sales, only discounting less than popular items will probably leave customers disappointed or at least more willing to shop at other stores with better sales. Think specifically about how to discount items in a way that will maximize profits.

You could consider discounting one or two popular items in order to attract more customers to buy other items that are not discounted to quite the same extent.

Navigating the rush and bustle of holiday shopping is hard enough. Figuring out how your company can be best prepared to address customers’’ needs can be even harder. Thinking about some of the specific issues that you may encounter during the holiday season will help ensure that you’re able to successfully make it through the holiday sales season.

Looking for help to get that little bit more out of your business? Check out our coaching services!

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How to Reduce Your Business Insurance Costs

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Running a business is expensive. Paying for insurance is just one of the necessary costs of doing business. Failing to carry adequate insurance could result in higher costs down the road in the event of a lawsuit, so while it’s expensive it tends to be considered a worthwhile expenditure. That said, there’s no need to pay more than you have to. There are things you can do to reduce your business insurance costs.

Bundle Policies

You’ve probably heard about how you can save money by bundling personal insurance policies. Did you know that you can do that with business insurance policies too? There are multiple benefits of bundling business insurance policies. Among them is the chance that you’ll be able to take advantage of multiline discounts. Of course, it’s important to do your research before jumping into bundling your policies. You should carefully look at what each of the policies you’re paying for cover. You don’t want to be paying for redundant policies or have gaps in your coverage that will leave your business vulnerable.

Implement Safety Protocols

Risk plays a significant role in how insurance companies price their policies. The greater the risk, the higher the price. As such, taking steps to reduce the level of risk in the workplace can help reduce how much you’re paying for insurance. There are multiple ways to do this, some more effective than others. Administrative controls are lower on the scale of effective workplace hazard reduction measures. Security systems, fire sprinkler systems, worker safety training programs, and driver training programs are just a few practical measures that may help lower the cost of insurance.

Shop Around

Bundling isn’t the only way to get competitive pricing on your insurance. In fact, jumping straight to bundling all your policies with one insurance company could mean you miss out on savings you could get by shopping around for insurance. It can take a lot of time to compare insurance quotes, but you could end up with significant savings as a result. Don’t be afraid to ask if the price they’re offering is the best they can do. Ask for discounts. Just make sure that you aren’t exchanging the level of coverage you need for better pricing.

If you want to reduce your business expenses, it might be worth your time to take a closer look at your business insurance. You can save money on the cost of insurance by bundling policies, implementing safety protocols, and shopping around to find the best deals. You owe it to your business and yourself to get the right coverage for your business at the best price.

Read this next: What You Need to Consider Before Moving Ahead With Your Business

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What You Need to Consider Before Moving Ahead With Your Business

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Have you had an incredible business idea? One that you think will take you far and leave you feeling fulfilled? Maybe you’ve started having doubts asked whether you have everything you need to move forward with your business. It’s true—there is so much to consider when deciding if your business is feasible and profitable, but there are many resources out there to help you decide. Start with these basic questions to get you started.

What Problem Are You Solving?

Ask this question before you move forward with your business. To have a business, you need customers. To have customers, you need people who need your product. They will not need your product unless you are solving a problem that they need help with. Approaching your business idea with this perspective will help you know whether your business will be successful.

 It is of the utmost importance to consider whether you are meeting the needs of your potential customers. According to the Montreal Chamber of Commerce, it’s a good idea to get to know these potential customers and find whether your business idea solves a problem that they have.

How Will You Fund It?

Starting up a business can be very expensive, so it is important to consider all the costs that you might encounter and plan for how you will fund your business. Besides considering the costs of getting the supplies or space to start your business, think about your employees’ pay and benefits, unexpected loss, insurance, legal fees, permits, utilities, supplies for your employees, software, and hardware.

Even with all these costs, you have many options for how you will fund your business. You can take out a loan or search for a grant from the government. You also take things into your own hands by raising money yourself. Consider crowdfunding, asking for help from friends and family, and searching for investors as well. According to Franchise Gator, retirement accounts can be another source of funding for your business. However you decide to fund your business, consider if you will have enough funding for your particular business idea.

How Will You Market?

You already know that you can’t have a business without customers, but how are you planning to find and draw in those customers? According to Vendasta, much of the money that goes into starting up a business should also go into marketing. Think carefully about your target audience, their needs (like you read about above), and how to best reach them. Is the product that you have developed marketable to this audience, and do you have a good way to reach them?

Starting a business isn’t for everyone or every idea, but these questions should help you know whether it is for you. If you have a plan and a way to move forward, go for it. There are few things more fulfilling than building a successful business that meets your customers’ needs. But it’s okay if this isn’t the right path for your idea. Maybe modify your idea and plan slightly, and you, too, will be able to start a successful business.

Need help figuring out how to market your business? Sign up for some coaching!

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How to Boost Your Brand’s PR Early On

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You might think that PR is just for businesses who have messed up and have to fix their reputation with the public. That isn’t the case though. Public relations can do really good things for all businesses, especially early on. You don’t have to wait for PR opportunities. You can take action now to create them yourself.

Build Media Attention

Media attention can be a great way to get your business in front of a huge audience very efficiently. It probably won’t come to you at the beginning. You’ll need to be proactive in seeking out opportunities to get media attention. Consider reaching out to your local news outlet. They may be willing to run an informational on your business. Local newspapers and radio stations are also worth reaching out to. You can also include social media into pr strategies to further build your brand’s image.

Hold an Event

Holding an event as a business gives you an avenue to introduce your business and what it’s all about to everyone. You’ll have a chance to simultaneously market your business and build relationships with attendees. 84 percent of business leaders believe their brand’s success is due to event marketing. Take advantage of this opportunity to showcase the value of what your business offers. Remember to frame it in terms of the problem it solves, rather than just the product or service, in order to resonate with your audience better.

Volunteer In Your Community

Few things build goodwill and positive relationships like giving back. Volunteering in your community as a business puts you in a position to showcase your business in a positive light. Those you help will be more kindly disposed towards your business and feel good about referring others to you. Find volunteer opportunities that line up well with your company values and your brand. Volunteering helps you build a good reputation and increases your visibility within the community. If you really want to capitalize on the visibility aspect, have those volunteering wear shirts and gear with your logo visibly displayed on it.

Making PR work for you is a really good way to boost your business, especially at the beginning. Building media attention, holding an event, and volunteering in your community all get your business in front of potential customers. They can also help you foster positive relationships with the public. Take action now to take advantage of the boost PR can provide to your business.

For more business tips, sign up for some coaching sessions!

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