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Business Leadership

4/27/2016

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Why focus on competitive advantage
Prioritizing resources to attain goals

 
Ivan attended an international youth camp organized by a global organization of business and professional leaders. The camp activities built his self-confidence and inspired him to think of becoming a successful business leader.
 
As a gift of appreciation, he designed a free training program on, “Ethical Conduct & Customer Satisfaction” which he offered free to all members of the organization worldwide.
 
The global outreach of the organization inspired Ivan to start a web based digital marketing agency with the message, “Deliver a different experience and reach a wider customer base”. The free training program got him publicity which helped him build a huge customer base for his business.
 
This is a situation where a strategy emerged from a pattern of activity as Ivan’s pursuit of giving back to the organization lead naturally to the building of a network of contacts. Many of these contacts recommended prospects to him or became customers.
 
Being Different Has Competitive Advantage
Being different in a highly competitive market can set you apart and create a bigger market for what you offer.
 
Ivan’s reaction to the youth camp experience went beyond the usual thank you letter that many camp goers had written. Ivan’s sea of contacts from his free training program gave him an advantage many young entrepreneurs do not have. Ivan also realized that by delivering something different he  had entered into unchartered deep waters where there is much less competition.
 
Strategic Goals And Asset Allocation
Ivan also worked within the constraints of his limited resources. This is a skill all competitive leaders need to have. The ability to make the best with what you have requires planning and asset allocation skills that maximise on advantages.
 
Ivan started his business online because it was cheaper than opening a brick and mortar store. Additionally, a digital presence enabled him to serve a wider market.
 
Strategy requires asking, “What are you trying to accomplish with your business”. Strategy involves shaping the future with action that achieves desired outcomes.
 
Maximum Utilization For Maximum Gain
Your business has finite resources and you should utilize what you have for maximum gain over the competition. Within the framework of your strategy you should deploy tactics that either enable you to out-perform your competitors or get around your competitors to reach customers who are not being served.
 
A soda pop company decided to view all drinks manufacturers as their competitors. They placed vending machines in grocery stores, restaurants, work places, gyms and gas stations to get a bigger slice of the wider drinks market. This made them a leading seller of soda pop drinks.
 
A coffee shop chain on the other had carved out a distinctly new open sea of customers by serving dark roast expresso with milk. They distinguished themselves from potential competitors who served filtered coffee. 
 
The soda pop company and the coffee shop chain are examples of different tactics utilized to get maximum gain from available resources to achieve a competitive advantage.
 
A major factor that you should consider in your strategic plan for maximum gain is the utilization of technology, innovation and creative “outside the box” thinking needed to remain competitive.
 
Being different and keeping cost down in operations and marketing will increasingly be more important. This requires regular consultation with outside advisers to prevent your business from becoming obsolete.
 
Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

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Market Leadership

4/20/2016

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Building Digital Competitive Advantage
Amplifying networking with technology 

 
Time is the biggest constraint on networking for business. Sales require building consumer trust in you and what you offer. But trust requires investing time developing positive relationships. The deeper your relationships are with a wider segment of the community the bigger the pool of prospective customers.
 
Brick and Click Marketing
To create consumer confidence in your business make it easy for them to research you and your businesses online. You can show-off your business with an online video that encourages prospects to phone for a meeting.
 
Coffee shops have always been popular business meeting places. Jonathan’s a coffee house in London, England where traders met to negotiate on goods from North America and the East Indies evolved into the London Stock Exchange.
 
In Winnipeg the Promenade Business Exchange launched 2 years ago at Fort Gibraltar has now evolved into a weekly Friday brick meeting at the Promenade Café and Wine 
 
Listing your business on BizExchangeMall.com makes it easy for prospects to click on your phone number to contact you. The listings also act as your phone directory easily accessible on a smart phone.   
 
We now have a North East Business Exchange launched this year with weekly Thursday brick meetings at L’Arche Tova Café.
 
BizExchangeMall.com is a listing of businesses at both Exchanges and of those requesting listing online. This multiplies the number of phone contacts you can click to connect with.
 
This feature brings together 3 mediums of communication, brick meetings, online click connections and the telephone which is a highly effective communication medium that can effectively build trust and establish human relationships.
 
Building trust and establishing human relationships are essential for sales and business success.     
 
Amplifying Market Presence
BizExchangeMall.com is promoted in print to encourage businesses to request listing online. This online business community is promoted with positive social messaging through YouTube Google+ Twitter Facebook and LinkedIn social media.
 
The operative word is “social”. Listed members are encouraged to have their business and social events posted on the Promenade Business Exchange Facebook page. Do “like” this page.
 
 
Digital Competitive Advantage
Local communities are now connected online 24/7 through a web of online platforms. This gives a competitive advantage to businesses with an online presence.  .
 
An online video is a great way to introduce your offering. Remember your initial sales pitch can be online 24/7. This is a cost effective medium that is environmentally friendly. Request Listing upgrade to Premium or Premium Plus and enjoy the increased digital competitive advantage.

Utilize a high growth action plan to leverage technology, promote your brand widely and improve your supply chain efficiency.
 
Be honest and critical in your assessment of your business. Seek out consultants in specialist areas to make an assessment of your productivity and to prepare an action plan that leads to greater competitive advantage.
 
Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL CONNECTIONS

Do share this article on social media and with those interested

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Market Leadership

4/13/2016

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The Customer Centric Business
Your sustainable profit centre
 

Quality of service and level of customer satisfaction should be the driving force for all aspects of your business. This is because long-term business success requires a “culture of putting customers first”.
 
Sustaining Business Success
Look at the music industry and how a particular genre of music like rock & roll or disco brought fame to a particular singer or band for a brief period of time. These entertainers faded away when a “new cool” music trend emerged that made them “old school”.
 
Those musicians whose music has endured are the ones who focused on crafting an artistic composition. This can be contrasted with the music produced based on a set formula reflecting a current industry trend. The commercial entertainer may enjoy quick success briefly, but the great artists experience sustained success earning royalties well into their old age.
 
Customer and Community Feedback
Customer feedback surveys need to be analysed within the framework of community values and social norms. We need to understand the social drivers that shape the thinking and attitude of prospects. Community Relations Management is vital for a better utilization of Customer Relations Management data.
 
The knowledge gained from understanding customers need to be disseminated to the entire team in the business. Use this to promote a work culture that drives performance in the direction of greater efficiency delivering customer satisfaction.
 
Technology companies that have sustained productivity always encourage the business team to think like customers. The big question you have to ask yourself is, “Would I buy from myself and why?”
 
Does your product or service deliver on the expectations you create?
 
Remember, these technology companies truly believe at any given moment in time they are delivering the best that technology can offer. But even as a new product is being launched and marketed the engineers are busying themselves on creating the “next big thing” to transform our lives.
 
Shaping Team Behaviour
To motivate your team especially those who are not at the frontline dealing with customers focus on building on the strengths of the team and displacing the weaknesses with better ways to do things.
 
Mutual support and encouragement helps motivate team action to achieve daily targets that lead to accomplishing of business goals. This is best done by encouraging individual responsibility for team performance.
 
Show each team member how the others helped them achieve their personal targets. A sense of, “We did it!” should permeate the entire team. Doing this channels human behaviour towards achieving sustained performance and profit.
 
 Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL CONNECTIONS

Do share this article on social media and with those interested



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Operational Leadership

4/5/2016

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Improve Productivity & Profit Margins
Using better business communication

 
This Article originally appeared on TradeReady.ca
 
On Thursday February 4th 2016, I had the pleasure of taking part in a #TradeElite Twitter chat organised by FITT. The topic discussed was, “How is the plunging $CAN affecting US/Canada trade?”
 
My takeaway from this discussion was the need for Canadian importers to focus on maintaining profit margins, as opposed to maintaining market share at the expense of profit margins.
 
The lower value for the Canadian dollar, in relation to the U.S. dollar, should therefore act as motivation for Canadian businesses to engage and work with consultants to help improve their own productivity.
 
Working with a consultant or consulting group to improve your company’s communications and increase efficiencies within the business and across the supply chain can reduce operating costs. This is a critical ingredient for sustained business growth.
 
Investing in knowledge to improve decision-making, for example, can result in greater competitiveness. This requires a productivity mindset that accepts that currency and commodities price fluctuations are beyond the control of individual businesses.
 
Another crucial way to increase revenue is to learn how to improve your communication with business partners, both to build successful new agreements and work out any issues, maintaining strong relationships with existing partners.
 
When negotiating import-export agreements in particular, it’s vital to establish transparent communication channels to convey expectations and resolve disputes. This will enable the business to remain focused on productivity and competitiveness.
 
Sharpen and clarify communication channels
Too often, businesses negotiate import-export agreements with other parties without first identifying each other’s business culture and expectations. The business needs to identify both the formal and informal “human communication channels” that will operate along the supply chain.
 
To establish a sustainable working business relationship, make sure the agreement establishes clear communication channels that are supported by organizational structure at the operational level of the business.
 
Without the proper communication channels and understanding of each other’s expectations, misunderstandings can ensue during negotiations, which may delay or ultimately break down talks between companies before an agreement can be reached.
 
When disputes and inefficiencies happen, in hindsight, business leaders often find that, “if only they knew then what they know now, they could have been more productive”. The degree of alignment of communication activity across the supply chain with the expectations of the business can impact both qualitative and quantitative outcomes.
 
For example, a multinational corporation that manufactures worldwide with exports globally ensures that communication documents, from brochures to contracts, purchase order forms, invoices, letters of communication with customers and sales presentations, are all vetted for consistency by a team that has input from the corporate, operations, finance, and marketing departments. This is done to ensure that at each stage, from initial contact with a prospect to placing of an order, delivery and request for payment, there is minimal possibility for dispute arising due to a miscommunication. The result is a smooth flow of delivery from factory to the ultimate consumer.
 
An efficient supply chain delivers to the satisfaction of consumers thereby encouraging more business and prompt payment.
 
You will need to identify:
 
1. The degree of alignment of process implementation with the agreed terms of the import-export agreement
 
2. The steps that need to be taken to encourage alignment of collaborative processes with the agreed terms of the import-export agreement.
 
To improve productivity and prevent disputes arising the business should:
 
1. Assess the patterns of formal and informal communication channels among individuals, teams, and functions; internally within the business, and across the supply chain with partners, customers and competitors.
 
2. Take targeted steps to align communications and business processes with the aims and objectives of the import-export agreement.
 
3. Reduce inefficiencies by eliminating communication channels that do not produce significant value.
 
Negotiating international business agreements require an understanding by both parties of what it will take to implement the agreement in order to achieve desired business outcomes.
 
Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL CONNECTIONS

Do share this article on social media and with those interested

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