Strand-Ridge
  • Home
  • Biz Services
    • Biz Consulting
    • Strategy Workshop
    • Public Speaking
    • Leadership Training
  • StrandRidge Academy
    • Sustaining High Growth For Long Term Success
    • Global Productivity Mindset
    • On-Demand Video Archive
  • Biz Exchange Mall
  • Global Trade Promotion
  • Contact
  • About
  • Motivation To Succeed
    • Motivational Videos Archive
  • Events
    • Upcoming Events
    • North East Business Exchange
    • ARCHIVES 1
    • ARCHIVES 7
    • ARCHIVES 8
  • Leadership Insights
  • Strand-Ridge Cafe
  • Consent To Receive E-mails

Market Leadership

5/25/2016

0 Comments

 
Picture
Be Different To Create A New Market
Uniqueness as competitive advantage

 

Nik quit his day job as an accountant in a corporation to run a drinks stall in a Singapore hawkers centre. Selling ten glasses of herbal tea a minute at $1 per glass for 8 hours a day 6 days a week Nik earned much more than many white collar professionals. His stall was different because it offered a unique herbal tea blend reputed to have health benefits. It was based on a secret recipe handed down through the generations in his family.  
 
A unique offering can make you stand out and dominate the market.
 
Exponential Value Increase
Nik used the finest ingredients to produce the finest quality herbal tea.
 
By setting up his business in a hawkers centre he was able to keep his operating expenses low. The location was easily assessable to a heavy flow of people from a nearby shopping centre and office complex.
 
Nik’s customers were also believers in the benefits of the drink. Through word of mouth they spread the news that resulted in a huge boost in sales. Nik has earned the nickname, “Herbal King” amongst his loyal fans who include local celebrities.
 
Reasonable Pricing
An electronic store operating literally from a hole in the wall store under a railway bridge in London, England was able to grow a huge following of repeat customers by offering the lowest possible price on electronic products in London.
 
Any customer not satisfied with a product could get an immediate replacement or refund of money. Here too business grew rapidly through word of mouth recommendations of satisfied loyal customers.
 
The electronic store was able to beat competitors by stocking electronic products that were one model behind the latest model. The electronic store would buy these brand new “older” models at huge discounts from warehouse clearance sales.  
 
Lower Production Cost
Both Nik the “Herbal King” and the electronic store in London, England utilised similar strategies to grow rapidly. They kept operating expenses low and priced their offerings low enough so the widest segment of customers could afford not just to buy once but to become repeat customers.
 
This rapid growth in sales volume enabled both businesses to invest in automation to widen their distribution.
 
Nik the “Herbal King”, set up an automated production plant to produce his herbal teas which he sold wholesale to a network of hawker centre stalls throughout the city. Nik is now poised to export his herbal tea.
 
The electronic store set up a state of the art fully automated warehousing facility to deliver their electronic products to a network of small stores in cities across the country.
 
Market Dominance 
The above 3 strategies creates sustained market dominance which is a win-win for the business and consumers. Both Nik and the electronic store used the above 3 strategies to rapidly grow their respective businesses.
 
This is more effective then creating a monopoly which is a win-lose relationship where consumers become captive buyers through a monopoly sole supplier.
 
Many pharmaceutical companies have monopolies for specific drugs because they own patents for them. But once a patent runs out and generics enter the market prices drop rapidly. Market share can be lost in such circumstances and the pharmaceutical company will need to invest heavily in research for a new patent.
 
Market dominance with a secret recipe however, can last for a much longer time. Small businesses that want to achieve high growth rapidly should explore how best to adopt the above 3 strategies to create win-win situations for themselves and their customers.
 
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


0 Comments

Business Leadership

5/18/2016

2 Comments

 
Picture
The Power of Emotional Intelligence
Self-confidence and decisive action

 
Steven training to be a Barrister-at-Law in England had passed his exams with high grades. But he now had to attend formal dinners at the Inns of Court before he could qualify to practice law. Why was it so important to have these dinners? How could eating meals with lawyers and judges make Steven a better lawyer?
 

The answer lies in a professional training regime that combines the rigours of developing both intellectual intelligence through formal classes and emotional intelligence through interaction with senior lawyers and judges who impart their experience, knowledge and wisdom in a social setting.
 
When Steven asked a judge for advice on the essential books he needed to buy to build his law library, he was advised to buy and read the complete works of Shakespeare. Through his plays you will encounter and come to understand all the different types of human characters, emotions and personalities. You will learn why we need to deploy certain social skills to achieve the best possible outcomes for clients.

 
Understanding social behaviour promotes emotional intelligence. Navigating behaviour and social complexities is vital for making the right decisions and taking the right action. Having high emotional intelligence can lead to greater success for professionals and business leaders.  
 
It is vital to understand our personal and social capabilities.
 
Personal Capabilities
In the case of our personal capabilities, we need to be self-aware of our emotions and be able to self-manage our behaviour so we feel good about our actions and ourselves.
 
Social Capabilities
In the case of our social capabilities we need to understand the feelings and moods of other people and be able to respond effectively to achieve positive outcomes in our social relationships.

 
Improving Emotional Intelligence
Emotional intelligence is a set of skills that can be acquired and improved through practice. Learn from mentors, coaches, consultants and successful leaders in your networking groups. Get interested in the people you interact with in business and in the wider community.
 
In trying to understand your personal emotions and behaviour always ask “why” you are behaving or feeling the way you do.
 
Charlie an entrepreneur realized that whenever he felt stressed he would drink more beers than usual. One day in conversation with his business consultant he realised that every time he postponed a difficult business decision he would feel stressed. To relax he would have a few beers.
 
Charlie learned to become self-aware as to what made him feel stressed. Instead of going for a beer he would call up his consultant. Together they would work out a plan of action with simple achievable steps that resulted in him confidently making a decision. Today he owns a very successful bar where he spends his time selling beers instead of drinking too much.

 
High emotional intelligence tends to lead to high performance because we do our best work when we feel good about ourselves.
 
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

2 Comments

Market Leadership

5/11/2016

2 Comments

 
Picture
Authenticity Stimulates The Buy Decision
Influence to create sustainable  networks
 

When I joined an international organisation focused on community service, the advice I like all new members got was, “Do not ask members for business. Just remember, it will come because people do business with those they know and trust”.
 
Members were given 3 copies each of a pocket sized club directory with names and phone numbers for the office, home and a third place for easy access. Today the club directory is online with easy access on a smart phone.
 
Club members are encouraged to visit other clubs in the city or outside to grow their social network. This form of social networking has all the ingredients that new industries utilize to grow the sector within communities.
 
In the early days Silicon Valley helped to concentrate information technology engineers and entrepreneurs into a social network. They innovated and created new products that were initially used within the academic community. Later the market expanded to businesses, schools and ultimately the wider community that has a need to create content for personal use and communication to others.   
 
The Power of Influence
Be an authentic provider of information and gain influence in the community. Focus on the benefits you provide to influence people so they buy from you.
 
Information Technology (IT) tapped into the innate social communication desires of consumers. The social media market is growing because it fulfils these desires. Each stage of growth in IT has been embraced by consumers due to the benefits offered. This consumer embrace has given IT based businesses tremendous influence amongst consumers.  
 
Online platforms in transport, hospitality and business connections are succeeding because of the benefits offered.      
 
Be a trusted source by providing maximum information to consumers online, at networking meets and at events. The more information you give to a person, the greater the probability of that person buying from you.
 
Create Positive Perceptions
Recently a farmer told an audience that he could get 3 times the price for his organically grown crops. This was due to demand built on a consumer perception of benefits in improved health and wellbeing.
 
The chef at a local diner in the North East of the city explained that his meals were so tasty because the diner bought fruits and vegetables from a local farm that used natural farming methods. The burst of flavours from produce grown in the rich prairie soil and harvested fresh is simply amazing.
   
Many operators of such farms and diners are highly networked online and at industry meets. The review and dissemination of research data and produce information through magazines, blogs and social platforms is well organised.
 
All this dissemination of information and the discussions that follow have created a positive perception of organic produce and natural foods amongst the wider public. Shops and restaurants that have succeeded in embracing this healthy food culture have found loyal consumers who are willing to pay premium pricing for great flavours and good health. “Paying the local farmer now is cheaper than paying for medical treatment later”, is a popular refrain of healthy living advocates.
 
Positive perceptions can lead to sustainable high growth. Research your area of business well. Disseminate authentic information to the community and create a positive perception. This can influences the buy decision.
 
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



2 Comments

Financial Leadership

5/4/2016

0 Comments

 
Picture
Creative Business Synergy
We achieve more together

 
An economist was asked by a business leader of a family operated corporation to help turn-around the business. It was losing money despite having a strong client base. The economist said he would decide whether to do it only after taking a walk around the business premises to get a sense of how its operations worked. Upon completion of his preliminary assessment, he said he would help the corporation re-organise its’ operations on condition that he be given the power to sack some of the business leader’s relatives who were employed.  
 
Creative business synergy focuses on getting maximum returns from investments in the business operations. Organizational efficiency is key to getting good returns on investments in people and physical resources.  
 
Following are some of the ways you can create synergy for greater efficiency and better returns on resources:
 
Avoid Duplication
Two inefficiencies the economist identified in the family corporation were, over-staffing and task duplication. Staff in the production, invoicing and credit control departments were re-entering data on customers which were already available in the data base software used by the sales department.
 
By allowing access by all departments to the data base in the sales department, the corporation was able to streamline the processing of sales, delivery and payment collection thereby increasing efficiency with a reduced number of staff.
 
Pool Marketing & Sales Power
A small retail outlet that specialised in all natural pastas and sauces teamed up with 10 other natural food outlets each specialising in different products such as coffee & teas; jams & honey; multi-grain cereals; etc. to set up shelving spaces in each of their retail outlets to display each-others products. This created a chain of 10 small out-lets with multiple natural food offerings across the city thereby creating a bigger market out-reach for products offered by each of the retail outlets individually.
 
Tailored Products & Services Partnerships
Too many businesses buy computing hardware and software only to neglect getting maximum benefit out of their investment.
 
A computer hardware store worked in partnership with a software provider and a business consultant/trainer to sell a package of a mobile tablet pre-loaded with business software with the business consultant providing the necessary consulting and training for business customers to maximise on the utility of the purchase.
 
Connect for Networking Benefits
Last year I was able to experience more Folklorama cultural events than I could physically attend because many attendees posted videos of the cultural performances across Winnipeg on the various social media platforms.
 
For many people the Shopping Mall or Strip Mall is a destination that offers the convenience of shopping within one common space where shops are close enough to offer variety, time saving and the convenience of proximity.
 
BizExchangeMall.com offers similar conveniences for residents across the city to find many of the products and services they are looking for on a single platform.
 
Increasingly, many individuals now enjoy the experience of browsing online for product and service information before making that call for an appointment. A continual social media presence on multiple platforms and Email invitations for weekly networking events encourages visits to BizExchangeMall.com
 
Synergy happens when we create a sum total that produces a greater output than independent individual efforts added up.   
 
I cannot be the sales person for 200 businesses, but I can be the sales person for one mall promoting 200 businesses or more …
 
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


0 Comments

    Archives

    September 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    June 2017
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014

    STRAND-RIDGE news provides free business knowledge articles.

    Categories

    All
    High Growth Planning

    RSS Feed

Powered by Create your own unique website with customizable templates.