Tag Archives: business

Satisfaction Guaranteed: Price Matching with Your Competitors

price watching and analytics
Consumers will always worry about prices — they want to get the best possible price for the product they want to purchase. After all, no one wants to be overcharged or be swindled out of their money.

This is why companies like pricemanager.com allow their clients to easily compare prices with their competitors. This way, you can monitor what your competitors are doing and find out how much customers are actually willing to pay for your product.

Competitive Pricing

It is important that your product offers competitive pricing — though you may initially earn more after selling a particular item, you will eventually be met with competition should other stores sell it for less. On top of that, your company may acquire a reputation for being overpriced, which is something you do not want.

Price matching is a great way to attract customers because it assures them they’re getting a good deal. Consumers today are more frugal, and they have the advantage of comparing prices online with just a few clicks on their phone.

Beat Showrooming

One of the problems that retailers are experiencing is a phenomenon called “showrooming.” This practice is when clients visit a store to inspect a product themselves, before deciding to order it online instead, often from an e-commerce site. This can make it difficult for retailers to keep their customers and make a sale.

Fortunately, having a strong price match policy will help you compete with online retailers directly. Many companies are now matching their prices not only to physical stores but to online stores as well. By lowering the price of that same product, they can convince the customer to buy from them instead.

Have a strong price match policy in place and watch how it boosts your conversions.

Franchising: A Better Option for Starting Your Own Business.

FranchiseStarting a small business can be a difficult endeavour for most. You would have to write your own business plan, design the layout of your store or shop, come up with products to sell, and the list goes on. Fortunately, there is another option available and that is to franchise. There are literally hundreds (if not thousands) of business franchises to choose from.

An example of a good franchising business has got to be burgers. Aside from it being delicious, it can provide anyone with a hearty and satisfying meal or snack. Plus, everybody loves a good burger. So if you’re really interested, why not look into burger franchise opportunities.

But before taking the plunge, let’s take a look at some of the pros and cons.

Reasons why you should buy a franchise

Let’s take a look at some of the reasons why you should invest in a franchise.

  • Good company franchises have already established a reputation, good management and proven work practice which will benefit you a lot, explains Burger Urge. You also automatically get access to national advertising.
  • More often than not, franchisors provide the training needed to operate their business model. You also get ongoing support. Furthermore, you won’t be alone in building and running your business. Hence, even if you do not have much experience in running a business, your success rate is still significantly high.
  • Most franchises have a staff to help you find the best location for your business. They can also provide you with assistance in the layout and design of your business.
  • Franchising is similar to owning an independent small business but with a major advantage. You get the support of a big business network.

Drawbacks of buying a franchise

Although buying a franchise can seem the easiest way to owning your a business, there are still some downsides to it.

  • Being in a franchise means you will have to follow everything on the agreement which will inhibit your creativity.
  • Restrictions may be imposed on you such as where you can operate, your suppliers and the products you sell.
  • Bad customer service or performance by other franchisees can seriously hurt your franchise’s reputation.

Ultimately, franchising does not mean instant success. You should still employ the same principles of good management such as hard work, time management, informed decision-making and good customer service.

Going Online and Back Again: Why Online and Offline is the Way to Do Business

Business Owner in AucklandThere was a time not too long ago when every business owner was scrambling to build a web presence. Actually, that’s still happening now. And for good reason. Any business that ignores the need to have a website is throwing away opportunities to make more profits.

Going online

Not only do you need a professional website, but you also need to get busy building your profile on at least one of the most popular social networks. You choose the social network channel where most of your target customers are also present, and you build a following there.

Getting listed

You also need business listings on Yelp, Angie’s List, Facebook, Google, Bing, Yahoo! and others. Listings are very important for ranking on search results. Especially now that Google has updated with an algorithm called Possum by the SEO community, the search engine giant can recognise different listings of the same business, and the more listings you have the heavier their weight.

Going… offline?

An expert from Signsnstuff.co.nz reminds that it’s not all about going online, however. Pundits are now deciding whether the new trend is the reverse, as online businesses are at this moment scrambling to build their own brick-and-mortar stores. They’re choosing a space to lease, hiring industrial screen printing companies to do their signage and billboards, giving out business cards with more than just a web address printed on them, the works. These are offline activities that business owners almost turned their backs on just a few years ago. Now, the brick-and-mortar is once again the darling of the business sector.

This proves a few things. First, you can’t survive anymore unless you have a presence online. Second, people love choices and online presence and listings give them more choices, thus also giving businesses a fair chance at getting chosen. And third, people still like actual contact. You can buy your Nikes online, but it would just be nice to try a few pairs first, see how they feel on your feet, how they look with your new jogger jeans and so on.

With all these recent developments (and developments seem to be happening at a dizzying pace), you’d best keep up. Whether you’re a purely offline or an entirely online business, now you know there are things to be done to give your customers the best of both worlds.

3 Things That Will Get Your Business Loan Request Disapproved

In any business capital is very important. It is the only way that the business can grow. There are many avenues of getting your capital one of them is applying for loans. Below are some things that will block you from getting the loan.

1. Lacking a Strategy

Loan applicationLacking a working strategy is the same as lacking a plan. Without a plan you do not know the way forward for your business. This is a red flag to anyone, applying for a business loan. Chances are that the money you get from the loan will be misused or the business will collapse. This is a risk on the part of the creditor and they will definitely deny you the loan. This also applies when you are applying for personal loan in SG.

2. Questionable Character

Even though the money will not go directly to the person, the lenders will surely look at his character. The owner will determine how well the business is run. The lender will be looking for someone who will pay them back within the shortest time. So before you can borrow that business loan make sure you have a clean past.

3. Being Disorganized

This simply means not having all the papers and documents that you will need for the application at hand when applying. Some of the documentation that you might need includes tax returns. To ensure that you are prepared when doing the application, do some research on the documentation needed. This is the only way to make sure you are prepared on that day. You can also make a checklist of the documentation needed so you do not forget vital documents when applying.

To get your loan approved fast, make sure you avoid the pitfalls stated above.

Why Networking is Important for Small Business Owners

Business OwnerNetworking is critical for any kind of business. The way you build relationships and establish networks will be one of the key factors that will dictate the development of your start-up business. Not only is it significant for your business, but networking is also essential for your personal growth as a novice entrepreneur. Below are the other points that display the importance of networking for small business owners.

  1. It Expands Your Business Knowledge

When you network, you meet different kinds of business people. Their knowledge and ideas can help you expand your know-how about entrepreneurship. This knowledge may prevent you from committing your associates’ previous mistakes or it may give you another perspective on things.

  1. It Improves Your Confidence

Even if you are still starting to develop your business, it is important that your customers and workers see an appropriate level of confidence in you. By continually talking with new friends and associates, you learn to talk to people effectively and influence them with your leadership.

  1. It Builds Extensive Connections

BNI Australia notes that when networking with a group of associates, you are not just building connection with them, but you are also establishing connections with their group of networks. In this way, you gain extensive connections that might be useful in your business development.

  1. It Raises Your Business Profile

Your regular attendance to social events and business gatherings can help you build a reputable image.  Many people will recognize you because of your high business profile, thus, you will be more likely to get referrals and business leads.

The process of building a new and small business is not easy. But if you master proper networking, you gain a powerful tool that could bring leads and referrals to boost your small business.

Things Your Outdoor Advertising Material Should Say

AdvertisingYou might think that just because everything is online, you do not have to spend on other physical advertising materials. You could lose a share of the market when you only rely on digital marketing. Keeping your business visible should not only stay online. Your local area would still need to know where to find your shops.

Before you start putting up materials anywhere, you need to learn some unspoken rules of outdoor advertising.

Keep it short

Outdoor materials should not contain big blocks of text, reminds SciTech Outdoor Advertising, Inc. No one has the time to read everything your ad says especially when it is on a billboard. You have to keep in mind that most of the people who would see it are just driving or passing by. You need to capture their attention in only a few seconds. This means you have to keep your words short and concise. An attention grabbing copy is all you need. Sometimes, you do not even need any words as long as you have a powerful image. Finding a good balance between text and image can result in a captivating ad material.

Don’t forget the essentials

While you are busy trying to come up with a creative advertisement, you might forget the essentials of the ad. Place the contact details in visible text and color. If you plan to post an address, make sure it is still readable even when it is long. It may also be helpful if you place how far your shop is from that billboard you chose to use. The most important elements you should never forget is your brand name and your contact details.

Be creative when it comes to designing outdoor marketing tools. The more interesting your ad is, the easier it is to catch people’s attention and make them aware that your business exists.

What Does it Take to Start a Hotel (with Minimal Disappointment)?

Hotel Room

Hotel RoomQuestion: What does it take to start a hotel?

Obviously, it is money.

Unfortunately, a number of owners new in the business are unmindful of the fact that having the funds is not enough. Some of them focus on getting more money that they mix up their priorities, which results in disappointing endings.

There is more to starting your hotel than just the funds. It pays to know what your consumers need to determine what your hotel needs. What should you spend your money on first?

Hire the Right and Necessary Staff

A proper hotel will not function well unless you hire good people. Your staff is essential in ensuring that all operations proceed smoothly, as well as attending to the needs of your customers.

The size of your staff depends on the size of your hotel. Small bed and breakfast places only need a handful of helpers, while hotels with multiple rooms require a team of workers. When looking for your staff, list down the positions you need (e.g. maintenance workers, desk staff and housekeepers).

The Basic Necessities

After finalising the staff, pay attention to equipping your hotel with the basic supplies. After all, one way to your guests’ hearts is through a well-stocked supply room that caters to all of their needs, whatever time of day.

Jasco Distributing, a local distributor, recommends listing down the materials you will need, depending on the rooms and amenities. For example, your guest rooms should have enough toiletries, towels and slippers, ensuring a worry-free stay for your guests.

Marketing Your Hotel

It is not enough to just stock your hotel and hire the right staff. Make other people know about your business by spreading the word.

Today, technology is your best mate when it comes to marketing your hotel. Start by designing a website filled with the basic information, as well as pictures for your patrons to see. You can also use social media to invite online users to take a vacation at your place.

Money is your best friend when it comes to fulfilling your hotel dreams. Make sure to spend these wisely on what you need so as not to wallow in a disappointing business venture.