Wednesday, October 3, 2012

Ten Strategies That May Improve Your Business

Over the last few years, we have seen some exceptional strategies implemented by some of our portfolio companies and others in the market to give them an advantage over their competition. I decided to make a list of the ideas that stood out in my mind that other companies could implement - regardless of the industry focus.

1. Service your competitor's customers when they have problems

Are some of your prospects using the competition, but they struggle to get help when they need it most? Offer your assistance at this pivotal time. Furthermore, tell them to call you anytime. Eventually, they will bring their business to you as they realize that you are readily available and your competition is not.

2. Understand your competitive advantage

Why do your customers do business with you? What attracts new customers? If you don't have these answers, find them out. To gain market share and create a company of long-term value, you need to understand what makes your company different and unique. Once you have the answers, focus on these strengths to attract other customers.

3. Hire smart people

Don't ever wait on this. Hire the smartest people you can find for all positions without delay. The good thing about hiring the best and brightest in your organization is that it snowballs. Smart people hire smart people. One word of caution, hard workers aren't necessarily smart workers.

4. Create a positive image in the community for your company

There are a lot of opportunities to this in the Research Triangle Park area with a growing number of networking events and fundraisers to attach your company's name to. If you don't have the resources for a sponsorship, find a meaningful organization and encourage your employees to volunteer or flood a local networking event with a bunch of people from your company. Making a positive impact like this creates more interest in your organization from potential employees and customers.

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