While acquisitions and joint ventures are both viable options for expanding businesses, they are both considerably different and depending on a company’s particular situation, one is after significantly more beneficial than the other. Joint ventures are commonly seen as less risky than acquisitions due to the information barriers during the acquisition process. In addition to being less risky, Continue reading
Many manufactures do not sell directly to the end user. Between the manufacture and the user is usually a channel of distribution. They are essential to the success in any type of business. If you run a service business you need the supplies used that create the business, in which case you are a channel for the manufacturer or distribution of the supplies.
For instance, an HVAC company needs their air conditioners, heat units and service parts so the technicians can perform their job. The business maintains open channels for these items. Let’s face it, how would you react if the repair person fixing your air conditioner failed to have the proper parts with him or even at his shop?
Sometimes it’s difficult not to think of those who work in sales as anything more than the slick late night used car sales people from days gone by. However, much has changed over the last 30 years, especially when it comes to sales strategies.
Heading into 2013 it’s critical for your sales team to understand what factors Continue reading
As an Entrepreneur what is the one resource you wish you more of right now? I’d be willing to bet the answer is most likely time. If you’re running low on energy there’s always more coffee, right? But, if you find you just don’t have enough time in the day to get everything done what do you do? You can’t add more hours to the clock.
So how do you free up more of your time? Continue reading
When it comes to their growth strategy, most entrepreneurs have some variation on the same theme: produce a good or service, market it, and supply that good or service to as many people in as big of a geographical area as possible. It’s called organic growth, and it’s a great strategy–but it also has its limits. There is a point in the lifecycle of every business where the company has three choices for continued growth: build, borrow, or buy. A new book out Continue reading
You’re a talented and innovative thinker planning to launch a ground-floor venture. Should you go it alone or bring in a business partner?
As we mentioned in our earlier blog, “Is it Too Much to Ask for the Perfect Business Partner?” a number of business pairings throughout the years have turned into great successes. Primarily because of the skills and traits each partner brought to the pair. However, a lot had to do with the actual relationship between the individuals involved.
Not Everyone Should Be Your Partner
This seems like an obvious statement. However, Continue reading
When developing a new product or service, one of the first things to consider is how to get it to the end-user. Deciding on what channels of distribution to use is a very important business decision that must be made correctly. Using the wrong channels of distribution costs you money and depletes the value of your product.
1) How does the end-user want to buy?
To answer this, you’ll need to understand your customers and your relationship to them. How does your customer prefer to buy this product? Will they need customization or regular service? Maybe your customer needs other products or services to be able to use your product. Continue reading
It’s hard to imagine peanut butter’s success without jelly and vice versa. Without the unique qualities of both these elements, the PB&J would have its anonymity. Like this staple sandwich, so many businesses are also making successful names for themselves through their wise joint ventures with other companies.
Choosing just the right partner, however, is just as important as selecting that special someone in your personal life. If you don’t find a genuine, natural fit, it could be disastrous to both your companies.
The traditional business paradigm encouraged companies to secure their assets by remaining isolated from other corporations. While businesses still must protect their products and designs, there is a sentiment today that appreciates the benefits that the world gains when all business subscribe to collaboration to solve global issues.
The catalyst for this shift is the fact that business collaboration is necessary in a socially sustainable world (from Mashable Social Media). The advent of the virtual world and the social media storm that ensued has demonstrated the revolutionary power that exists when people work together.
Certainly, businesses must operate with a certain level of autonomy Continue reading
Think of all the famous and successful business pairings there are and have been in the world. People like Ben and Jerry of ice cream fame or Warner Bros. moguls Sam, Jack, Albert, and Harry. There’s Bill Hewlett and David Packard; Richard and Maurice McDonald; and Steve Jobs and Steve Wozniak from Apple. So what makes a perfect business partner?
Power Partners is a compelling concept. Simply put, it is a group of businesses that band together to use and promote the products of the other businesses in the group. There is an old song; “No Man is an Island.” No one can do it alone in the business world.
As much as we might want to think that we can win the battle alone; it just does not work that way. No matter what your line of work, you cannot afford to stand alone. You need people promoting your business and helping to build your clientele. Yes, we have many online marketing tools to help us out, but what is better than “word of mouth,” especially when it comes from people you trust.
Find the people your customers trust, and build a relationship with them. Continue reading
Today in a world where there are literally millions of products being sold, it’s importnat to have a strategic plan to increase your sales. There are many things competing for consumer’s attention. Implementing a plan to get the consumer to buy your product and increase your sales growth is very important. You can use many avenues to do this. Some are to develop a marketing strategy, provide excellent customer service, and also to have an good social networking presence. Continue reading
Regardless of what you sell – product or service – or how you sell – brick and mortar, online, or both – the first step in the sales process is to identify the right customers for your business. Understanding who your customer is will help you know where to find them.
The shortest distance between two points is always a straight line. However, selling directly to your customer instead of developing an indirect sales channel isn’t just about cutting out the middleman and keeping all the profit for yourself. It’s about considering the pluses and minuses of going it alone.
Selling direct may sound like the most profitable way for a company to do business, until you consider the costs that go into selling this way. Let’s compare Microsoft and Apple.
For the most part, Apple sells direct. Continue reading
If you’re standing on the precipice of making the decision to become an entrepreneur, it’s time to jump in. There are too many opportunities to wait any longer. And the longer you wait, the harder it is to make that leap of faith.
First, there are a number of experts out there who will tell you about Continue reading
Everyone wants to win. Companies love tracking sales growth. But what about the losses? Don’t overlook them. They are important to your company as well.
In the MediaPost article, “9 Metrics Every Company Should Use,” writer and senior vice president of strategy and solutions Martha Bush, suggests:
As the number of sales channels continues to increase, so has the need for organizations to get a strong, metrics-based grip on all that data to maximize their successes and learn from their failures.