Archive for the ‘Small Business Strategy’ Category
Tuesday, June 18th, 2019
by Justin Grensing, Esq., MBA
Where to price products and services is a key part of any business’s marketing and finance strategies. Economic theory includes multiple strategies for pricing, depending on broader business goals. For example, a company looking to maximize profit will try to set its marginal revenue—the revenue received from one additional unit of sale—equal to marginal cost (the cost associated with one additional unit of sale). A company trying to maximize sales will focus on average costs and revenue. The point where they meet is the sales maximizing point.
Of course, these are economic theories, and how these strategies play out in the real world is anything but certain.
(more…)
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Tags: competitive pricing, General Mills, loss leader pricing, Pricing, pricing strategy
Posted in Competition, Marketing and Branding, Sales, Small Business Strategy, Strategy | No Comments »
Tuesday, June 4th, 2019
by Justin Grensing, Esq., MBA
Staffing is one of the biggest challenges for small and mid-sized businesses. The challenge can be especially acute when a company reaches the stage in which it thinks it needs more help but maybe not necessarily an FTE or when a single FTE might not be enough, but two might be too many.
Just as many workers crave flexibility in their employment relationships—as illustrated by the growth of the gig economy—small and medium-sized businesses (SMBs) also value flexibility in their labor relationships. Rideshare companies like Uber and Lyft, for example, go to great lengths to ensure their workers are classified as contractors instead of employees. The costs of ongoing disagreements over this classification is something Lyft cited as a potential risk in its recent IPO. (more…)
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Tags: contract work, employees vs. contractors, gig economy, managing temporary workers. freelance help, risks of misclassifying employees
Posted in Career Advice, Employee Communication, Small Business Strategy | No Comments »
Monday, December 31st, 2018
As the New Year approaches it’s time to begin thinking about New Year’s resolutions. I’m pretty goal oriented and actually love this time of year–it’s always fun to look forward to new possibilities and make new plans for growth and achievement. I also believe that thinking about and committing our goals to some formal form (whether hard copy or online) serves to formally mark them in our minds and increases the odds that we will actually move forward to achieve them. Following are our top three marketing communications resolutions for 2019.
Develop a plan for 2019 and commit it to writing.
It doesn’t have to be a “fancy” or elaborate plan, but it’s important for businesses of any size to take the time to clarify their mission, vision and values, identify goals and measurable objectives, evaluate the internal/external environment, development strategies and tactics designed to leverage strengths and opportunities and overcome threats and weaknesses, and establish metrics to monitor success. I’m a strong proponent of strategy (hence the name of my company!) and the author of
The Complete Idiot’s Guide to Strategic Planning.
(more…)
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Tags: advertising strategy, business goals, making business goals, New Year's resolutions, resolutions, Strategy
Posted in Small Business Strategy, Strategic Planning | No Comments »
Tuesday, October 2nd, 2018
by Justin Grensing, Esq., MBA
While plenty of people start a small business from their basement or garage all on their own, most great successes start with a great team. Even start-ups that begin as a sole proprietorship typically need to bring others on board once they start to grow and need specialized skills and experience.
Putting together the right team can be challenging. But there are some tips that might help: (more…)
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Tags: building a team, collborators, effective team building, hiring staff, managing a team
Posted in Marketing and Branding, Small Business Strategy | No Comments »
Thursday, September 27th, 2018
by Justin Grensing, Esq., MBA
At first glance, it might seem like a ridiculous strategy to price a product below its cost. Wouldn’t you just be losing money? While this is true, many companies do just that, and they do lose money. On that specific offering. This is part of a strategy known as loss leader pricing. As defined by Inc., “loss leader pricing is an aggressive pricing strategy in which a store sells selected goods below cost in order to attract customers who will, according to the loss leader philosophy, make up for the losses on highlighted products with additional purchases of profitable goods.”
A great example of a loss leader is razors. (more…)
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Tags: attracting customers, getting new customers, loss leader, loss leader pricing, Marketing, marketing strategy, pricing strategy
Posted in Business Development, Competition, Marketing and Branding, Small Business Strategy, Strategy | No Comments »
Monday, September 24th, 2018
by Justin Grensing, Esq., MBA
Disruptive innovation refers to new advances within an industry that fundamentally reshape or even completely replace an industry. Consider, for example, the impact of the personal computer on the typewriter industry, or the impact of the automobile on the horse-drawn carriage industry. Disruptive innovation is a boon to consumers and society in general, because new products, new services and new ways of serving customers add value to individuals and the economy as a whole. At the same time, disruptive innovation can be devastating to companies that are too slow to recognize the impending impact of disruptive innovation or too slow to react once they have recognized that potential impact.
In a post for Vertafore, Ben Deda, VP of Marketing, lists several examples of companies that failed to adapt to disruptive innovation. You’ve likely heard of them: (more…)
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Tags: Blockbuster, business challenge, disruptive innovation, entrepreneurship, Kodak, Myspace, outpacing the competition, staying competitive, threats of new market entrants, Xerox
Posted in Business Development, Innovation, Small Business Strategy | No Comments »
Thursday, September 13th, 2018
by Justin Grensing, Esq., MBA
One of the most difficult aspects of starting a new business is raising some start-up capital. It’s great if you have sufficient savings built up to keep you going for a few years – yes, it often takes at least that long to start turning a profit – but that isn’t the reality for many entrepreneurs. In addition to the costs of running the business itself – which could include rent, marketing, utilities, raw materials, staff wages, etc. – entrepreneurs are often leaving an existing job, foregoing a steady paycheck.
Traditionally, start-ups are frequently funded by one or more of the “3Fs”: family, friends and fools. (more…)
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Tags: business capital, Business development, business startup, crowdfunding, crowdsourcing, funding, venture capitalists
Posted in Business Development, Small Business Strategy | No Comments »
Friday, September 7th, 2018
by Justin Grensing, Esq., MBA
Entrepreneurs are typically very passionate about the companies they found. Some even take on a quasi-parental mentality. This is understandable. After all, many of these entrepreneurs pour their life savings and countless hours of work into getting their businesses off the ground.
But the skills that make a good entrepreneur are not always the same skills that help guide an established company. (more…)
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Tags: clear strategy, Entrepreneur, entrepreneurs, growing your business, M&A, selling your business, starting a business
Posted in Business Development, Small Business Strategy | No Comments »
Tuesday, June 26th, 2018
by Justin Grensing, Esq., MBA
Few things can be as effective at generating sales as positive customer reviews. Similarly, and conversely, few things can be as damaging to sales as negative customer reviews. In terms of online retail, a recent survey found that positive reviews influence the purchase decisions of 90 percent of respondents, while negative reviews influence around 86 percent. But that’s in the B2C (business-to-consumer) world. In B2C, there are a relatively large number of customer interactions compared to B2B (business-to-business). This means that while B2B has fewer potential customer reviews to base a purchase decision on, each one is that much more impactful. (more…)
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Tags: B2B, B2B marketing, B2B relationships, building customer relations, creating customer advocates, customer advocates, customer relationships, establishing brand preference, forging customer relationships, word of mouth, word of mouth marketing
Posted in Business Development, Client Relations, Customer Communication, Customer Service, Influencer Marketing, Marketing and Branding, Marketing Communication, Sales, Small Business Strategy | No Comments »
Thursday, June 21st, 2018
by Justin Grensing, Esq., MBA
We often hear narratives about how online retail is replacing traditional brick-and-mortar businesses. Online is more convenient and has much lower overhead. At the same time, others point out that brick-and-mortar still makes up a strong majority of overall retail sales. Customers prefer the tactile experience, the ability to talk to sales representatives and being able to take their purchases home when they walk out of the store instead of waiting for packages to arrive by mail.
The truth is that both sides of this debate are right. (more…)
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Tags: Amazon, brick and mortar, online shopping, retail experience, retail store closings, showrooming, the death of retail, webrooming
Posted in Business Development, Internet Marketing, Marketing and Branding, Small Business Strategy | No Comments »
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