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10 Breakthrough Ideas for Small Businesses

In the nascent era, the launch of a business can create an initial influx of curious customers However this number of customers will gradually disappear and many small businesses will begin to enter a period of stabilization with a more stable number of customers but also less.

In this article, we will teach small and medium business owners simple and effective methods so that you can “refresh your business and make it more profitable”.

Meanwhile, business owners are now caught up in the daily workflow, on the one hand because they have to take on the responsibility of maintaining their business, on the other hand, they are now lazy to change when the methods they apply. still bring a certain effect.

However, this approach means that businesses only attract and keep a certain number of customers and sales, and in the long run, they are easy to fall into a deadlock due to lack of breakthrough. development.

The reality is that any business, especially small businesses, needs to constantly adapt to the ever-changing market conditions, with modern business tools, as well as sales opportunities. new products to continue to grow and be even more successful. On the one hand, small business owners still have to keep an eye on the daily operations, on the other hand they also have to spend time looking for new opportunities.

In this article, we will teach small and medium business owners simple and effective methods so that you can “refresh your business and make it more profitable”.

1 Adding Value-Added Products and Services

A great way to increase sales and attract customers is to add new bundled products and services. But how do you decide what to add without turning your business into a messy supermarket? The best way to start is to reconsider the nature of your business.

For example, if you sell exterior tiles, ask yourself if you classed yourself in the cladding business or the exterior building materials business? Once you’ve identified your business item, you can consider adding similar or related products such as gutters and rain pipes, roofing sheets and other covers to your product line products.

Another surprisingly simple way to build a list of new products and services is to consult with your customers. Ask them what other items or services they would like to purchase from your business, if you can provide them. Having intimate conversations with customers and employees can help you gain more information than spending a ton of money to conduct customer surveys professionally.

Do not forget to ask customers how much they want to buy and how often they buy once to understand the tastes and real needs of the market; on that basis, if the market is big enough, then you should develop this new business to offset the increased costs.

To discover a new niche, search for new uses for your existing product lines and services. Cheez-y is an example of this. Kraft – a major food company in the world that started with spreadable cheese on snack biscuits – called Cheez Whiz. The product is great, but the spread cheese business on each cookie won’t get them that far in the marketplace. That’s why Kraft expanded Cheez Whiz’s range and started promoting it as the basis for a wide variety of dips and spreads on food.

Soon after, Cheez Whiz became an indispensable ingredient in everyday recipes. Even so, Kraft is still not satisfied when only people consume this product. One of the newest unique uses of Cheez Whiz was started by a California fish lure company, which mixes Cheez Whiz into pre-packaged fish bait for sale and they buy 55-gallon containers. Cheez Whiz.

If Kraft just stopped at the concept of spread cheese, this company will surely dominate the market share of many types of biscuits. However, with a breakthrough mindset, Kraft has expanded the market and attracted customers that they did not initially think of.

Idea  3 – Meeting the Industry’s Unopened Market

Your job is to find out what X is and deliver it to the customer. It sounds simple enough, but customers will only tell you what they want if you take the time to really listen to them. And the great thing is that if you can find a way to meet that demand, sales will definitely skyrocket.

For example, many local sawmills come under pressure from large dealers entering this market and of course small mills can never compete with these big dealers. But instead, the owner listens to his customers and is told that the large chain stores lack hard-to-find furniture or items or to order.

This is an unmet need that is being left open, and it could bring in a new customer base – people living in the suburbs who want to fix it themselves, buy everything they do needed for the weekend in just one store.

Idea  4 – Use the Internet and Sales Tools

If you’re reading this, you certainly know that the Internet is capable of delivering more than comedy and tabloid news.

Many small businesses limit their sales and distribution channels to only on-the-spot and in-store purchases, but they don’t think e-commerce can increase their reach. school, customer base, and their sales. Instead of selling in a store, consider selling online, an online store, a blog or through a catalog.

Idea 5 – Let Others Sell Products With Your Own Label

By allowing distributors, wholesalers, major dealers and competitors to sell your products under their own brands (also known as white label products), you can Reaping the benefits of an increase in output, including reducing costs per unit of goods, increasing fixed depreciation costs, and increasing sales revenue, all of which can significantly increase benefits profit of a small business.

This approach also creates your own market segment under your own brand, or that of others.

Idea6 – Make a Technology Breakthrough Yourself or Buy It Back

We all know that a strategy for applying disruptive technology is essential, but many small business owners don’t know how to innovate their patented technologies, processes and products. industry, or how to license the necessary new technology. Some title licensing companies provide services to companies of all sizes. These companies can be easily found online if you search for the keyword “technology licensing”.

There are two types of licensing (licensed and licensed) and not all companies can do both. In-licensing is the search for a special technological innovation to create a different or better product, or a method to cut production costs. In this case, you would ask a proprietary licensing company to seek out and obtain for your business a license to use the required and often protected technology.

Conversely, if your company has developed and patented proprietary technology that you wish to license others, such a licensing company will look for businesses that want to purchase a license for the public. technology or innovation from your company for your own use.

Idea 7 – Improve Productivity and Efficiency Through Business Management Software

Enterprise management software integrates a company’s existing and distinct business functions with project monitoring into one system. This approach streamlines operations, and can provide a parallel peripheral system for backup and access from anywhere in the world.

In the past, these software were only for large companies with large budgets, and the only software vendors in the industry were big names like SaaS, Microsoft and SAP.

This method significantly reduces administrative work and costs for employees, improves productivity, efficiency and increases the accuracy of project monitoring. This functional innovation can take your business to the next level. The good news is that this software can now be purchased at a reasonable price from many small software companies.

Idea No.8 – Directing Products and Services to Catch Current Trends and Values

You can include your brand, products and services in local festivals, sports festivals, popular travel websites, etc. to advertise, promote and build branding. through many different channels. In some cities, local businessmen combine advertising at weekend festivals, soccer debut days, and profit from package bus tours to historic sites. local.

Your business may also benefit from an association that often organizes programs on topics such as protecting the environment. This type of branding can enhance the reputation and credibility of your company in your locality and rapidly increase sales.

A small business can often profit from identifying outstanding problems. Instead of directly reducing prices, car dealers and companies offer a program to accumulate points when buying gasoline when fuel prices skyrocketed during the 2007-2008 period. This move drastically increased their sales and advertising cost allocation over a long period of time. Likewise, many small-scale farmers have come together to open a campaign to “buy local agricultural products” so as not to be pressed by supermarkets.

Idea 9 – Utilize Clubs, Associations and Competitors

Introduce your products or services to organizations where potential customers are located. Take advantage of joining local service clubs such as Rotary, Lions Club, Elks, VFW and American Legion.

If you are a member of the Chamber of Commerce or the Chamber of Commerce, sign up to speak at some of their seminars. It’s best to introduce your business in person, but your presence and the relationships you get at meetings like these provide great breakthrough opportunities. As a speaker in these clubs, people will see you with an expert eye.

It sounds crazy, but partnering with a competitor to develop a market in the industry pays off. In resorts, hotels and golf courses that are competitors often cooperate closely to bring more guests to their locations. They will then compete when the customer has arrived. This is called “destination marketing”.

Co-competing and shaking hands with your competitors can be a breakthrough way to boost your business.

Idea No. 10 – Exporting Products and Services

Exporting products and services requires careful preparation of paperwork, setting up agents or distribution channels abroad, studying import laws and tariff schedules in importing countries, as well as knowing about payment terms and letters of credit. It is also important to define the mode of transportation, understand the transfer of title laws, and be knowledgeable about the cultural issues involved.

Exporting will turn the world into your market and help you reach a large customer base, promising huge sales, especially in emerging markets with a growing middle class.

 

 

 

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