No matter how the economy is doing or what industry a business is in, there is always a need for a business to stand out from the crowd. Those that differentiate or reinvent themselves are able to survive and thrive, even in a recession. Can any company do that? In a word, yes. It just requires creativity and innovation… the kind that has nothing to do with technology. Here are some examples of how companies have successfully differentiated themselves. And how to emulate their efforts. Continue reading
Price, cost and value are not synonymous. That is why there is usually a huge range in the price of most any manufactured, tailored or customized goods and services — and even in the price of commodities — even when there isn’t a big difference in its cost. But, how businesses go about pricing goods or services often ignores the relationship between the cost to produce or provide something, the price charged for it and, most importantly, the value that the customer perceives it has and assigns to it.
It is time to rethink pricing factoring in value. Continue reading
Running a business is a lot like a story. The story has characters. Some are employees. Others are customers, and still others are vendors. The story often starts slow and then picks up momentum as more is understood about the plot. What product or service is being provided? How does the company reach and interact with its clients? As the business grows, the story unfolds. Sometimes the story is a happy tale of challenges overcome and goals met. But most stories will invariably have a plot twist… a radical change in the expected direction or outcome of the plot of the narrative. While a business cannot choose the plot twists it faces, it can control a big part of how it responds.
Here are tips for handling the unexpected. Continue reading
With few exceptions, most would agree that 2020 was a tough year… frustrating, sad and even downright scary at times. And so, most people hope that 2021 is better. However, there is no assurance that the first few months of 2021 will be much different than 2020. There are still a lot of unknowns about how the next 12 months will play out. Wanting and hoping things will turn out fine is not nearly as good as ensuring it is a great year. The goal is to make it great. How? Turn the tide on trouble and tragedy and make 2021 great simply by changing your own perception, attitude, approach and action.