When you open and run a business in a unique industry, it is important to differentiate yourself from the competition and win over your audience. Entrepreneurs should find a specific business niche to target a market strategy, and the broader the market, the more businesses you can serve. You should also find a niche in your industry that has unmet needs and select your target clients, define an underserved need, research customer base, create your business plan and market your business to a specific audience. The good news is, If you think of a specific product that serves one of your unique needs, it can probably be classified as a niche business idea. And in today's episode, we've got Kirsty-Lee and she's going to discuss niching the current position of Australia's financials.
Business Tips to Help You Get Ahead of the Competition
It’s important for business owners to understand the ins and outs of operating a business. Read on for some business tips and best practices that you can take advantage of.
"I believe that leadership is like a wilderness and that you can learn to read the map."
- Zoe Routh
In today's episode, Zoe Routh of Inner Compass talks about how to better your business. You may be in a position where you're worried about possibly a looming recession (or maybe you're not). Some businesses we have been working with have gone from 30–50 employees down to 3–5, so it's scary times. But Zoe is an expert when it comes to building relationships and making sure the relationships you have with your teams and with yourself are on point. She helps leaders manage that kind of process and its effects on their people, instead of cutting expenses and other business decisions.
Our special guest in this episode is Leschen Smaller from Element Business and Accounting Solutions. How come so many businesses have collapsed? Where have they gone? Why didn't they save for a rainy day? These are just some of the questions we have in mind and Leschen is here to enlighten us. She explains 13-week cash flow and talks more about getting projections for when your cash is coming in and when your cash is going out—something that is certainly important and that has been highlighted through this whole COVID crisis thing. Normally, businesses might save a little bit for a rainy day, but Leschen shares a better way to stay afloat in times of crisis: forecasting. Read more or listen to the podcast!
Are your products overpriced? Does your service cost too much or too little? Most entrepreneurs will have that problem with pricing. How do we set our prices or rates? Is it what would cost us plus a percentage or do we look into the wilderness to see what our competitors have in there? Perhaps there's a formula to doing it right. Courtney Deagon, pricing expert and the CEO of Court & Co Value Group Pty Ltd, shares with us some great tips on setting the prices of our products or the rates of our services.
Today, we're going to talk about how to efficiently manage your remote workforce. You're all happy and home and hose that you've got everyone working from home and you've noticed that they aren't quite meeting their KPIs, or maybe they are, or maybe you didn't have KPIs in the first place. Whatever the case may be, we're going to go through some really handy ways that you can measure your staff's performance on a keyboard stroke, phone call, or whatever the KPI metric that you want to measure is.
Josh: I've always said, "You can teach a man to fish and he'll have food for life, but some people just don't like fishing."
Drue: That's right.
Josh: They just don't.
Drue: Some people don't like fish either.
Find out what they're talking about.