Question 6: Who will our competitors be in the new market? Why do customers buy from these market players? And above all, what do we need to do to make them buy from us? In the sixth part of our market assessment series, we’ll discuss one of the most crucial aspects of entering any market – the competition. Who will your company, your products and…

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There has been plenty of conversation lately around outsourcing jobs, with the topic being a primary talking point during the recent presidential election. Moving jobs overseas has much-discussed benefits, not the least of which include lower costs. However, in our new geopolitical climate, research shows that there are plenty of reasons — profitability being a key motivator — for insourcing – to return these jobs to…

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Every business owner needs to monitor his company’s cash flow very closely. In large organizations, this task is usually delegated to the CFO. Even if there is an entire department handling a company’s cash resources, it is essential for the CEO to remain directly involved in this activity.

Question 5: What are the different market segments? Do we need to enter in all or just a few of these segments? Which segments are expanding and which are shrinking? Market segmentation is a crucial part of a marketing strategy, especially one being utilized when entering a new market. In this fifth part of our market assessment series, we’ll discuss the importance of market segmentation.

Every business needs to establish a strong emotional link with its customers. The best way to do this is to create a business brand that conveys those qualities that you want your product or service to represent. Companies like Apple, Google, and Microsoft have built brands that embody their corporate values and which help them to attract new clients. A business with an effective brand…

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Question 4: What are the new market’s buying habits and how can these be exploited? Knowing the buying habits of a market is critical for any business hoping to sell in that market. This is what we’ll discuss in this post, the fourth in our market assessment series.

The ability to analyze and deploy business intelligence (BI) data is increasingly becoming a competitive differentiator in today’s marketplace. By 2018, most business users and analysts will have access to self-service BI tools, Gartner projects. Companies that use data are five times more likely to make decisions much faster than the competition, three times more likely to execute decisions as intended and twice as likely…

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Small business owners often struggle to retain their most competent workers. Why do good employees leave? It is true that some employees quit for better-paying jobs or to join a company that offers them the opportunity to utilize their specialized skills. But there are many who leave simply because they are not happy in their current job.

Question 3: How well do our services fit in the market? Is it possible to create a new market for our services?   In this third part of our market assessment series, we’ll talk about the importance of a company’s products or services “fitting” in the new market. Will Caldwell, founder and CEO Dizzle explained on Entrepreneur Magazine that it is a challenging and time…

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Getting your loan application approved by a bank is not easy. After the great financial crisis of 2008, banks have tightened their credit norms and instituted a practice of scrutinising each request for funds very carefully. Consequently, small businesses find it increasingly difficult to obtain a bank loan or a line of credit.

Question 2: Conservatively speaking, how much market share can we take and what’s that worth to our company in terms of finance and other factors? This is the second post of our market assessment series that explores the questions a company must ask when analyzing a new market. In the first post, we talked about the importance of knowing a market’s current and potential size….

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A successful business often tends to add costs indiscriminately. Business owners get blinded by the fact that their company is rapidly growing its revenues while maintaining a healthy bottom line. This lax attitude percolates down to employees who start incurring expenditure that does not provide any real benefit to the organization. In many instances, company staff do not even provide customers with a basic level…

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Question 1: What is the market’s current size? And what is its potential size? Will the market expand or contract, and why? This is the first of an 8-part series focusing on the questions a business should ask when assessing a new market. The ability to carefully estimate the market size is crucial to successfully entering a new market. Too many business owners rush into…

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An established business that is planning to grow its volumes invariably requires cash to finance its expansion. Given the fact that there are hardly any companies that have recorded a rapid increase in sales using their own funds, it is important to develop a strategy to secure money from external sources. Experienced entrepreneurs know that the challenges in raising funds are many. Here are some…

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A Guide for the Shifting Business Write up by Katie McBeth and infographic provided by Maryville University Online MBA Program Our world is constantly changing, and businesses are not immune to these shifts in ideas or technologies. Sometimes the changes are gradual, and can be implemented over time. Other times these shifts are abrupt, and – if not handled properly – can be catastrophic. However…

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Entering a new market is a crucial step. It’s true for multi-billion dollar conglomerates, and its also true for service-based businesses with revenues between $1M and $50M. Yet, quite a lot of companies are unable to perform a comprehensive analysis of the market they’re thinking of entering. From the potential size of the market to the behaviors and strategies needed to grow in that market,…

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