Archive for October, 2011

PR – does it work and is it useful for businesses?

PR is about managing relationships and normally delivers the message not addressed by conventional advertising. It’s when a company puts a stake in the ground and wants to tell the world at large what they are doing.

PR often goes wrong because the owner of the business fails to communicate their vision and message to a third party agency making the activity effectively pointless. Read the rest of this entry »

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What relevance has of a board of directors for SME businesses?

A properly functioning board can be a powerful force, but a board in disarray can be a distraction.

In the past, when things were stable, perhaps more businesses didn’t require the support of a board but now, help may be needed and directors must be prepared to roll their sleeves up not just undertake a monitoring or oversight function, they can be a very beneficial asset to the business.

Getting the right director is key to creating a successful board. You need to identify what the skills gap is within the business and look for directors with this knowledge. The board should resemble the market including having technical ability and a presence of women to give a balanced view. Read the rest of this entry »

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Cost competitiveness is only half the story

Cost competitiveness determines whether a company can successfully reap the demand for its products and services at a profit.

Becoming more cost competitive is one of the most critical factors experienced by companies over the last few years.

However, high performing businesses have looked outside the box and decided to up-sell and increase their prices, majoring on the value of their service in the market place.

Adopting a low price strategy can weaken small businesses. Exclusivity protects SMEs from falling prices and businesses should value the aspects of their operation which set them apart from competitors.

Pricing shapes customer expectations and unreasonably low prices draws attention away from the product or service’s beneficial value, with the price itself becoming the only reference point.

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