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Beat competition, stay ahead
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Bikky Khosla | 23 Mar, 2010
I have observed that most Small and Medium Enterprises (SMEs) waste their time thinking about what they did last week, month or year when they should instead be thinking about what they need to do tomorrow. My advice for these SMEs would be: instead of spending valuable hours analyzing results, put your energy into developing future market strategies, and in identifying how you can position your business as a market leader.
I believe that before you decide that you want to be the best in your domain, it is of utmost importance to look into your strategies and ask yourself whether the tactics your are applying are focused on dealing with competitors' actions or not. Unless you do so, your profits and your standing in the market will remain stagnant.
Cliched though it might seem, and as all management gurus will reiterate, I strongly believe that any business has to satisfy its customers, earn their satisfaction and loyalty, and subsequently achieve the maximum share of its target market on its way to the top.
However, it is easier said than done. Market capturing process is however not easy since your competitors too will not sit idle as you work on your strategies, just to see you capturing the market. And even if you are able to climb to the No 1 position, the game will continue, which is why your planning needs to continue to maintain the top position.
To keep one's business ahead of competition, one needs to develop marketing strategies smartly. Certain activities in businesses including competitive pricing, promotional strategies, advertising, quality consciousness, innovation, after-sales service, distribution network and sales force, etc. need to be focused on to beat one's competitors.
Ideally, I have seen several SMEs cutting costs and trimming corners to maximise their gains without even thinking that doing so weakens one's ability to execute and thus eliminates resources to do new things. Smarter companies on the other hand, recognize the opportunity to pounce on customers and take away business during weak market dynamics.
If you always do what you have always been doing, then you will end up doing nothing new. So pull up your socks and donât just do what you want to do. Take stern actions intended to hurt your competitors. Because that's not just one of the many options you have...it's the only option to take you to the top.
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Coll post
Leu | Wed Sep 29 09:55:52 2010
It is a wonderful world which makes the whole universe unique and pleasant. I am working on the topic as well and would like to have some more facts.
SME Strategies
Yogesh Bahadur | Mon Mar 29 11:45:43 2010
The biggest problem lies where successful SMEs have developed a fixed mindset from confidence gained during the path to success. I have worked with 2 SMEs who became BIG and split wide open to breakaway groups right there. The trimming strategies and cost cutting then becomes the greatest problem as owners have learnt their lavish ways; only too late to see the signs of oncoming 'bad' days. To break this momentum, you need expert strategists who look inside your organization as thrird party outsider. If the SME is to become a winner they have to recognize such expert groups who may be business or technology consultants who have had their stories of successes and failures to recognize another before it is too late; OR to rectify before the essential qualities that made the SME's success story are entirely gone. I formed an enterprise PENTACLE last year with a view to help such SME's; but need direction how to find them OR have someone find me. Can someone???
SME ground level facts
APN Singh= CEO -ROTOMECH Limited | Wed Mar 24 11:04:20 2010
CEOs of Banks , politician & Govt. officials talk on Public Forum, Media - very big Rosy pictures about SME but when SME approaches the Bank Manager at the ground level -it is old music - for all facility 100% guarantee required - how do you expect the SME to grow to Global level - when it is all talk & nothing else.
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Re: SME ground level facts
Er.Venkat, CEO of an SME | Tue Mar 30 10:26:26 2010
Depend on your cutomers and not on banks. Only when you are grown banks will invest money in your company. After all they don't like bad debts because banks money is public money.
We as people of India should change and encourage new enterprise. Copy catting is strong in our culture. Read the story of any big company. No bank nor the Government is behind their growth.
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Re: Re: SME ground level facts
S. Suvarna, Lamco-Hyderabad | Thu Apr 1 04:53:39 2010
It is absolutely right strategy in depending on the customers. The timely supply, best customer service in sorting the issues out suitably, fetch in long run and once you got good turnover with timely payments from customers, the bankers will run around you with the benefits offered by them. So, I strongly believe in this philosophy.
Thank you
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Re: SME ground level facts
Bharani Nath K. | Wed Mar 31 03:54:17 2010
I totally agree with you that Banks and other financial organizations only talk big like "Aapka banker", "Aapke liye", and all that. The ground reality is that Banks will lend you a loan once you prove to them beyond doubt that you never needed it in the first place. Everybody wants to invest in Bharti, Tata, Reliance, etc. but nobody cares about the true SME.
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Beat Competition, stay ahead
Arun Gumber | Wed Mar 24 07:49:25 2010
Hie Bikky,
To some extent what you say is fine but it depends entirely on the resources available with company viz-a viz external factors like economical factors,Natural calamities and such conditions which are beyond the controls of managements.In such circumstances of downturn,the pro-active managements have to balance their resources and see that when the demands come they have ample resources to urn them to profits-the economic theory remains the same-"the resources are scarce and wants are more".It is as simple to balance your wants with resources and a little cushion for security-
Beat competition, stay ahead
Nitin Deodhar | Wed Mar 24 04:14:33 2010
Your concluding statement of hurting the competition and confirming that its' the only option to reach the top is self damaging and I personally would never employ this strategy. While its' ok to motivate the sales force with such rheotics, its' strategically self damaging.
Beat Competition, stay ahead
T N Srinivasan, Biz Mgt Consultant | Wed Mar 24 01:32:57 2010
Well said Bikkyji! One simple and effective way is to achieve high & higher productivity for each key process. Also a process is best today, it can be bettered by analysing and implementing a "Continual impeovement" program. I as a Biz Consultant say of a process, "good, better, better, better". Thanks and cheers Srinivas
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