Send a Support Ticket | Forward to a Friend | Print this Page Live Chat Section 8 – Research Keep you Antennae up Even the most detailed business plan may not prepare you for a sudden burst of business. Initially you may enjoy the commotion it can cause, but eventually you will face a dilemma – too much work and not enough help. The simple solution would be to do what big corporations do and hire a staff or increase your present one. That involves hiring and training time, both of which most businesses cannot afford to lose. If you plan ahead, you can save time and money when the demand for your product or service exceeds your supply. See what your competition is doing and change your approach Competition brings out the best in some people and worst in others. Some welcome the added pressure and the opportunity to prove that they offer the best service or product. Others resort to foul play and trickery, trying to outdo their competition. Research your competition honestly. Never mislead competitors by posing as a client to obtain their marketing and pricing information. Call competitors directly and ask for it. You may be surprised at their willingness to share information. Of course, that will not always be the case (in fact, it will probably be the exception rather than the rule). Still, be persistent and after a while you will find someone willing to talk with you. That person will undoubtedly be aware that in most industries, there is room for everyone. If you speak with people in another state, thereby lessening the chances that you will be direct competitors, be willing to pay for their time. They may not accept your offer, but you should still let them know that their time is valuable and that you are willing to pay for it. When you call competitors, tell them about your business and stress that you are going to make your business different from theirs. You will seem less threatening, and they may even refer business to you. Unbeknownst to you, you may be entering a field that the competitor has relinquished or has been considering discontinuing. Talk to people who are using a competitor's services and find out what's missing. Determine if there is something you could do to enhance your product or service. As consumers, potential clients will have a different view of your industry than you do. Take the time to honestly research how to make your business different from someone else's; don't just copy one from someone else. You will have a greater chance of succeeding and maintaining a working relationship with clients. Ask “So What?” When you run your business the same way day after day, it is easy to get so caught up in what you do that you become complacent. You no longer strive for something different or better, because doing the same thing is easier and safer. Even though the thought of a new approach may be mentally draining and hardly seem worth the effort, take the time to challenge yourself, to leave your comfort zone and stretch your imagination. The results can be limitless. You will open yourself to new opportunities that you otherwise may have overlooked. Read what you need You can actively obtain information or passively receive it. One method involves more control and willpower than the other. Our society, filled with television, 24-hour-a-day news broadcasts, and talk shows covering everything we ever wanted to know about everything (and then some), has spawned a breed of information maniacs. We want to know everything and know it now. Newspapers, magazines, television news programs, the Internet, radio – all want to share the news with us. At some point you have to say, “Enough!” There are only 24 hours in a each day and only so much information that you can process during that time. Limit your information intake to what you need to know. At first, you may feel discouraged that you don't know the minute details of a peace accord, or why the stock market tumbles and leaps. At the same time, you won't waste time processing news you'll never use. SAHBA Newsletter Fill in your e-mail address below to subscribe to the SAHBA newsletter: E-mail Address: My Credit Record Click here if you want to check your own credit record. SAHBA Members Click here if you would you like to become a member of the SAHBA.