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Can you name one area in your business that is just a waste of money?

Português: Livro "Google Marketing",...
(Photo credit: Wikipedia)

A large business can hire 10 people to do their marketing, spend millions and still have very little to show for it in increased revenues. No one really knows outside of the company how much is spent on marketing because it is hidden in the profit and loss statement under “operating expenses”. If a prominent shareholder were to ask how much is spent on marketing, they’d be pointed to the general sales and administration expense.

By not running a business themselves, marketing people do not know the impact of their activities on the company’s sales. In some severe cases, marketing skills are so low that the company may just as well fill wheelbarrows with millions of bank notes, wheel them up to a cliff and tip them over. Continue reading “Can you name one area in your business that is just a waste of money?”

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Selling eco-friendly without being accused of green washing requires grounding promises with performance

Sound and Sensible Organic Certification
Organic Certification (Photo credit: USDAgov)

At a Saturday food market in Braamfontein, Johannesburg, I approached an organic farmer and asked him how I would know whether his products were “organic”. After several assurances that were just empty promises, the farmer said with a smile, “You’ll need to look into my eyes and just trust me.”

A well-known brand of rolled oats is labelled “bio-friendly” and “GMO Free” but when you look at the packaging there is no proof or certification for these claims. Continue reading “Selling eco-friendly without being accused of green washing requires grounding promises with performance”

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What you should know about owning a start-up – 8 must-have qualities for entrepreneurs

Test your concept on real customers first.
Test your concept on real customers first.

I wouldn’t want to put you off about owning a start-up but there’s some things you ought to know before you decide to go it on your own.

And that the one major thing you’ll have to realise and accept: when you start something, you are totally on your own. You will need to do everything in the beginning. Nothing will happen without you making it happen. Continue reading “What you should know about owning a start-up – 8 must-have qualities for entrepreneurs”

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Does introducing a lower priced product harm your premium product?

Business class
Ever seen food like this in economy class?  (Photo credit: jaymiek)

On an economy flight from Johannesburg to Cape Town I sat next to a couple visiting South Africa from Israel. When it came time for “lunch the man’s wife asked the flight attendant for a fresh tomato cocktail. But she was refused.

With a condescending voice and manner, the flight attendant repeated to the woman three times that she could not have a fresh tomato cocktail because she was in economy class. Only business class passengers could order fresh tomato cocktail. For economy class passengers the only tomato cocktail available was in a can. Continue reading “Does introducing a lower priced product harm your premium product?”

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Despite the red harvest innovation in farming grows

Agriculture
Agriculture (Photo credit: thegreenpages)

We usually don’t consider farming as a small business and so don’t take interest in how much innovation is taking place today on modern farms.

Perhaps it’s because farms are outside the cities. We may only consider farming when we see headlines in the newspapers on farm attacks, labour problems and crop surpluses or shortages.

But these days innovation is taking place in many areas on farms with farmers challenged by the need to reduce costs, increase yields and better protect themselves. Continue reading “Despite the red harvest innovation in farming grows”

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10 sales tips your competitors wish you didn’t know

Sale
Sale (Photo credit: Gerard Stolk (vers les 66))

Your sales are down for the month or quarter. In this economy they could be at the lowest levels you’ve experienced for years, as some small business owners have recently told me.

You need to make a plan to increase your sales but you may not know where to start. The quickest and easiest way to focus on your sales is to come up with a list of what you can do. Continue reading “10 sales tips your competitors wish you didn’t know”

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How do your beliefs about money show up in your business dealings?

Look for a money tree.
Look for a money tree. From WikiCommons.

I was listening to a conversation about money the day that made me think about how personal beliefs on money show up in our private and business dealings.

One woman wanted to know the difference between saving and hoarding. Her question was in the context of the flow of money that comes and goes in our lives. The topic of discussion was about the fear we may have about losing money. Continue reading “How do your beliefs about money show up in your business dealings?”

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Do you have what it takes to introduce a new product or service?

IMG-20130824-00525
You’ve got to know your market.

A small business owner takes her life savings and invests them in her new business venture. Her recruitment business was aimed at a market segment that suddenly dried up because of government legislation. She redirected her business to another market segment and after five years is running a successful business.

A person running a small venture on the side is doing well in a fitness niche but the bulk supply of product closes down. The business person can’t find another supplier with the same prices and so is unable to find a viable cost structure. He’s been trying for two years to figure out a new business model.

What does it take to develop a new product or service and then form and run a business venture to manufacture, market, sell and distribute these products? Continue reading “Do you have what it takes to introduce a new product or service?”

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How much do you know about the market for your product or service?

The Secret Garden
The Secret Garden (Photo credit: @Doug88888)

I love peanut butter. But I have to be very careful eating the stuff because it is so fattening. I really can only eat it about once every two weeks or so. If I eat more, I’m going to balloon.

The peanut butter market has not grown to its estimated potential size if you look back at the forecasts and expectations twenty years ago. Walk into any supermarket and you’ll see that the shelf space occupied by peanut butter has shrunk. Continue reading “How much do you know about the market for your product or service?”

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The swimming pools at Kalk Bay that people lost

Kalk Bay poolsWhen I was about six years old I started swimming in the pool below our house called Wooley’s pool. I was embarrassed because I had to use water wings. The problem was that no one had taught me how to swim. I wasn’t a natural learner.

But all that changed when I went to primary school at Kalk Bay. I can’t remember the day but I think it was on Wednesday that we would go to the Kalk Bay swimming pools behind the railway station for swimming lessons. Continue reading “The swimming pools at Kalk Bay that people lost”