What To Do When Competition Opens Up In Your Area

 

 

Owning and operating a small business comes with unexpected events. Your company might be one of the few ones to sell a specific product or service in your area. When new competition opens up near you, what should you do? 

 

You might think this can be a disadvantage. Maybe you think that your company will lose money. Competition brings quite the opposite effect on a business, and will most likely create success if your business is already operating well.

What To Do When Competition Opens Up In Your Area

Evaluate Your Business

If the new business is opening up soon, take it as a wake-up call. Make sure you are satisfying your customers and their needs. If your business is doing a good job, your competition will not matter as much.

 

Once the other business is open, find a new advantage that your business has over them. Take notes on their pricing, promotions, and other benchmarks. See if your business can make any changes to increase sales.

 

Stay Friendly

Stay cordial and friendly with the owners of the new business. When speaking to your customers, keep a positive tone about your competition even if you do not feel that way. Bashing others will never lift your business up. Customers want to purchase from a business that stays professional when the unexpected happens. 

 

Grow Your Customer Base

Besides looking after your current customer base, you should be looking for new customers. Consider how you are marketing your business. Is it time to try something new? Place an advertisement in a different place or have a promotion on a product or service that has not been done before. Remember to use any forms of free advertising that you can like social media and encouraging word-of-mouth. 

 

Business Refresh

Appearance is important for businesses, including the brick and mortar location and online presence. This affects customer’s perceptions of your business. Your competitor will most likely be freshly decorated or revamped from an old building. Take the time to do a deep clean of the premises, update some old decor, or touch up with a fresh coat of paint. Update your social media bios and add up-to-date information to your website. Maybe it is time to re-do your branding and logo design as well.

 

Reward Loyalty

If your business does not already utilize a loyalty program, you should consider doing so. Reward programs create an incentive for customers to return back to your business. Your loyalty program can be a simple stamp card if the business has a small budget, or you can find a digital program to keep track of the customer’s loyalty points. Once the customer’s point goals are met, you can offer them a discount or a free product/service to show your appreciation to them.

 

Stay Competitive

Although it can be difficult when another business first opens up, there are many actions you can take to keep your business going strong. It is also important to stay realistic in your expectations. It is uncertain what may happen, especially if the competitor is a large corporation with a massive marketing budget. Take action as soon as possible.

 

PL Consulting can help you with business planning, budgeting, and other bookkeeping services. We are here as your business’s go-to resource when you have questions. We customize our services to each of our clients and their business plans. 

 

Please do not hesitate to reach out to us with any questions. We are still available via phone and email for anything you may need. You can reach us at 410-764-3731 or on the website here.

 

 

The Best Ways to Grow Your Construction Business

 

 

Starting a construction business takes hard work and a lot of effort. Your next step is to grow the business into new markets. Make sure you have the time, money, and manpower to grow. Here is how you can take your construction business to the next level.

 

Best Ways to Grow Your Construction Business

Invest in Your Business

You need to spend money to make money. Spending your time working on building your business will result in growth. Focus on your finances and where your money is going. Continue to review your budget constantly so you can invest in what is best for your business.

 

Get the Word Out

One way to get the word out about your business is by using social media. This is essentially a free tool that you can use to talk about the business projects that you offer or have accomplished already. You can use paid advertising to get a broader audience to see promotions you have going on. 

 

Provide Great Customer Service

One of the most effective forms of marketing is word-of-mouth. Studies show that a satisfied customer will tell 2-3 people about their great experience. A dissatisfied customer will tell 8-10 people. Keep your current customers happy because they will continue using your services. New referrals and more work will come from them.

 

Utilize Your Strengths

Find the strengths that your business has over your competitors. Use that strength as an advantage for your company. One way to focus on that strength is to find your business’s niche market. Show that market how you specialize in their needs. 

 

Quality Over Quantity

Focus on the quality of your construction work. If speeding up the process results in a lack of quality in products or craft, reconsider doing so. Quality brings better results and happier customers. Set a standard of quality and stick with it so you have consistency among your projects.

 

Build Your Team

As your business takes on more projects, you will need to expand your team. Hire trustworthy employees that bring new skills to the table. Keep your loyal employees happy by offering them incentives and promotions. 

 

PL Consulting Can Help You Grow

Although summer is a busy season for construction work, you can start implementing these tactics to grow your business right now. Over your slower season, start building a plan of action and focus on getting the word out about your business. 

 

PL Consulting can help you with business planning, budgeting, and other bookkeeping services. We are here as your business’s go-to resource when you have questions. We customize our services to each of our clients and their business plans. 

Please do not hesitate to reach out to us with any questions. We are still available via phone and email for anything you may need. You can reach us at 410-764-3731 or on the website here.

 

6 Tips For Managing a Small Business’s Finances

 

Managing every aspect of a small business is time-consuming and requires tons of research. You may have to go through the trial-and-error process, but you will eventually find a way that works for your business. One major part of running a business is keeping track of finances. Small mistakes can cost the business time and money. These are some of our professional tips for managing your business’s finances.

 

Overestimate Your Expenses

Many of us have recently seen that each month is unpredictable. Identify trends to the best of your ability, even though there is uncertainty. Thus, overestimating your expenses is helpful. Planning to spend extra money will not hurt your company because the unused money can be put right back into next year’s budget.

 

Find a Trusted Mentor

Build a relationship with someone that fits your financing needs. This person should be knowledgeable and experienced. A mentor is important because the internet does not always have all the answers to your questions. If you are having trouble finding a mentor, ask your surrounding network if they know someone that is reliable. 

 

Revise Your Budget

Consistently revise your budget throughout the year. Again, everything is unpredictable and you need to adjust your budget to trends that are occurring. As your business grows, pay attention to your priorities. This helps you make smart financial decisions and allow your business to thrive.

 

Incorporate Time

Time gets overlooked sometimes when planning finances. Include the time and money that is incurred by your employees when they are on the clock. Consider big projects that need to be done, holidays and sales, or other times that your business is usually busy. 

 

Set Goals

Setting small goals will help enforce the right behavior that you need to help with financing. These small goals might not be noticeable at first, but in the long run they will make a major difference in your business. These goals can gradually be increased as you accomplish them.

 

Hire a Bookkeeper

Consider hiring a bookkeeper to take over the mundane financing tasks. A trustworthy bookkeeper will keep things running on the back end of your business. This will open up your availability so you can focus on what you love doing as a business owner. 

 

How PL Consulting Can Help You

Business financing is not always an easy task. PL Consulting hopes that these tips make it easier to understand and manage. 

 

We offer a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. We customize our services to each of our clients and their business plans. 

 

If you have questions about managing a successful small business, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.

How to Make a Business Idea Happen

 

 

Running your own business comes with many working parts. Coming up with ideas is just one small part of a business. After your initial idea, you need to do extensive research and create a plan of action. Here are some of our best tips for taking your initial idea and making it into a reality.

 

make your business ideas happen

 

Ideation Process

Ideas sometimes come to you unexpectedly. They can also come from brainstorming sessions, customer reviews, employee feedback, or another form of inspiration. Brainstorming sessions can be done in groups or on your own by using different brainstorming techniques. Encourage your customers and employees to give their honest opinion about your business, which will help with future plans. 

 

Research

Research is the next step in your process. This is going to help you determine whether you can make your idea happen. Call vendors that you will need to accomplish your idea to get pricing details. Look up other businesses that implemented a similar idea to have a benchmark. Develop primary research like surveys and interviews if you can. The research will narrow down which ideas you want to go ahead with if you have many to choose from. It will help you understand everything surrounding your ideas like customer interest, pricing, and implementation.

 

Target Market Evaluation

Analyze your research and make sure that your idea will solve a problem for your target market. If there is not a pain point that your ideas solve or your market will pay for, reevaluate your target market. Consider targeting a smaller group of people for your initial launch of the product or service to reduce your risk and budget.

 

Plan of Action

Use your research to plan your steps of action. Determine how much money you will need to budget for and how you will accomplish that. You might need to go to an outside lender to get your funding. Create a timeframe of when each step will be complete and stick to it as close as possible. Make sure that all of your goals for the idea are measurable and attainable. Identify who is responsible for each action step. 

 

Make Your Idea Happen

Getting your idea to the final stages is exciting. You will need to get information and research from outside sources to make your idea happen. PL Consulting can help you through the process with budgeting, accounts payable/receivable, and other bookkeeping services. 

 

We customize our services to each of our clients and their business plans. We understand that each one of your ideas is unique to your business. Our one-on-one interactions are a valuable resource for both your team and ours. 

 

If you have questions or would like to set up an appointment, call us at 410-764-3731 or book a time with us at https://calendly.com/michaelplc

 

 

4 Tips for Small Business Success and Profit


Owning a small business has become a popular trend in the business and finance realm. More and more people are starting to realize their talents and are figuring out how to make their expertise profitable and marketable.

Owning a small business has become a popular trend in the business and finance realm. More and more people are starting to realize their talents and are figuring out how to make their expertise profitable and marketable. Owning one’s own business comes with many advantages. For one, you get to set your hours. Two, you have a firsthand say in shaping the values and culture of your company and can control who gets hired. Three, given that you work hard and manage money properly, you will have financial freedom. However, did you know that only about 2 out of 10 startup businesses make it past the 18-month mark? If you want your success to become permanent, read these five tips that every small business needs to know to be successful.

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Calculating an ROI

An ROI helps any business owner to understand how successful their business is along with highlighting much-needed improvements. Understanding an ROI also makes it easier to make future financial decisions.

An ROI helps any business owner to understand how successful their business is along with highlighting much-needed improvements. Understanding an ROI also makes it easier to make future financial decisions. A business owner won’t have to guess or overthink about how to allocate their funds or what will be beneficial to the business. Utilizing this key performance indicator (KPI) is done amongst many industries regardless of size. Regardless of if you’re a small business owner or large business owner, learning how to calculate your company’s ROI is useful to you.

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Small Business Profitability Enhancement

When it comes to profit increase, you don’t need to fire your employees or even inflate the prices of your products. There are many small ways to make your small business more profitable.

When it comes to profit increase, you don’t need to fire your employees or even inflate the prices of your products. There are many small ways to make your small business more profitable. These methods are cost-effective as well. Continue reading if you want to learn how you can increase the profitability of your small business.

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