S7 E9-12 (Practical Solutions to Difficult Problems) Be sure your business will make money before you launch. How to outcompete the competition - Jeremy Gray

Jeremy Gray – Practical Solutions to Difficult Problems
IBGR. Network. The World of Business at Your Fingertips

Be sure your business will make money before you launch. How to outcompete the competition
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Episode 9 – Understand your competitor’s Strengths and Weaknesses
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1. Identify your competition
   1. Conduct internet searches. 
   2. Exercise care in your search terms. Search your product, your industry. Use how to searches – A legal firm may search how to find a good lawyer. A ceramic adhesive manufacturer may search how to fix a broken plate
   3. Trade Associations are another great source of information
   4. Classify into Direct and Indirect competitors. Direct competitors are businesses that offer products or similar services to yours. Indirect provide different products that may meet your potential customer’s needs. Focus on Direct Customers
2. Conduct an analysis of your competitors Strengths and Weaknesses.
   1. Strengths could include their market reputation, their employee’s skills, their physical assets etc.
   2. Weaknesses might include poor location, inefficient distribution. Less than optimum technology.
3. Rank the competition’s strengths and weaknesses versus what you envision for your company. Be realistic in your assessment.

Tags: How to start a business; Achieve start up success; How to assess your competition; The successful entrepreneur; business common mistakes; small business startup; avoid these common mistakes of business; mistakes in business; IBGR.network; Jeremy Gray; Practical Solutions to Difficult Problems

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Episode 10 How to outcompete your competitors

1. What are your core competencies? The concept of core competency was developed by Gary Hamel and C. K. Prahalad in 1990 and discussed in their book “Competing for the future”. A core competence is something that your business has or can do strategically well.
2. Understand your competitors’ sales and marketing strategies
   1. Talk to their customers to learn of any gaps in the product offering
   2. Is the market high service high cost or low service low price. Or a combination of both? Is there room for an outlier?
3. What can you do better?
   1. Will you compete on price? On benefits? On convenience? Something else
   2. People buy for three reasons: You save them money; you save them time; or you make them feel good. Which can you do better than your competitors?

​Tags: How to start a business; Achieve start up success; How to assess your competition; The successful entrepreneur; business common mistakes; small business startup; avoid these common mistakes of business; mistakes in business; Jeremy Gray; Practical Solutions to Difficult Problems

Episode 11 – Find your perfect market penetration strategy?

1. Speed of penetration
   1. Unless you are lucky enough to have a product or service that goes viral faster market growth costs more money
      1. Penetration pricing
      2. High customer acquisition costs
      3. Capacity build
      4. Loss of prestige
   2. Go with a big bang? Or fly under the radar?
2. Use your minimum viable product to test concepts
3. What if you must grow fast – Product offering value is based on the number of users. Or there are high switching costs.
4. What if there are low barriers to entry?
5. Regional or National?
6. You may have to adapt your strategy based on the resources available to you, both financial and people 

​Tags: How to start a business; Achieve start up success; How to assess your competition; The successful entrepreneur; business common mistakes; small business startup; avoid these common mistakes of business; mistakes in business; IBGR.network; Jeremy Gray; Practical Solutions to Difficult Problems

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Episode 12 – Why you will win and make money!
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1. You are eliminating unknowns
   1. Following the steps, we discussed last week you have confirmed that there is a demand for your product. 
      1. It may not have been your original concept, but it is a product or service that people will buy
   2. You now have a good understanding of your competitors and weaknesses and what you can do better than them
2. You are showing the tenacity needed to conduct the research required to reduce the chances of unpleasant surprised
3. You can now start out developing your business strategy

Tags: How to start a business; Achieve start up success; How to assess your competition; The successful entrepreneur; business common mistakes; small business startup; avoid these common mistakes of business; mistakes in business; IBGR.network Jeremy Gray; Practical Solutions to Difficult Problems

I am committed to helping entrepreneurs succeed. I can bring the experience of 30+ years of experience at the C-Suite level in an MNC from Europe, North America, and Asia. Combine this with seven years of helping a diverse range of businesses and I can provide you with practical solutions to any difficult problems you may be facing. 

Please do not hesitate to contact me for chat via the following links:
mailto:jeremy@business-in-asia.org

Or schedule time via Calendly:
https://calendly.com/3-continents-consulting

​My websites include:
https://business-in-asia.org/
https://thedentistscfo.com/

My LinkedIn URL
https://www.linkedin.com/in/jeremy-gray1