Accepting Advancement – How To Stay Competitive As An Older Business
If you have been around in business for many years, you have likely seen competitors come and go. The ones that stick around do things differently and make sure that they offer their customers an unparalleled experience with superior value. If you want to maintain your position against these upstarts in your industry, then you have to use every strategy in the book.
Staying competitive as an older business can be tricky, but it is far from being impossible. Even in the light of new and flashy products, you can retain your existing customer base and even grow beyond your expectations. It just takes a little effort and putting some time-tested tactics into practice, such as modernising your bookkeeping to account for single touch payroll.
Let’s look at some specific ways to stay competitive as an older business.
Find And Promote Your Niche
While your products and services might be very similar to many other businesses in your industry, no other company is the same as yours. If you have managed to succeed in business and now proudly wear the mantle of being an older business, you likely know how important differentiation is. The more differentiated your business is, the better.
Make sure that all of your marketing materials and your entire brand identity always hits the point that your business does things differently and better than other companies. Creating a strong brand that customers recognise for its high-quality and positive customer experience will allow your business to remain strong even when surrounded by many competing products.
Streamline Your Internal Processes
Older businesses often suffer from complacency when it comes to internal management. Making sure that you periodically review your internal processes and whether they could be improved is important to ensure that your business remains competitive. While you may have done things a certain way for many years, if your competitors can cut costs and do things faster or better than you, your business will suffer.
To this end, make sure that your internal processes account for the latest changes in legislative requirements such as single touch payroll. Try to automate basic tasks wherever you can.
These days, many businesses are benefitting from increasingly automated bookkeeping technology. By freeing up your accounting staff from the rote tasks of their daily job, you can transform this department of your business to take more of an advisory role. The insights and analytics that this team will be able to produce will allow you to take advantage of opportunities that your competitors will not.
Engage With Your Customers
Actively keeping in touch with your existing customer base, as well as targeting new clients through engagement, is critical for staying at the forefront of your industry.
As an older business, you likely have many loyal customers who are satisfied to continue doing business with you for the foreseeable future. While this is great, it is also important to always pursue new customers. Finding the right balance between keeping your existing clients happy and attracting new ones is always tricky.
Change With The Times
The recipe for success that allowed your business to thrive in the past might no longer be the solution when looking towards the future. As an older business, it is important to take an objective look at what you can do differently to guarantee continued success.
Contemplate the points outlined here and take a look at what is working well with your business. Keep these things broadly similar but do not be afraid to experiment and modify some of the things that could use an upgrade.