Great Small Business Ideas to Start: Built-in obsolescence Before you release a product, create a plan for when and how it will become obsolete. This allows you to control change in the market, prepare for it, and use it to your advantage. The idea The theory of “built-in obsolescence” can be described as “instilling in … Read more
Great Small Business Ideas to Start: Employee value proposition The struggle to attract bright, talented workers is increasingly challenging. Firms must devise a comprehensive, appealing perception of their organizations—and it must be genuine, delivering what it promises, or those bright employees will leave. The idea The balance of power has shifted from employers to employees. … Read more
Great Small Business Ideas to Start: Business-to-business marketing An organization marketing products or services to other businesses (to use either in the production of their final products or to support their operations) is known as business-to-business (b2b) marketing. By differentiating this from consumer marketing you can better understand the unique demands of b2b marketing and … Read more
Great Small Business Ideas to Start: Kotters eight phases of change An organization undergoing significant changes should pay attention to eight key steps to avoid the problems that typically occur. The idea Leadership expert John Kotter studied 100 companies going through transitions. By analyzing their triumphs and pitfalls, he identified a number of commonly made … Read more
Great Small Business Ideas to Start: Cross-selling and up-selling Cross-selling means selling additional products to a customer who has already purchased (or signaled their intention to purchase) a product. Cross-selling helps to increase the customer’s reliance on the company and to decrease the likelihood of the customer switching to a competitor. The idea An idea … Read more
Great Small Business Ideas to Start: Convergence In certain instances, the entry requirements for different markets become very similar, enabling firms to participate easily in multiple industries, spreading risk and gaining benefits of scale. The idea As companies grow and establish themselves, they typically acquire a significant number of assets. These factors of production (such … Read more
Great Small Business Ideas to Start: Business process redesign Rethinking and overhauling your business processes can lead to increases in revenue, reliability, cost efficiency, and quality. The idea Michael Hammer and James Champy, who helped introduce business process redesign (BPR), described it as “the analysis and design of workflow and processes within and between organizations.” … Read more
Great Small Business Ideas to Start: Balancing core and the context Core activities are the unique skills that differentiate an organization from its competitors and persuade customers of its superiority. Context activities are the processes needed to meet the industry standard, without surpassing it. Getting the balance right between the two is essential for keeping … Read more
Great Small Business Ideas to Start: Diversity To remain competitive in an increasingly global society, you need to have a diverse range of employees working at all levels. Diversity is about difference; companies that bring to bear different experiences and perspectives stand a greater chance of success in an increasingly global market than those that … Read more
Great Small Business Ideas to Start: Managing a turnaround Undergoing a corporate transformation is fraught with danger, but guidelines can be used to make sure that it goes to plan and your organization gets the most out of the change. The idea Robert Reisner, former vice president of strategic planning for the US Postal Service, … Read more
