How well do you know your customers?
To attract potential target customer and maintain your current customer base, it's essential for small business owners to know their customers - better than they know themselves. Large companies spend enormous amounts of capital and resources to gather data on their customers including names, gender, age, income, jobs, education, family status, hobbies, likes, dislikes, and more. If there is one thing small companies can, and should, do like the big guys, it’s getting to know their customers – inside and out.
But understanding our customers is only half the battle. The second part is to deliver what the customers want. This is a key driver in the success of any business, and once successful it will be mutually beneficial for both parties – the customer and the company. Here are a few tips for getting to know your customers that go beyond standard demographics.
Do not assume that what has worked in the past will work in the future, taking the approach of “if it’s not broke, don’t try to fix it.” To be creative and innovative, it requires small business owners to step away from their comfort zone and explore new and exciting approaches to customer relationships. So get to know your customers well and they’ll come back again and again.
You say you want a revolution....
The world is becoming more and more connected and the Internet of Things (IoT) is the driving force behind this new revolution. It is estimated that IoT will add over $10 trillion to the global economy by 2025, and will change the way we do business forever.
Small business owners must begin to plan and invest today in new innovative business models to better compete and ensure the long-term success of their firms. Regardless of the industry, those who begin to plan and invest in new IoT initiatives today will be better positioned in the future to capitalize on the revolution that is transforming our current economic landscape.
It doesn't need to be huge. In fact, Scopo advises small business owners to start small and simply "get their feet wet." But the key is to start planning now.
Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business accomplish its goals and ensure long-term success, and you'll quickly learn why we say "Your Scopo is Our Scopo!"
Are you looking to start a new business, or grow your existing company? If so, are you considering to open up one or more new storefront or office locations? Are you having difficulty trying to decide which location is best for you?
A "Regression Analysis" is the tool you'll need to help solve your problem and make the right decision. At Scopo, we utilize regression analysis models to help small business owners understand the relationships between variables as well as to predict the value of one variable based on another.
Regression analysis models help us solve many common business problems such as selecting the best location for a new storefront or office, or other variable relationships such as sales volume relative to advertising dollars spent, or estimating the costs of a new product or service relative to consumer demand or other market factors.
Utilizing regression analysis tools to make better business decisions has virtually limitless application uses. Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business accomplish its goals successfully, and you'll quickly learn why we say "Your Scopo is Our Scopo!"
How do you build value for a small business? Two key fundamental factors are:
1) Having an excellent understanding where the company stands at all times, and
2) Knowing how to plan for future growth – at all times.
Many small business owners are constantly bombarded with day-to-day operating hassles that detract them from focusing on building a valuable firm. In addition, rising costs such as health care expenses and wages have the potential to hamper their growth potential. But it doesn’t have to be this way.
Here are five steps every small business owner can take to build value for their company:
1) Set time aside every month to review your balance sheet and look for inconsistencies in your expenses. If they are not where they should be, take immediate action to get them back to where you want them to be.
2) Conduct a basic industry analysis and look for how much others are charging for similar products or services, both locally and nationally. Compare these prices with your own and determine whether or not your company should increase its prices. But remember to consider the price sensitivity of your customers.
3) Review your operating practices such as peak and off-peak times and compare them to staffing levels; inventory volumes and compare them to peak and off-peak time periods; and review your accounts receivable to accounts payable ratio to ensure your firm collection’s policy is on par.
4) Conduct an operations analysis and look for bottlenecks that slow your operations down and prevent or delay your company from making money. Look for way information technology can help remove these bottlenecks and make your firm more efficient.
5) Once you have your expenses, income and operations in check, look for opportunities that will ensure the long term success of your company. Be creative, and remember to open up your mind and look outside the box!
If you are a small business owner and you find that you do not have the time to work on building value for your company, Scopo can help you accomplish any or all of these five steps – and more! Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business succeed, and you’ll quickly learn why we say “Your Scopo is Our Scopo!”k here to edit.
The world is moving at hyper-fast speed. Ever wonder why some small businesses succeed in such conditions, while others seem to barely get by or eventually shut its doors for good? Chances are it's a direct result of the owners ability to understand the economic environment in which he/she operates and effectively analyzing market demand and supply as it relates to his/her industry.
In order to do so, small business owners must have strong business and financial skill sets that enable them to perform and analyze many sets of detailed reports which include but are not limited to financial statements, competitive analyses, and assessments of opportunities and threats.
And in order to do this, small business owners must spend an enormous amount of time and money to go to business school and obtain advanced degrees in business administration, finance, accounting and/or economics. Or, they could hire staff who hold these advanced degrees and skill sets but pay them the high salaries in which they demand, and deserve. Or, they can simply contract an advisor who too has strong business and financial skills with advanced degrees, but require only a fraction of the costs and can be obtained on an at-need basis.
For many small business owners, the latter is the most logical choice of action. And that's where Scopo comes into play.
Scopo Company helps small business owners successfully achieve their goals and objectives in this rapidly changing world that has the potential to make-or-break them in a moments notice. Scopo Company has what it takes to accurately assess the forces that impact small business owners and then help them to plan and act accordingly.
Joe Immordino, MBA