“How To….” Undertake a Competitor Analysis

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In today’s tight business environment, it is rare to see a business entity that has not yet seen any competitor in its market; it would be very tough to see a business operating in monopoly fashion.

Nowadays, competition in business is getting more and more complex especially with the advancement in technology. Because of this, a small business’ aim to grow is becoming a lot more difficult and the chances of dominating the competition against the bigger organisations become slimmer. Hence, the question here arises as to how one can keep an eye on their competitor movement and strategies. The answer is “Competitor Analysis.”

What is competitive analysis? It is a tool efficient enough to gauge out steps & strategies planned out by a competitor & cheap enough to be carried by even smallest player who is playing into niche market. When we talk about strategic planning and management process, competitive analysis (sometimes together with bench marking) is an imperative part.

There are a number of reasons why businesses analyse their competitors. Some become obsessed with tracking the actions of competitors. Many businesses are happy simply to track the competition, replicate their moves and react to changes. But whatever your reasons are, competitive analysis is helpful to the overall growth of your business.

Do you want to learn how to undertake competitive analysis? Read this blog post: https://brainmates.com.au/brainrants/how-to-undertake-a-competitor-analysis

Small business benchmarks

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Benchmarking refers to measuring something against an identified and accepted standard or ideal. When it comes to benchmarking in business, benchmarking can be performed in a variety of situation. But in simpler definition, business benchmarking is done specifically with an eye on your company’s efficiency and ultimate results which refer to your profits.

Business benchmarking is important especially in today’s competition. Just like in sports, or in any competitive field, competition helps us improve our performance. If you are an athlete, you surely wouldn’t know how good you really are until you compete with other athletes. The principle also applies to business and business owners.

So does other similar business in your industry performing better and reaching sky high gross profit? That could indicate that there is certainly room to improve and do better. In short, benchmarking gives you the targets to strive towards because they match performance with other similar businesses in your industry (your competitors).

So if you own and run a business regardless of size and nature, you should consider incorporating benchmarking to your business strategies. It is a vital constituent for business development as it lets you understand and gives you clarity to discover what it takes to be the best in your area, and what it means to be a leader in your industry.

To learn more about business benchmarking, check this out: https://www.ato.gov.au/Business/Small-business-benchmarks

4 Ways to Get Big Marketing Results on a Starter Budget

4 Ways to Get Big Marketing Results on a Starter Budget

Marketing and advertising are two important tasks that if done successfully, helps you achieve brand recognition. These two can be a big challenge especially to small businesses with little budget – apart from money, it also requires a lot of work. But, if done correctly, your small business can generate a lot of income and maximise your profits.

The good news is that when it comes to marketing, small business owners have one huge advantage over the big guys. Small business owners can try new things immediately, measure results immediately, make improvements quickly and experience rapid sales growth!

Thanks to the internet and social media, small businesses in Perth WA can now market their brands effectively without spending a lot of cash from their pocket. Moreover, they can also now appear bigger than they actually are; meaning they can look like they are not a small business. All you need to do is to utilise the right marketing tricks to achieve all these.

Well, budget may be an important element for a successful marketing campaign. But the truth is, ideas and planning are the key components that really help in getting best results from your marketing campaign.

To learn more on how to market your product, service or brand even if you don’t have enough money, read this article: https://www.entrepreneur.com/article/270043

Workplace health & safety

Planning to start a business or already running one? Do you know the importance of workplace health and safety?

Health and safety in the workplace is so important. They do not only protect employees and minimise risks. They also help to retain valuable skills, increase productivity, and generally improve business outcomes.

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However, this doesn’t mean that workplace health and safety is the sole responsibility of business owners and managers. In fact legally, the management of health, safety and the wellbeing of those in the workplace is a responsibility that must be shared between workers and persons conducting a business or undertaking.

In Australia, there is a new Work Health and Safety Act 2011, which defines “health” as both psychological and physical, and states that by working together to manage health risks and maintain wellbeing within the work environment wherein business owners and workers can ensure that everyone working remains safe and healthy.

In the past few decades, the integration of effective and meaningful systems has been a priority in Australia for some time. In line with worldwide research, it was found that where workers have a mutual responsibility to actively support health initiatives and health and safety programs. That is the reason why they are more responsive and positive about healthy behaviour and changes in lifestyle.

Workers and management can help to create an environment where workplace health and safety is paramount. To learn more about workplace health and safety, you should read this important post from the Australian Government Website: https://www.business.gov.au/Info/Run/Workplace-health-and-safety

4 digital marketing tactics for local reach

The way Perth businesses market their product and service has changed a lot and the trend continued to advance progressively and aggressively. While a lot of small to large businesses are still struggling to understand the in and outs of social media marketing, as well as hiring the right person for it and digging deep into the subject; a new hybrid of internet marketing called quickly making waves in the cyberspace – this new internet marketing hybrid is called Local Search Marketing.

Enterprise Local Marketing Automation Tools - New Market Intelligence Report

Before, local search marketing was not as well known as search engine marketing and social media marketing. However, many marketers start to realise its importance and the relative impact that it can do to small businesses in the geo positioning and social media aspect. Be following the trend, local search marketing has gone to be big

Do you know what local search marketing is? Local search marketing is a hybrid that consists of elements from search engine marketing, particularly in terms of improved search rankings. Then, the process is added with a little bit of geographical mapping placements with a zest of social media, along with pay per click (PPC) advertising, depending on the marketer’s advertising needs. So before starting your business, it is best to think about your local market and how you can engage with them.

If you want to step up your local marketing strategy, there are four ways you can do according to Marketing Land’s columnist Megan Hannay. You can read Megan’s article here: http://marketingland.com/4-digital-marketing-tactics-local-reach-181966

Starting your Business

We all know that running a business can be a life changer; it can bring you a lot of wealth if you are able to become a successful Perth entrepreneur. However, there are still some people who are hesitant when it comes to taking a leap from employee to entrepreneur.

There are many valid reasons why starting a business is a good decision:

First of all, never again will you have to worry about being laid off, unemployed or fired for the rest of your life.  If you manage your own company, you become your own boss and you do not have to ask anyone for a pay raise. If your business can generate more sales, the more profit you will get.

Another advantage of having your own business is flexibility. If you run a business, especially if online, you can work anywhere and anytime you want. There are some people who decided that they no longer wanted to live where their business is so they decide to operate online. With a mobile phone, fax machine and laptop, they ran their business in Perth, Western Australia while they beached in Bali.

These are only some of the many benefits running your own business can give you. So if you want to start soon, you should first understand the things you need to start your business in Western Australia.

Read this: https://www.smallbusiness.wa.gov.au/business-topics/starting-a-business