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A Guide for Entrepreneurs That Will Help You Crush the Competition

Competition is stiff in the business world, and you’ll be left in the dust if you’re not prepared. As an entrepreneur, it’s essential to always be on the lookout for ways to stay ahead of the competition. After all, thriving competition is what drives innovation and growth.

So, how can you make sure you’re always one step ahead? Check out this useful guide for entrepreneurs that will help them crush the competition:

1. Know Your Competition Inside Out

The first step to crushing the competition is to know them inside out. Study their every move and try to understand their strengths and weaknesses. Note that, there are more than 31 million entrepreneurs in the US who are all fighting for a piece of the pie. So, you must make sure you stand out by offering something unique that your competition doesn’t. This way, you’ll be able to develop strategies to beat them at their own game.

A good way to find this information is to perform a competitor analysis. This involves studying your competitors’ marketing strategies, products, and services, as well as their business model and target market. By doing so, you’ll understand what makes them successful and how you can improve upon their strategies. You can also look at what customers are saying about them online. This will give you a good idea of what they’re doing well and where they need improvement.

2. Stay Ahead of the Trends

As an entrepreneur, it’s essential to always be on the lookout for emerging trends. By doing so, you’ll be able to get a jump on your competition and stay ahead of the curve. There are several ways to stay ahead of the trends, including:

  • Performing trend research
  • Monitoring social media chatter
  • Checking out industry publications and blogs
  • Attending trade shows and conferences
  • Staying up to date with technology advancements

The key is constantly educating yourself about what’s happening in your industry and how it’s evolving. This way, you’ll be able to ensure your business is always aligned with the latest trends.

3. Innovate and Evolve

If you want to stay ahead of the competition, you need to be constantly innovating and evolving. This means always looking for new and better ways to do things. It’s also essential to keep up with the latest technology advancements and ensure your business uses the best tools available. By doing so, you’ll be able to automate processes, improve efficiency, and gain a competitive edge.

Encouraging creativity in all aspects of your business is essential for staying ahead of the competition. This means encouraging creativity in your team members and your marketing and product development strategies. One way to encourage creativity is to set up a creative environment. This could involve providing employees with a creative workspace, offering training and development opportunities, and fostering a culture that rewards risk-taking and innovation.

Another way to encourage creativity is to keep your marketing efforts fresh and innovative. This could include using new and different advertising channels, experimenting with other content formats, and targeting different demographics.

4. Offer Superior Customer Service

Offering superior customer service is another important way to stay ahead of the competition. In today’s world, customers have more choices than ever before, and they’re not afraid to switch brands if they’re unhappy. This means that businesses must go above and beyond to ensure their customers are satisfied.

There are several ways to offer superior customer service, including:

  • Making it easy for customers to get in touch
  • Responding quickly to customer queries
  • Offering personalised service
  • Going the extra mile to help solve customer problems

By offering superior customer service, you’ll be able to create loyal customers who are less likely to switch to a competitor.

5. Focus on Your Strengths

One of the best ways to stay ahead of the competition is to focus on your strengths. This means identifying what you do better than anyone else and capitalising on it. By focusing on your strengths, you’ll be able to create a unique selling proposition that will make you stand out from the crowd.

Ask customers and employees for feedback to help you identify your strengths. Once you’ve placed your strengths, ensure they’re prominently featured on your website and in your marketing materials. And, most importantly, make sure you’re delivering on them. It’s also essential to conduct market research to see how your competition is positioning itself and its strengths. This way, you’ll be able to adjust your positioning accordingly.

6. Promote Your Business Effectively

You must promote your business effectively if you want to crush the competition. This means using the proper marketing channels to reach your target audience. Consider creating compelling marketing messages that highlight your unique selling proposition. For example, if you’re promoting a new product, focus on its special features and benefits.

Creating a well-rounded marketing strategy that includes online and offline tactics is essential. For example, you could use social media, email, and content marketing to reach potential customers online. Offline tactics could include print advertising, direct mail, and public relations.

7. Stay Up-To-Date With Industry Trends

To stay ahead of the competition, it’s crucial to stay up-to-date with industry trends. This means keeping tabs on what your competitors are doing and tracking new and emerging technologies. By doing so, you’ll be able to identify new opportunities and adjust your business strategy accordingly.

One way to stay up-to-date with industry trends is to attend trade shows and other industry events. This will allow you to meet with suppliers, learn about new products and services, and network with other professionals. You can also keep tabs on industry trends by reading trade magazines and subscribing to newsletters.

Another way to stay up-to-date with industry trends is by using social media. Platforms like Twitter and LinkedIn offer a wealth of information about what’s happening in your industry. You can also use search engines like Google Trends to track popular keywords related to your business.

The seven tips we’ve shared will help you stay ahead of the competition and crush the competition. By focusing on your strengths, offering superior customer service, and promoting your business effectively, you’ll be able to differentiate yourself from the crowd. It’s also essential to stay up-to-date with industry trends so you can identify new opportunities. If you do all these things, you’ll be well on your way to success.

How To Manage a Residential Property? Here Are Some Useful Tips

Managing residential property requires you to have the right skills that allow you to interact with the tenants at a personal level. However, remember that managing property is a business venture, so there are different measures you should take to achieve your goals.

Read on to learn some useful tips on how to successfully manage the residential property.

Be Consistent

When you deal with individual tenants, make sure you treat everyone equally. Design consistent policies that should be applied to everyone without any fear or favour. While there is no problem in developing some form of relationship with your tenants, you need to uphold a high degree of professionalism. Remember, you are in business, so a set of rules should determine your conduct and not your personal feelings. If your relationship with renters is too personal, you may experience challenges to manage them which can eventually affect your business.

Use Property Management Software

Residential properties include townhouses, multifamily houses, duplexes, or apartments, and they require effective management using the right tools. If you manage a residential property, you need to get the right software that can help you keep track of everything. You can use the software to track payments, interact with clients, process rental applications, sign lease agreements, or facilitate payments online.

Find the Ideal Tenants

Effective property management depends on finding the ideal tenant for the rental home or apartment. When you find the right tenants, you can enjoy a steady cash flow. It is essential to screen all the tenants and conduct background checks to ensure you attract people without any history of evictions, criminal records, or bad credit history. This will help you avoid unscrupulous tenants who may give you problems in the long run.

When you choose the right tenants, be sure to establish and maintain open lines of communication to create a positive environment. This will help you know the needs of your tenants. With open communication, you can easily address all problems before they get out of hand. If a small issue is left unrepaired, it can create major challenges that can be costly to repair at a later stage.

Be Flexible

Rent collection is a critical component of successful residential property management. The money collected from the tenants funds the operations of the entire business. Failure to collect rent means everything will grind to a halt. However, you need to exercise flexibility at times to retain loyal tenants. When long-term tenants experience challenges that can lead to late payment of their rentals, you need to give them more time to put their houses in order. This will help create goodwill and payoff in the future if you appeal to the interests of people who are willing to stay longer at your property.

Stay Organised

Staying organised is a crucial element of management, and it helps you keep track of everything. You should keep all the books related to your operations updated and balance all the accounts about the money spent on repairs. All the information about rental payments, expenses, and repairs performed should be readily available to help you stay on top of the situation.

Know the Industry Trends

If you are a property manager, you should keep pace with the trends taking place in the industry. This will help you embrace change to meet the dynamic needs of your tenants. If you are resistant to change, you will find yourself lagging in terms of improving your services. Therefore, you must adopt a culture of continuous improvement to retain good tenants.

Perform Regular Inspections

If you manage a residential property, you must conduct regular inspections to identify problems when they are still small. This also helps you maintain the value of the property and ensure that nothing illegal happens in the facility. When you conduct regular inspections, you can identify the places that require repairs and maintenance.

You should enlist the services of a professional inspector at least once every four months to help you address all the problems which need attention. When you manage a property, you should anticipate challenges and find the best approach to resolve them. Make sure you implement your policies without fear or favour to protect the property from damage.

When you are a residential property manager, there are likely chances of making mistakes, but this is common. These tips can help you make informed decisions to succeed in your career. As you gain experience, you will find better ways to increase your revenue and gain a competitive advantage.

Industry predictions: Technology, Media and Telecom sector trends

The technology, media and telecommunications (TMT) practice at Deloitte, the business advisory firm, has today announced its predictions for the UK TMT sector in 2019. The news comes following the launch of the eighteenth edition of Deloitte’s TMT Predictions 2019 report.

Deloitte’s TMT Predictions 2019 report – summary:

Smart speakers will be the fastest-growing connected device in 2019, with expected growth of 63% year-on-year to reach £5.6bn in revenue worldwide

Global 3D printing revenues from large public companies will rise by 12.6% to surpass £2bn, representing a significant but small proportion (0.02%) of all manufacturing revenues

c.20 handset vendors will launch 5G-ready devices in 2019, with 50,000 5G-enabled handsets to be shipped in the UK by the end of the year.

Smart Speakers: the hear and now

Deloitte predicts that smart speakers – internet-connected speakers with integrated digital assistants – will be the fastest-growing connected device in 2019, with 164 million units to be sold globally, up from 98 million in 2018. The smart speaker market is expected to grow by 63% year-on-year to £5.6bn in revenue, with a global installed base of a quarter of a billion by the end of 2019.

As of mid-2018, 12% of UK adults, approximately 6.2 million, had access to a smart speaker. This compares with 22% of adults in urban China and 19% in the USA. With 8% of global shipments reaching the UK, UK revenue for smart speakers will reach £44.8mn ($56.7mn) in 2019.

Paul Lee, global head of research for technology, media and telecoms at Deloitte, comments: “Smart speaker adoption has seen phenomenal growth in recent years. With improvements continuing to be made, demand for smart speakers could be in the many billions of units, possibly even higher than for smartphones. In the future, smart speakers have the potential to be installed in every room in a house, hotel, office, school and even beside every hospital bed.

“Significantly, smart speakers have, literally, a world of opportunity for growth in non-English-speaking countries. So far, the vast majority of these devices have been sold to markets with English as the primary language. As linguistic software improves, demand will continue to soar, particularly if these speakers appeal to customers speaking Chinese, French, Spanish, Italian, and Japanese.

“We expect smart speakers to be the seventh most-used consumer device this year, and it may take some years before this technology’s true impact is felt. Mass adoption has yet to happen, voice recognition accuracy has plenty of scope for improvement, and there are still relatively few apps available.”

Radio: Revenue, reach, and resilience

Radio, the 99-year old traditional medium, will maintain its hold on UK media consumption, with 47 million people listening to radio weekly or more often. Global radio revenues are forecast to increase modestly to £31.6 billion, still many multiples of emerging media formats such as eSports, whose revenues are likely to be 40 times smaller.

Globally, Deloitte predicts that nearly three billion people will listen to radio weekly in 2019, and that total radio revenue will reach £31.6bn ($40bn), a one per cent increase from 2018.

Lee comments: “Due to the rise of on-demand media and streaming services, many underestimate the influence radio still holds. The perception that video or indeed streaming has killed the radio star is simply not the case. Whether it’s in the car, over breakfast, or even at work, the vast majority of people in the UK still have at least one ear on the airwaves during the course of the day. Radio is alive, well and enjoyed by all ages.”

The UK is the fifth largest market globally for annual radio revenues, with revenues of £1.3bn ($1.6bn) in 2017. The US is by far the largest market (£17.2bn/$21.8bn) followed by Germany (£3.1bn/$3.9bn).

Lee adds: “Radio advertising is underestimated, with many unaware of the influence it holds for brands. As traditional media and television viewing figures continue to struggle, listening figures for radio are holding steady. Radio will continue to play an integral role in advertising campaigns for years to come. In a world where digital changes everything, radio may be the exception.”

3D printing: Growth accelerates again, but remains niche

Deloitte predicts that sales related to 3D printing by large public companies will surpass £2.1bn in 2019 and £2.4bn in 2020, growing by 12.5% year-on-year, more than double its growth rate compared to just a few years ago.

This growth will be driven by faster printing speeds, larger printing volume and, crucially, an increase in the number of materials able to be printed. Metal is expected to overtake plastics and represent more than half of all 3D printing within the next two years.

Lee comments: “In 2019, 3D printing will finally start to make its mark. Companies across multiple industries are using the technology for more than just rapid prototyping. 3D printers today are capable of printing a greater variety of materials, which mainly means more metal printing and less plastic printing. Plastic is fine for prototypes and certain final parts, but the trillion-dollar metal-parts fabrication market is the more important market for 3D printers to address.

“Bionic prosthetic limbs for children for instance, which are usually costly, particularly due to the need to replace these frequently as children grows, have been revolutionised by the introduction of 3D printing and can now be produced for a mere £20.”

5G enters the mainstream in 2019

2019 will also see the first mass-market generation of 5G-enabled handsets go on sale. Deloitte predicts that around 20 handset vendors will launch 5G-ready handsets in 2019, with the first available in Q2. Approximately one million 5G-enabled handsets will be shipped by the year’s end, out of a projected 1.5 billion smartphone handsets which will be sold in total in 2019. In the UK, 5G shipments will number around 50,000.

Julian Rae, Technology partner at Deloitte in Cambridge, concludes: “The introduction of 5G handsets expected this year will look a lot like 2010, when 4G phones first entered the market. There will be a lot of noise in the first year from vendors vying to be first to market, and relatively little action from consumers. We’re not talking about an overnight switch to faster connectivity with lower latency, we will see 5G used by consumers in hotspot locations in the next two to three years, with mass adoption by 2025.”

To hear about the above TMT Predictions and more, Julian Rae and Paul Lee will be hosting the Deloitte Telecoms, Media & Technology Predictions Breakfast Event in Cambridge on 13 February at 1 Station Square, Cambridge, CB1 2GA. For more information please contact clcampbell@deloitte.co.uk.