Eccentric Employees as a Competitive Advantage

Employees can make or break a business. Finding and retaining superstars who excel can be extremely challenging; like finding a lost diamond on a beach without the use of a metal detector. This is a difficult task for any business, but especially for small businesses and entrepreneurs who have so much at stake with any one of their few employees who make up their limited workforce. Therefore, many small businesses end up turning down an eccentric applicant who may seem to otherwise fit the bill, but doesn’t look the part of the job they are hiring for. But should these applicants be passed up merely because they may not fully conform to the boring culture we have established in our businesses? What if there was a way to leverage eccentric employees for a competitive advantage?

Every employer can create a competitive advantage with eccentric employees by taking one of three approaches.

Business Hacks, Leadership HacksAdam WitmerJune 12, 2014strategy, Competitive Advantage, innovation

Create a Sales Process: 5 Reasons Why You Should

I recently met a friend for coffee. We were visiting a place that both of us had been to previously, but neither of us were regulars. We had been chatting when we first walked in, so I wasn't really paying attention to the menu posted on the wall behind the cash register. No problem. I always get the same thing; a berry herbal tea. But when I asked if they had any herbal teas, they handed me a huge book of options. Some of the teas on the list were highlighted, some were scratched out, and some had no markings. It was explained that they didn't carry every tea in the book and were out of some that they do carry, but I could tell by the markings in the book. At this point, I was feeling the pressure of the line of people behind me and couldn't even tell what my options were due to the very complicated process.

This business could greatly benefit from implementing a formalized, intentional sales process. A sales process is a defined step by step plan on how to help a customer move from being a prospect, to making a decision and purchasing a product or service. When effectively implemented, a sales process can actually be one of the most valuable assets of an organization. Therefore, every business should implement a formalized sales process for five reasons.

Target's Business Model

Walmart leads the world as the largest and most powerful retailer. Their big box stores offer low prices and a large selection to their customers who line up to take advantage of the savings. As I explained in a recent post, Walmart has been able to offer such low prices due to their economies of scale. But it has come at an expense; their customer service is often nonexistent. And this provides an opportunity for other businesses to gain a strong market share in Walmart's shadow. One of these businesses is Target.

In this article, I am going to dissect Target's business model focus of customer service and how they have found a competitive advantage to compete with Walmart without (completely) slashing their prices.

Case StudiesAdam WitmerMay 27, 2014Competitive Advantage, Innovation, Strategy

Three Ways to Compete with the "Big Box"

In a recent post, I discussed the importance of being aware of economies of scale. I explained that it is important to be aware of economies of scale so that we can strategically innovate our businesses to gain a competitive advantage. This becomes increasingly important as big box corporations are able to cut prices further and further so that we can no longer compete on price. The good news is that big box companies leave many "holes" in the marketplace demand that need to be filled.

Every small business can compete with the "big box" by implementing three big business hacks.

Business HacksAdam WitmerMay 22, 2014Innovation, Strategy, Competitive Advantage

Economy of Scale Example: How to Compete

Competing in the age of big box stores can be overwhelming. "Mom and Pop" stores have been run out of business by huge corporations like Walmart, Home Depot, Kroger, and yes, even Amazon. Yet, many consumers want to "shop local" and support business owners. But how can a small business compete with the big box giants of today? By applying strategic innovations to their businesses.

But first, we must understand why it is important to have an awareness of economies of scale.

I first learned of the concept of "economies of scale" in my high school business class. It was explained to me in basic terms that big businesses gain efficiencies from being large that make it difficult for small businesses to compete. While economies of scale include things like a knowledge base, expertise, distribution, partners, and advertising, one of the biggest challenges small business owners have in competing with giant retailers is price.

Several years ago, a friend of mine owned a game store where they sold all types of games, both common and unique. He was able to dig into a niche market and were experiencing success.

At the time, the game "Apples to Apples" was brand new and building momentum. My friend started offering this game early on before

Business HacksAdam WitmerMay 20, 2014Innovation, Strategy, Competitive Advantage