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Cape Town - Many small business owners try to compete on price, quality and service at the same time, but Fin24’s resident expert and small business coach Anton Ressel says this may not be the best way to go about building a business.
He says entrepreneurs often make the mistake of trying to compete on all three fronts at the same time, which may be at odds with each other.
Ressel says it's important that as a business owner you choose to focus on two of the three areas. Otherwise, you're going to burn out, or face going out of business.
"What traditionally leads to sustainability in a business is that you focus on two of those elements," says Ressel.
"For example, if you decide you’re going to compete on quality and service; you have very high quality of work, very high quality of products, your service is exceptional and you’re willing to work after hours to turn things around in 24 hours," he said. "But then obviously your price needs to be expensive, because it costs money to deliver good quality and service."
When deciding on which two of the three aspects to focus on, Ressel says business owners need to understand the market they are in, the competition that’s out there and the uniqueness of their business or idea.
WATCH the full interview here:
Did you find this useful? We need your input to identify your most pressing issues. Send us your questions. Our resident coach Anton Ressel or one of our experts will answer as many as possible in future shows. You can also engage with us on Fin24's Twitter and Facebook pages. Look for our hashtag, #EntrepreneurCorner.
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