Do You Compete On Price?

Well I finally got our August 31st fiscal year end corporate taxes done. Unfortunately Uncle Sam got shorted this year as the economy and real estate market reduced my income. Think about the billions of dollars the banks hurt the economy by not qualifying borrowers the prudent way they should have. This caused the country to head into a recession and millions of people have less money than they need to get by. And as a result Uncle Sam will not get enough tax money to cover expenses. So I'm sure they will cut spending like you and I have to do to cover our rising costs and shrinking revenues. Or will they? I recently spoke to a very diverse group of audiences including modular building manufacturers, steel fabricators, spray foam contractors, art dealers, and the sales force at Solo Cup. Everyone is facing the same pressure: too much competition and rising costs. Steel prices were significantly raised by the mills last week even though the market is heading down. Who can figure? But the key to success in any business is to offer more than low prices. When you compete on price, you'll never make enough money to meet your goals. The Fortune magazine most admired companies list came out a few months ago. Guess what? The companies who top the list INNOVATE and stay ahead of their competition by offering new and different products, services, and ways to deliver more value to their customers. And they are making record profits. How about your company? What do you have to do to be better than your competition? Go visit your competitor’s place of business. Are you really any different than they are? If you had a choice, would you buy from them or your company? If all else is equal between what you offer and your competition, the only differentiating factor is low price. And you can’t make any money selling low price in a shrinking market. Need ideas, visit my website @ hardhatpresentations.com and look for one of my 100 articles to help your business grow. George Hedley CEO Hedley Construction & Development Inc.

Comments

[Stacey Derbinshire]

Just wanted to say HI. I found your blog a few days ago on Technorati and have been reading it over the past few days.

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