Business owners work hard to keep their business flourishing and invest substantial cash in such enhancements, such as: advertising, staffing, security, training, etc. But what happens when you are faced with the unexpected? You may want to consider how your business would be impacted from such events as:
Blog Category: Operations
You have enough on your plate when starting a business, add in the complexity of understanding compliance and licensing and it can be downright overwhelming. Just ask Saylish Haas, co-owner of The Next Act Pub, a restaurant in the culturally rich, southside neighbourhood around Whyte Avenue in Edmonton, and Meat
Patrons who walk through the door of Edmonton's Corso 32 are almost inevitably assured of impeccable home-style Italian fare created by owner/chef Daniel Costa and his team.
But it's what's not on the menu that plays an equal role in the accolades heaped on the Jasper Avenue restaurant, which has won multiple awards since opening nearly six years ago.
The problem is not that the times have changed, or the marketplace, or the economy. The problem is that business has not changed to keep up.
Here are the top four reasons I see entrepreneurs struggling over what they can do to revitalize their business.
No brand differentiation
"We've weathered several periods when times weren't so good, and so I don't think we'll cancel our advertising now. In fact, we might even increase it."
– W. K. Kellogg, US entrepreneur
According to a study done by Media Dynamics Inc, the average adult population is exposed to approximately 360 marketing messages daily across various media (TV, radio, Internet and print). However, this number jumps to over 5,000 "brand exposures" if we include all the labels, posters, ads we passed in grocery stores, the malls or in the mail, whether we notice them or not.