3 Ways Your Kelowna Business Can Gain An Edge
If you are an entrepreneur moving to the Okanagan or currently running a Kelowna business, you will be on track to massive growth by making a few changes to your approach. If you are experiencing great success in business already, then there is a good chance you already familiar with one or more of these strategies.
If your industry has a crowded market, then you need to rely on a unique or differentiating factor that helps you stand out. You are the same as everyone else. Why do your customers want to come to you instead?
Keep in mind that you can’t be a master of everything so your best bet is to corner a niche market and provide a service where demand hasn’t been met. This doesn’t mean reinventing the wheel; you could simply just be offering a service that’s already available in a different or more effective way.
The first iPod was a great example of differentiation. There was no need for another mp3 player in the market but once Apple showed people there was a better way, the crowds began to flock and history was made.
2. Referral Sources
Ensure that your referral sources are supporting you and that you are supporting them. Your existing clients can be a wonderful source of referrals. Your clients should know why you’re different and why they should recommend you.
You can also create strategic alliances with other professionals where you can refer business to each other. It’s important that you take an active interest in your clients and referral partners so that you can match them with the perfect referral, should the opportunity come along. This will only strengthen the relationship you have with your clients and strategic alliances and increase the amount of reciprocal referrals you receive.
3. Add Value
Anytime you give extra or add value, don’t think of them as giveaways, think of them as future opportunities. When I meet with a prospective client for an initial meeting, I don’t charge them for it and yet I am happy to provide them with value. Most people expect the first visit to be similar to what they’ve experienced in the past when meeting a service professional. They’re used to going to an accountant or professional advisor that says, “Hi, this is who I am and what I do. Do you want to work with me? If so then this is my hourly rate.”
In my initial meetings with people I will sit down with them, give them plans, ideas and then I’ll let them go. I let them think about whether or not they feel that I am a good fit for them and their business so that they see value in the relationship.
One Final Takeaway
One thing my clients know about me is that I am very service-oriented and this is the approach I strongly advise to all Kelowna business owners that I work with. We can all use the small town effect to our advantage as word travels fast.
Those who do great work and provide valuable service are recognized and esteemed with no trouble earning repeat business and referrals. Always put your best foot forward and go the extra mile for every client. A happy client is more effective than 1000 business cards!
What’s your most effective way you’ve discovered to gain an edge for your business? Leave a message in the comments below.
About the Author
Ken Davidson is a Chartered Accountant with BDO Canada LLP, with their Kelowna accounting firm. Ken specializes in helping Kelowna businesses that are in start-up mode, companies in Kelowna that are in their growth phase and are ready to take their revenues to the next level, and professionals to secure their financial future with solid investment advice. Ken is best known for his strategic planning advice that positions him as a trusted advisor above and beyond being a Kelowna accountant that gives typical tax planning advice. To contact Ken for a Strategic Business Review to learn how he may be able to help your Kelowna business, email him at email@example.com.
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