How To Survive And Thrive In The Business Services Provision Niche
Most western economies are evolving into what have come to be known as ‘service economies.’ Just for perspective’s sake, we may mention that these were initially agrarian economies, dependant on agriculture. Then they evolved into industrial economies. And now, they are evolving into service economies. That is to say that your chances for success in businesses that involve service provision are high at the moment. In any case, these are increasingly the only businesses you can set up in most western countries, as most lower level businesses (such as those in manufacture) have been off-shored to more competitive locations in the world. But what this also means is that you will be up against very stiff competition, because almost everyone, bereft of other choices, is turning to the business services provision niche to set up business there. You will therefore need to work hard and smart, if you are to survive in the business services provision niche. You will need to work even harder and smarter, if you are to actually thrive in the same niche.
Some of the steps you can take to survive and thrive in the business services provision niche would include:
1. Recruiting (and retaining) the best people you can get: in the business services provision niche, your people (your employees and service provision partners) are your biggest assets. Firms in other areas may put up claims to the effect that ‘our people are our biggest assets’ rhetorically, but in the case of service provider firms, that is indeed the case (because when all is said and done, it is people, and not machines, nor beautiful buildings that provide the services. You therefore need to find ways in which you can make yourself a preferred employer, an employer even the most talented people would want to work with. Offering reasonably good pay packages, getting rid of unnecessary work rules and showing genuine interest in your employee welfare are among things you can do to attract and retain the best talent in service provision.
2. Developing proper systems for your business: it is worth noting that having the best people without proper systems won’t be of any help to you, if you are to be distinguished in your business services provision. People work best when their labor is systematized.
3. Making your pricing as competitive as it can be: you come to realize that in some business services provision enterprises, you will be up in competition against off-shore service providers, who can afford to charge as little as 10% of what you charge and still make a profit. You may never get that low in your pricing, but you need to ensure that the sacrifice customers have to make when choosing your business over those others isn’t too large. Otherwise they will opt for those off-shore service providers, the quality of their services notwithstanding.
4. Keep ahead of your competitors: this translates into a need for proper business intelligence gathering techniques, and keenness on ensuring that you are ahead of your competition in business service provision. If you let your competitors get too far ahead of you, you are in effect giving even your most loyal customers a reason to switch allegiance.
5. Leveraging on technology: technology can be either an opportunity or a threat to you as a business services provider. The difference is usually on how you leverage on it. Do so in a way that makes the technology an opportunity, rather than a threat to you.
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