The Tribune

By Simon Cooper

Res Socius

These days, business seems battered from all sides. If it is not the recession, then it’s government dreaming up new rules with which we shall comply. The Internet’s not exactly helping either (at least as far as backward-thinking businesses are concerned). Apple has become a retailer and Amazon a general store. What about PayPal? Just look what it’s become.

When Britain stood alone in 1940, with a Nazi invasion staring it down from across a narrow strait, Winston Churchill thundered in the House of Commons: “We shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender.” It is said he muttered, sotto voce to a colleague as his audience erupted into cheers, “and we’ll fight them with the butt ends of broken beer bottles because that’s bloody well all we’ve got!”

While I’m not suggesting for a moment that we should start throwing bottles at the Chinese, I am suggesting that tough times call for tough measures, and that we need to start thinking with our brains. Here are a few thoughts to get your gastric juices started. Feel free to e-mail me with more ideas.

• One Size Does Not Fit All – It is no longer good enough to choose between being a wholesaler or a retailer. Turn the idea on its head and offer bulk discounts to all comers. Think laterally about what’s contributing to profit. Office printer manufacturers make their money out of selling cartridges. What else could you do with that idea?

• Differentiate – Move up and down the supply chain in your industry. If you are selling seedlings, consider germinating them yourself. Think horizontally, too. Why not stock garden books and videos? How about starting a garden service for your customer base?

• Stick Like Glue to Customers – Apple makes it difficult for customers to migrate because their technology’s different. The banks have been throwing obstacles in our way for years. Why not go for the old loyalty card routine? Come on now, one more steak dinner and the beer’s free to you next time. Making things sound cheap is a great gig.

• Reinvent Yourself – You’re never too old to learn (or too young to realise that you should). Think laterally. You’ve got business experience, premises, good staff and you’re already well-known about town. How many start-up business owners wouldn’t give their eye teeth for what you’ve got already? Just decide what to do with it.

• Take Small Steps – Don’t throw junior out with the bathwater. Experiment with small batches first. If you’re selling appliances, how about running a special on pots and pans to bring the cooks around? You might sell more of both than you expect. You’ll never know until you try.

Turf is no longer sacrosanct. Forget about the old “that’s someone else’s market” routine. It’s survival of the fittest now as customers pick out the bargains. You’re doing the same yourself. The world has changed. Maybe, just maybe so should you.

NB: Simon Cooper is a founding partner of Res Socius, a business brokerage firm and businesses for sale directory service. Res Socius is authorised by the Bahamas Investment Authority to facilitate the sale and purchase of businesses and provide consultancy services. Contact 376-1256 or visit www.ressocius.com.