The Tribune

By SIMON COOPER

Res Soicus

IF YOU haven't heard of these two-dimensional Quick Response (QR) Codes yet, then you should be concerned - although much of the western business world still has to awaken to their potential, too. That tardiness is sometimes present when a seller offers me a business for sale to broker for them. In fact, when I come across a company lagging far behind in technology, I may even decline the offer. And that is 'case closed' - in my mind, at least - for the imperative to keep up with change.

I think I mentioned elsewhere in this column that Res Socius Business Brokers has been going through exciting developments, too. I've been so taken by the idea that it's better to give something away for goodwill's sake, than sell it at a loss, that I've got three departments now. These include 'small business for sale' free brokering, nearly free brokering and my traditional full broker service, which my larger customers are quite content to pay.

Setting aside the technical complexities that, to my mind, do not belong here, a QR Code is a unique combination of symbols that smart devices read, in the same way that barcode scanners do. You will find these images in advertisements, on webpages and even on business cards. Scan them with a smart phone camera and you will dial a number, receive a message or even be transported to a website.

And that is just perfect for people on the go, joining queues and watching television. In fact, anywhere where they find it tricky to read a phone number or website address, and then have to punch it in. Although QR's are not new, their use has only recently been widely adopted in our neighbouring US market, so it's likely to catch on in the Bahamas soon. Reminds me of when they first introduced barcodes.

To see how the technology works, simply scan the image shown here with your smartphone, and courtesy of my electronic magic carpet, you will be presented with a 30-second video. You will need one of the many free QR reader apps available installed to scan it with. One of the simplest uses of this technology is to add a Quick Response Code to the blank side of your Business Card. Another smart idea is to unobtrusively add it to your products, so that a third party can find out more about your range of offerings. The really neat thing about all this is that you can trace which electronic links are working, and build on their success.

Let us not forget that although smartphone penetration may be lower here than in other parts of the world, 85 per cent of our five million visitors are from the US, and 35 per cent of those have a smartphone (and growing). That is almost 1.5 million people we could engage using this technology - and did I mention that it is free?

Consider putting one on your Storefront Window after hours, so browsers can view the special offers on your website. Imagine the impact of: "We're sorry we were closed when you popped by, and decided to offer you an extra-special deal." You could even host Promotions that only work that way. Just imagine being able to analyse the power of your market spend precisely. Do it regularly, and you could even grow a business for sale that I might sell one day.

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.