RDI's 2 Minute Bulletins are a phenomenon. E-mailed every few days to growing businesses across the UK, they reveal trends and offer advice - but never try to sell.
And they take just 2 minutes to deal with, from clicking open to filing away.
To receive the 2 Minute Bulletin, make your request here.
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Here are RDI's most recent 2 Minute Bulletins
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New tricks
for old dogs
Using innovation to get more growth from your resources
At RDI, we firmly believe in innovation in business. It's so often the gateway to success.
Take the group of farmers who were disposing of deceased livestock. They hit upon the idea of a pet cemetery! In one go they would divest themselves of farm stock and get into the lucrative business of caring for dead pets.
What's worth noting is that they took the resources of their core business, and applied them to an entirely new venture. Working from an established base of capabilities meant they were keeping the risk of diversifying to a minimum.
Could you be innovating for new growth? Remember that there are four basic directions for business development:
Think carefully, however. It's important to get success in at least one of the first three directions before trying the fourth. Doing something new for a new group of customers can be a risky venture.
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Do something
different
Make more in your market by offering something no-one
else does
It's an economic fact - businesses that offer something outstanding can make more profit than those that don't. If you can dominate one part of your market, you'll make more profit by doing less.
Take the B&B that serves a 15 course breakfast - wouldn't that get noticed? Something as simple as fancy packaging or a catch-phrase can make your job of selling easier. Look around you. Polo makes a mint by making a hole!
The trick is to see what the customer wants. Show them what's in it for them. Promote your Unique Selling Point (USP) so that the market wants to buy from you. RDI's USP, for example, is that we understand more about finding success for rural businesses than anyone else.
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Use your
spare space
Unused land need not be a redundant resource
One thing rural businesses have in more abundance than their urban cousins is space. So much so that your business may have buildings and yards unemployed right now.
Land is a valuable resource, and there are businesses out there that want to use it. The Franchise Exhibition in Wembley in early April 2004 confirmed this. Businesses buy into a franchise, allowing them to trade for themselves under a banner title. But these franchisees and franchisors need storage and hard standing.
Franchising is just one area of considerable growth in demand for space, and you can cash in. Why not check the franchising web site, and open up a new stream of income?
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Don't forget
your customers
Using after sales care, even if you sell a one-off product
If you sell a one-off product, like holiday breaks, agricultural buildings or specialist machinery, your one-time customers are still a good source of extra sales. Just apply after-sales care as usual.
Say you've had a barn conversion. If the contractor called to ask if everything was OK, you'd be pleased that he'd taken the trouble. Or if a month later he wrote to you about a furnishings exhibition, or caring for new wooden interiors, you'd be impressed - especially as he's not making a material gain.
So if any of your friends need a barn conversion, who will you recommend?
Always communicate regularly with your customers. They're your largest, fastest and most profitable source of growth, and a source you don't have to spend extra cash converting.
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More fruit
for your labour?
How you can add more value for a better return
'Added value' - it's one thing that let's you make more money, so it's worth looking at.
Take the producer of strawberries, for example, who had the intellectual property rights on some late maturing varieties. This gave him something that was his and that people wanted, "as big and important as a prestigious brand". This in turn improved his businesses relationships with everyone it dealt with, and so enhanced its reputation and market standing.
These are the three distinctive capabilities that allow companies like yours to create added value:
Where could you be adding more value in your business?
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Profit
- it's a bit over-rated really
Is 'profit today' the only objecive of your business?
Ask a businessman what his main objective is, and you'll invariably get the same response: 'profit'. But this can be misdirected thinking - or worse. Getting profit today could undermine the business of the future.
One great writer, Peter Drucker, said that there are eight areas in which objectives should be set:
market standing, innovation, productivity, physical and financial resources, profitability, manager performance and development, staff performance attitude, and responsibility to the public.
So profit is in there, but it's not even top of the list. Should your business re-examine its objectives? Could another look at how you measure yourself improve your profit in the future?
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A good
forecast for long term plans.
Latest economic figures mean now is the time to take stock.
There's an air of optimism about the UK economy, based on figures for growth and inflation from the end of 2003. Several indicators were used by the Office for National Statistics (ONS) to predict continued growth in Gross Domestic Product steady inflation below Bank of England targets. The food sector, however, is one area where inflation has been slightly higher than usual.
"Every market has its vagaries and variations," says Andrew Pearson, director of RDI, "but for most businesses now is a good time to consider the future."
"The recent rise in interest rates was not predicted in last year's economic forecast, and over-borrowing to expand should not be undertaken rashly. However, the fair forecast means that now is an excellent time to take stock, and develop a longer term plan".
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It's OK
to hire a pretty girl.
New research confirms that a pretty face increases impulse
decisions.
A new Canadian study confirms that a man who'll invest in the future one minute will grab a short term benefit the next - even if it's plainly less profitable - after viewing pictures of glamorous women.
"You may have heard that attractive women are more likely to get a job", says Andrew Pearson, director of RDI, "and this study supports the employer who follows this trend."
"An employment decision should be based on ability and aptitude. If it's a close thing, however, then go for a secretary or deputy that's likely to stimulate your prospects and customers. If a client is welcomed by an attractive receptionist who brings him coffee with a nice smile, his brain works in a way that makes him more likely to grab an opportunity. With a female prospect, meanwhile, the trappings of wealth may have a similar although less pronounced effect."
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Is it
time to fix your future?
New tax incentives could make this a good time to consolidate.
The government has announced new tax relief incentives on fixed assets in the food industry.
"This is an opportunity which should
be looked at carefully", says Andrew Pearson, director of RDI, "but it depends
on your balance sheet."
"If your current ratio is looking a bit safe, now could be the time to invest
in some labour saving equipment, or a maybe new look. Is that savings account
really working hard for you? Should your levels of stock be as high as they
are? It might be right to convert and invest."
"If your liquidity is tight, on the other hand, then this news shouldn't affect you for now. Don't get stuck with debt problems just to chase growth you can't afford".