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How to establish and protect your competitive advantage

August 13, 2012
By Jack Garson

(On The Edge from The Legal Edge, SmartCEO Magazine)

In today’s world, more so than in decades past, business is not a “build it and they will come” affair. To create and maintain a profitable business, you need a competitive edge. Your competitive advantage can both drive more business your way and critically protect you against copycats. It can also take a variety of forms. The keys are distinguishing your business from others, fending off imitators and then keeping that edge fresh.

What Works for Your Business

Every company is different. So the competitive advantage that works in one might not work at all for another company. Even in the same industry, your edge may vary. One drycleaner might be the cheapest, another might clean your shirt in an hour and a third might be that rare one that doesn’t smash my buttons (wouldn’t that be something!). (more…)

3 Things You Need to Run a Successful Local Deal

August 10, 2012

Are you considering getting into local deals (also known as daily deals), or just want to brush up on the basics before you set up your next offer? Here are three things you need to make sure you have from a vendor before running a deal that will help put your business on the path to success:

– Control over the details of the deal

– An easy way to measure the deal’s success

– Ability to engage with customers AFTER they’ve taken the deal

Let’s take a closer look at why these three things are so important.

1. Establishing control

Traditionally, many deal providers dictate the terms of your deal. Good for them, but not always good for you. When you have full control over your deal, you get to decide what works for your business. This means you can: (more…)

Procurement Corner: Capability Statements… ”Building Your Brand”

August 8, 2012

As you continue building your one-page business Capability Statement, remember that your primary goal is demonstrating your best value and creating lasting impressions, i.e., branding your business. Secondly, target reducing the amount of time that buyers will need to research your company by highlighting key information about your capabilities, products and services. Provide critical need-to-know information up front, make it easy to read and, always remember that more is not necessarily better, never over-embellish and, leave nothing to interpretation!

So, after completing your “What sets (your company name) apart from the competition” section, focus on demonstrating how you are “qualified” to offer/sell your products or services to government agencies (federal, state or local) and/or their authorized prime contractors. In my example, I have chosen “products” rather than “services” but you can merely substitute the appropriate information for whatever it is that your company offers. As stated above, making the buyers’ job easier is one of our main goals, so in this section include specific information about your company that gets that job done. (more…)

Capitalizing on Tax Incentives for Hiring Veterans

August 6, 2012

While many entrepreneurs gripe about the tax burden government puts on small business, Uncle Sam does, on occasion, reward small business owners for doing the right thing. And when it comes to hiring veterans, the federal government provides tax incentives that encourage one of the best decisions a small business can make. But, in most cases, you’ll have to act fairly quickly in order to qualify for these tax credits.

The Returning Heroes Tax Credit

Signed into law on November 22, 2011, you only have until January 1, 2013, to qualify for this two-fold tax credit. The Returning Heroes credit is different based upon the length of the veteran’s unemployment.

· Short-term unemployment. If the veteran you hired was unemployed for at least four weeks, your business qualifies for a credit worth 40 percent of the veteran’s first $6,000 in wages (a $2,400 maximum credit).

· Long-term unemployment. If the veteran you hired was unemployed for longer than six months, your business qualifies for a credit worth 40 percent of the veteran’s first $14,000 in wages (a $5,600 maximum). (more…)

What is a Freight Forwarder? Part 1

August 4, 2012

Pro Forma Invoice; Help you Ship Economically; Help you Ship Safely; Ship in Compliance with U.S. export laws; International Transportation Department.

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