Title: Swim With The Sharks
Created: Dec 17, 2014
Description: James Shores has a strange phobia of sharks and refuses to take baths as a result. But that won't stop him from keeping you competitive with your business.
Hi, I’m James. This is Whiteboard Wednesday. We need to talk… about swimming with the sharks – mostly those big businesses that you’re going up against. Obviously most of our customers are small and medium-sized businesses, which is a good thing. But sometimes you hear that misconception that, you know, in your industry those big guys, those big players, you’re not really competing with them. Well, the truth is you are. You’re in the same market vying for some of those same customers.
So what can you do against the big guys? They got the size, they take in a lot of volume. And it can be quite intimidating, especially when you’re on this end. But if we can leverage the use of our size, we can easily compete in that same field, and be lean and efficient.
So how are we going to do that? Well, we need some of our super fish flakes, also known as automated software solutions. What will this do for you and for your company? Well, let’s start with a couple of these.
Order management: This is what’s going to let you know what’s coming down the line, what needs to go out. These are all the types of things the big companies use that you can put to greater use in your company because you’re not lumbering, you’re not large, you’re not taking forever to make a decision. You can do it on the spot – hopefully – and use the size of your company, and its quickness to your advantage.
Sales and purchasing: How fast you’re sending out those sales orders, those purchase orders; how fast you’re managing all that, even down to some of the details like, let’s say, an EDI; electronic data interchange. So when you’re wanting to sell to some of these maybe bigger retailers like a Walmart or Home Depot, plenty of big box stores, you can still compete with some of these bigger companies because you know how to interface with them.
You can manage multiple locations with your software, whether it’s different places in your warehouse or different places geographically speaking. Across the state, somewhere else in the same city. You’re able to look at all the things that you have and know right away without running around, what you have, what you don’t have, and what’s coming down the line.
Same for the work orders. You know what is coming down the line, how much you have of a particular item or group of products to fulfill what’s coming in.
Bill of materials: You can immediately see how many you can create and also very quickly check, let’s say with the few of you who incorporate a barcode scanner, what you have. It gets registered right into your inventory and the other tracking with your order management, with your work orders, so that you’re consistent. So, you’re not doubling back figuring out what do you have, what do you not have? So you can be efficient and keep competing.
You’ve got your reports. Now, this is one that is so, so important. And this is a lot of time that can be used to manage how your company is going to run now, and down the road. You know, the big companies, they’re looking at forecasting, they’re looking at what’s coming up so they can stay competitive. You can use that same type of software to your advantage at a much lower cost so that you can stay competitive. You can see seasonal changes, you can see what customers are buying or not buying. You can make use of all these types of reports, even on your side, production changes. So that you can adapt quickly and not be second guessing, not assuming or taking a hunch on what you need to do, you can look at the data and make a choice right then and there.
And then most of all, what your software needs, likely, is QuickBooks integration. QuickBooks is the majority software used by small and medium-sized businesses. So you want to be able to incorporate all these things and not waste time entering data into your automated software, and then going into QuickBooks and entering the same information. You want it one and done. Efficiency, that’s the name of this game. That’s how you’re going to get the leverage against the big guys and stay competitive in your field.
So remember; don’t let the size of your business feel less than it is. Don’t let the big guys intimidate you because the whole point of this software solution that we talk about over and over and over is so that you can make good business decisions with the good data that you’re bringing in.
And hopefully you’ll be swimming with the sharks. Figuratively speaking because the other one doesn’t sound fun. Anyway, that’s this Whiteboard Wednesday. I’m James. Please come back.