Business competition is tough. If you operate in a fast-moving market where consumers love to shop around, competitors could be hard to beat. 

Thankfully, there are solutions to this problem. Use the following tips and ideas to stay ahead of competitors in all types of markets.

1. Study Your Competition

Before starting your business, you may have looked at your competitors. But how long ago did you do a thorough study of your current competitors?

Some of the old heavy weights may have retired (to use an analogy from boxing). And some new businesses may be drawing away some of your loyal customers.

If you want to remain one of the top-rated businesses in your market and industry, it’s time to do a fresh competitors’ analysis. Find out the strengths and weaknesses of your closest competitors. Then create new strategies to beat their strengths and take advantage of their weak areas.

2. Get Closer to Your Target Consumers

No doubt, you already know a lot about your customers. Maybe you even have well-defined buyer personas for them. 

However, customers’ desires and expectations are constantly evolving. Imagine how the tech and communication needs of customers have changed from the days of the first feature mobile phones to today’s sophisticated smartphones.

Your customers are also expecting you to provide new products, improved flexibility, and sophistication in your service delivery. Strive to meet their expectations so you can stand out among similar businesses.

3. Use Direct Marketing

Before the internet and mobile age, residents visited their mailboxes with high expectations. They found dozens of direct mail ads, brochures, and special offers waiting for their attention. Today, however, few businesses use printed marketing materials.

But old-school marketing still works. You just have to adapt it to fit into the culture of the digital age.

Smart business marketers claim that they get response rates of up to 92% from a well-designed direct mail campaign. This is not surprising. 

Today, most mailboxes are empty. But courier services are more efficient. So, well-crafted direct mail ads will grab consumers’ attention easily.

4. Be Unique

What makes you different from other businesses serving the same market? Is it your low price, efficiency, simplicity, customer service, or professionalism? 

Rediscover what makes your service unique. Use it as a strong value proposition. Let your customers know the service areas where you excel.

5. Invest More in Marketing

No matter how good you are at providing top-notch service, no one will know unless you broadcast it. To rise above your competitors, your marketing voice needs to louder than theirs.

Good marketing will almost always sell better than poor marketing. Consumers will be moved to give your service a try if they keep seeing your ads and marketing materials. Just make sure that you are focusing on a well-defined market segment, so your ad investment yields more sales. 

6. Boost Your Brand Image

Without spending a huge amount of money on re-branding, you can still update your image. Upgrading your store front if you run a brick-and-mortar business is a good starting point. You can add a new coat of paint and put up new service area demarcations.

For a digital business, modifying your website’s homepage, social media profiles, and email signatures are low-cost ways to give your business a new look.

7. Use the Best Marketing Tools

Step up your marketing campaigns with modern tools and apps. Gone are the days when you could depend on manual methods for every marketing task.

Now, customers expect prompt answers to all inquiries. So, learn how to deploy automated email responders, chatbots, CRM apps, and scheduled emails to respond to all your customers. 

However, that does not eliminate the need for personalization. Well-designed marketing tools will improve your ability to assess individual customer needs and provide a more personalized relationship with prospects and clients.

8. Reward Loyal Customers

An old adage says: “a bird in hand is worth two in the bush”. In marketing, it cost far more to acquire a new customer than to satisfy and keep an old one.

So, rewarding your loyal customers with discounts, awards, and bonuses for repeat businesses is a wise business strategy. To keep your old customers from moving over to competitors, treat them like special and precious people. Offer them various different types of perks and compensations.

9. Venture Into New Markets

Emerging markets are constantly waiting to be discovered. Technology has made it possible to discover new markets early.

With digital tools like Google trends and Twitter, you can easily discover what your target audience is searching for. Use what you find to create a strategy to meet the demands of customers in an emerging market. The rewards can be astonishing.

10. Develop Long-term Business Plans

Take a peep into the future of your business. Where do you expect to be in the next 2, 5, 10 or 15 years?

What do you think you will need to do, be, or have to achieve your long-term goals? When you start focusing on long-term growth, you can lay a solid foundation in terms of funding, staffing, research, and development of new products and services.

Staying ahead of your competition may not be a stroll in the park. But with diligence, you can develop a better competitive advantage by applying some of the tips provided above.

Michael Zetser is the former CEO of different fintechs. This article will look at how recent global geopolitical events have had an impact on globalization.

The free movement of goods, labor, technology, capital, and innovation throughout the world has had the impact of improving goods and services while simultaneously driving down prices. Globalization has had a transformative impact on start-ups harnessing new technology, as well as small businesses keen to get on the international stage. However, in recent years, various factors have had a significant impact on globalization trends – chief amongst them the arrival of COVID-19 in countries all over the world.

The COVID-19 pandemic triggered disturbances in global supply chains in a variety of different industries, from semiconductors to automotive. The pandemic’s negative impacts on global value chains highlighted weaknesses in international supply chains, and the vulnerabilities of economies based on them. Nevertheless, this is not a death knell for globalization by any means, according to data from the OECD.

The OECD’s TiVA database is widely regarded as the most reliable source of substantiated statements on fluctuations in global value change. Looking at TiVA database figures published in November 2021, it is clear to see that global value chains have constantly fluctuated for decades, long before the arrival of COVID-19. Rather than being a one-way street headed in one direction only, globalization is dependent on a wide range of economic, social, and geopolitical conditions.

As seen at the start of the pandemic, Russia’s invasion of Ukraine pre-empted a flurry of predictions of a looming end of globalization. In spite of this, cross-border flows rebounded strongly. Although the war in Ukraine has undoubtedly curtailed many types of international business activity, a report from the Harvard Business Review suggests that those who predicted it would trigger a collapse of international flows were far wide of the mark.

In arriving at this conclusion, the Harvard Business Review analyzed a variety of different aspects including trade flows, noting that by the end of 2020 world trade bounced back to above pre-pandemic levels, setting new records in early 2021. In addition, despite capital flows plummeting at the start of the pandemic, they have also seen a healthy recovery – surging back above pre-pandemic levels in 2021.

The war in Ukraine prompted the withdrawal of over 400 foreign firms from Russia. Nevertheless, this has not yet triggered a wave of divestments of assets, which would lower FDI. Since Russia hosts just 1% of global inward FDI stocks, analysts suggest that although the war in Ukraine has caused a predictable pullback of portfolio investment from emerging markets, these have been relatively modest. To conclude, the evidence is clear: although geographical reach and growth of international flows can rise and fall over time, the fundamental drivers of success in global strategy remain largely unchanged.

For many years, young people have wanted to enter the banking sector. A huge proportion of super-rich and ambitious entrepreneurs have banking backgrounds. The industry has proven to be a valuable springboard for several of the most successful people in business such as Spencer Rascoff, Christopher Wightman, and Declan Ee, giving them the skills required for top-level entrepreneurship. 

Here are five reasons why banks are a popular choice for young people. 

An Equal Barrier to Entry for all 

Banks offer entry-level employment programs for graduates regardless of their professional backgrounds. Whether they’re graduating from related degrees like finance, mathematics, and economics, or unrelated ones like arts and psychology, graduates can find career paths in the banking industry. No particular skill is required to enter this sector as banks usually hire inexperienced candidates and provide the necessary training. As a result, banking professionals have the opportunity to learn from individuals with a variety of specialisms. 

What’s more, multiple studies have shown that university students often regret their subject choices. It is an excellent opportunity for young people to change their career paths by pursuing a career in banking. 

Professional Training and Development 

Banks, particularly established ones like Morgan Stanley and Barclays, offer their candidates structured apprenticeships and training programs. Tested and proven, these programs produce effective results. Some employers will even pay for employees’ courses and examinations to acquire professional qualifications along the way, depending on the career development route.  

Graduate employment schemes, for example, allow young people to follow highly structured career progression plans for years to come. These routes not only provide young people with career stability but are still designed to allow a decent amount of flexibility.  

Aside from professional training programs, banks utilise social and team-building activities to prepare their employees for this demanding industry. The challenging nature of banking promotes a healthy learning curve that helps workers become more confident decision-makers and time managers. 

Long-term Career Prospects 

The banking sector offers employees a clear career path, from entry-level to management, and director. Most young people are given a clear indication of their next promotion before joining the bank, giving them a sense of security. 

The scale of the banking sector also makes for higher promotion potential than in other industries. There is a saying that the sky is the limit in the banking sector. A few years of hard work can lead to promotion to management, even for probationary officers and clerks. A hardworking and ambitious professional may manage to land a position in a general management team after just ten years. 

There are many examples of probationary officers rising to high positions in the banking industry. One of the most prominent examples is Rajnish Kumar. SBI appointed him chairman of the board after he began working there as a probationary officer in the 1980s. 

Compensation and Benefits 

The banking industry is of course known to pay exceptionally well, consistently ranking among the top 10 highest-paying sectors. 

It is an unspoken rule not to discuss compensation in banking interviews. However, people who work in banking at any level will not deny that money is one of their primary motivations. According to recent research, a banking salary may be the only way for young people in major cities like London and New York to afford a place to live, given the current inflation rate and real estate price rises. 

In addition to generous salaries, banks offer plentiful bonuses and benefits – significantly more generous than other high-performing industries. Buying medical and disability insurance for their employees is an industry-standard in banking and other benefits such as including sick leave, holiday, and pension funds are also generally available to employees. 

Opportunities Beyond Banking 

Banking can provide the skills you need for any job in any sector. Thus, bankers frequently start their own businesses or divert to higher-paying jobs later in life. 

Working as a banker involves trust, responsibility, and integrity. Throughout a banking career, employees will acquire a number of skills related to dealing with finances in a high-pressure environment, and a host of skills related to leadership and working in a team. There aren’t many careers that provide such a well-rounded set of skills which can be applied as widely as in banking. 

Founder and ex-CEO of NatWest Financial Products Plc. Chris Wightman has now turned his hand to tech in the agriculture sector, becoming president and CEO of VM Agritech. His experience in the banking industry has equipped him with the unique set of skills that have allowed him to build the company’s success. 

Overall, banking offers the whole package to new graduates. From the exceptional benefits which come with the job to the skills that graduates learn, there are countless reasons to enter banking. This becomes even more attractive when these skills can be applied elsewhere, with limitless career opportunities. 

Revered in the international shipping industry today, Evangelos Marinakis was born in 1967 in the Greek city of Piraeus. His father, Miltiadis Marinakis, came from the Greek island of Crete and was also a prominent shipowner. Meanwhile, Evangelos Marinakis’s mother, Irini, was descended from the prestigious Ypsilantis family. Evangelos Marinakis is the couple’s only son.

An alumnus of the American International University in London, Evangelos Marinakis studied Business Administration, gaining a bachelor’s degree before subsequently earning a master’s degree. Upon graduating, Mr Marinakis followed in his father’s footsteps by entering the international shipping industry.

Following stints at British firms Harley Mullion and Elders Chartering Limited, Evangelos Marinakis was primed to break out on his own, forging an incredibly successful path in shipping. Starting with the company handed down by his father, operating seven bulk carriers, Evangelos Marinakis went on to establish the Capital Maritime & Trading Corporation, earning a global reputation as one of the shipping industry’s most important figures, with a reported net worth of $650 million.

Evangelos Marinakis also served as CEO of the New York Stock Exchange-listed company Crude Carriers Corp., and established Capital Product Partners LP, a maritime company listed on the American Stock Exchange.

In 2019, an announcement was made revealing that Capital Product Partners LP was to merge with Diamond S Shipping Inc. in a $1.65 billion deal, creating one of the largest tanker companies listed globally.

In addition to his prominent role in international shipping, Evangelos Marinakis serves as a board member for several companies operating in other industries, including , and Alter Ego Media SA, Abisso Holdings Limited and One Channel.

A keen football enthusiast, Mr Marinakis acquired Olympiacos FC in 2010. The team is based in Piraeus, Evangelos Marinakis’s home city. He continues to serve as team president, having previously served as president of the Greek Superleague and vice president of the Hellenic Football Federation.

Mr Marinakis bought a controlling share in the English football club Nottingham Forest in 2017. Gaining the English Football League’s approval, he embarked on ambitious, far-reaching plans designed to restore the team to its former glory, including the redevelopment of the club’s home grounds – paving the way for the creation of a world-class venue and the East Midland’s largest football stadium.

In 2014, Evangelos Marinakis joined forces with Yannis Moralis, current mayor of Piraeus and Olympiacos vice president. Together, they launched the independent Piraeus Winner alliance, and Mr Marinakis subsequently become an elected member of Piraeus City Council. He and his party pledged to focus on upgrading local infrastructure, transforming the city into a booming tourist destination, and enhancing the standard of living for people living in the port city.

A generous philanthropist, Evangelos Marinakis has made substantial donations to a variety of causes over the years. In Piraeus, he has used his own personal funds to finance several redevelopment programmes, with the result of creating new jobs and businesses. He has also funded construction of sports facilities, children’s playgrounds, and parks and squares throughout the city.

Becoming a greener and more sustainable business is easier than you think. Acts like recycling and taking shorter-needed breaks can save you big as well as make your work environment easier to work in.

Is Green Good For Business?

The western world is moving towards a more environmentally friendly outlook, but can it negatively impact a business?  If you’re unsure where to start, here are some great ways to give your business a sustainable, environmentally friendly edge.

Start Recycling

This may seem easy to start, but you and your employees can’t recycle if there aren’t any recycling facilities. Monetary costs can quickly build up in the long-term, so when you see a new recycling bin in your office, make sure to use it. In general, you should do this if your company uses paper, cardboard or plastic.

Reduce Energy Use – Turn off the lights!

If you have LED lighting in your offices (usually found above counters), you could use up to 50% less energy than standard bulbs. There are loads of great options out there, including energy-efficient dimmer lights, but just make sure they are bright enough for everyone to work under.

Consider Your Packaging

Take a good look at the packaging your products come in and see if you can reduce their size.

Some companies use recycled paper as well as smaller printing options in their packaging cake box, burger box, and even pizza boxes! These help reduce your reliance on more traditional materials like paper, plastic and cardboard.

Invest in Energy-Efficient Equipment

Nearly all energy-efficient pieces of equipment will pay for themselves through the savings they bring you in energy costs over time. This includes things like set-up, ventilation and lighting, which are essential. If you’re unsure where to start, look into energy-efficient office equipment to reduce your carbon footprint.

Keep Your Pest Control at a Minimum

Pests can be a big problem in the workplace. They can get stuck in between desks and damage files and cause more stress on your employees than they’re worth. If you have an issue with pests in your office, you should talk to a professional exterminator to see the best way to proceed. You can also consider swapping bait-based traps for electric ones that eliminate the need for harmful pesticides.

Encourage Employees To Bring Their Own Mug and Water Bottle

If everyone at your business brings their own water bottle in to work and has their own mug, it can save thousands on the cost of buying disposable cups. This goes for any other type of plasticware too, so make sure everyone knows not to take too much with them each day.

Use Recycled Paper for Your Documents

Very few places are allowed to print on recycled paper, but this is something other companies often do to save money. This allows your office to recycle the paper you don’t need, making it more environmentally friendly.

Use Less Plastic

It doesn’t matter if you use plastic cups or paper cups; they all have a big impact on the environment. Using alternatives like reusable steel water bottles is a great way to reduce that impact and make your office greener.

Spend More Time Outdoors

Spending more time outdoors in the summer by installing a deck or patio can help you with these efforts. This will allow employees to work outside of the office, which is better for their health and reduces costs on air-conditioning. So, get out there and take your break outside!

Even better, organise time outside for your whole team. Whether this is outdoor meetings or group activities, it can be a great way to bond and save money.

Encourage Your Employees To Take Briefer Breaks

Taking shorter breaks can help you reduce costs on lighting, cool your building and, more importantly, save electricity, ultimately saving you more money in the long run.

This is a great way to get your employees working together, as well as avoid energy waste by constantly turning the lights on. Make sure to include this in your business model and financial objectives so that it’s clear why this is important and how it reduces cost.

Plan Your Own Green Event

There are a number of events that you can plan with your staff to go green. Try to create your own festival or event to show people that it’s possible to organise an event without using many resources. Make sure to use recyclable materials so that you don’t waste more than necessary.

Mark Lyttleton is a speaker, angel investor and business mentor with interests in several early-stage companies. This article will explore the many different ways that business mentors can help budding business leaders, providing the experience, expertise and contacts to help them get their enterprise off the ground.

Business mentoring is more than a buzz phrase, providing inexperienced entrepreneurs with the benefit of a mentor’s extensive experience, knowledge and valuable contacts. Business mentors help founders to develop both personally and professionally, serving as a role model and often forming long-term relationships with the founders they work with.

Mentoring is distinct from coaching, which tends to be for a shorter duration and focus on a particular issue or skill that requires improvement. Business mentoring involves helping entrepreneurs to overcome challenges they would have struggled to get through on their own, providing them with breathing space to think about how to develop themselves and improve their performance.

A business mentor provides founders with someone to talk to and bounce ideas off who understands and relates to the founder’s situation, providing them with the reassurance that they are not alone and inspiring and motivating them. Mentorship can also boost an inexperienced entrepreneur’s confidence, helping them to develop and improve their people skills and self-awareness, deal with difficult situations and plan for business success.

The support of a business mentor provides entrepreneurs with the benefit of invaluable insights that could have a transformative impact on business performance. A great business mentor is someone who has experienced first-hand what it takes to build, operate and scale a successful business. They provide entrepreneurs with the benefit of their extensive experience, sharing lessons they have learned from their own successes and failures. Mentors not only serve as a sounding board but also provide critical feedback, helping entrepreneurs to develop and improve their business.

From the mentor’s perspective, helping inexperienced business owners to navigate the early-stages of their business can be a highly rewarding experience that confers a variety of different benefits. First, being a business mentor can help boost confidence. Mentorship requires an individual to constantly test their skills, solidifying their expertise in various verticals and better equipping them to take risks in their own career (and reap the rewards of those risks).

Mentorship presents the opportunity to look at a business from a fresh perspective, witnessing the growth of a passionate and enthusiastic individual and helping them transform their promising ideas into a profitable business. In nurturing their talent and helping them to grow, lifelong friendships can be formed, creating connections that could prove very valuable later on. Business mentors also benefit from an opportunity to invest in people, paying it forward. Many mentors report feeling a huge sense of satisfaction in helping inexperienced entrepreneurs to find their feet and realise their business goals. In addition, the mentoring process forces the mentor to look at the world differently, through another person’s eyes, providing the potential to reinvigorate their own businesses, creating scope for improvement, and helping them to recognise opportunities they might have missed.