4 PRACTICAL WAYS in which you will innovate your company in order to stay ahead of the competition.
You are an entrepreneur in your first year of successful small business but the competition is starting to catch up.
Describe ways in which you can innovate the company in order to stay ahead of the competition.
You are a deli business located in a semi residential-corporate neighborhood and there are several big businesses and schools around.
The first practical we would innovate within our deli company to keep a competitive edge is through using technology to innovate.
Most delis are not a part of the mobile app delivery system.
We would immediately create an account on delivery and local review sites to offer deliverable deli items via mobile app.
Recognizing that many businesses rely on expedited service during mid-day lunch hours, providing a means for consumers in local businesses to order items on a deli menu and have it delivered would provide a competitive edge.
The next innovative step needed within the deli business would be partnerships with local businesses in the area. Many offices have workers round the clock who enjoy never leaving the office or disturbing their workflow.
Creating payable accounts with companies that allow their employees to order meals (within a limit) and have their orders delivered, would create a competitive edge that most delis would not be aware is happening.
Also, we would negotiate deals where top-level management has 50% discount for exclusive lunch time food accounts for their employees.
Implementing a reward or incentive program helps with continuity and loyalty in a competitive deli marketplace.
Our deli would reward the individual who purchases their morning coffee and donut with us, and in the same day decides to have a deli sandwich.
Provide these loyal consumers the same discount students or senior citizens receive, with twice the amount the customer spends in their customer life cycle.
Finally, we would implement contracts with areas schools and businesses to provide morning coffee and pastries for staff and oranges and apples for kids.
Items that are inexpensive and popular to source while creating bundle offers we can negotiate subscription based contracts with companies and schools, to provide faculty, staff, and students with items they frequently consume in a work or school environment.