Top tips to stay ahead of the game - Business Works
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Top tips to stay ahead of the game

Vashi Nanwani Dominguez, MD Diamond Manufacturers Ltd The newspapers are so full of doom and gloom at the moment that it would be easy to think that all businesses are struggling. We are clearly going through some tough economic times, but some businesses are still thriving and even growing. At Diamond Manufacturers, we have been experiencing 100% increase in turnover year-on-year. What are we doing, how have we managed it?

Competition is fiercer than ever. It is therefore critical to innovate continually: if you donít you will end up playing catch-up. You canít expect to rely on what worked yesterday, because it probably wonít work tomorrow. Remember always to focus on the big picture, just focusing on the small details will mean that you miss new opportunities and threats.

Make sure you differentiate. Why should customers come to you and not competitors? If youíre a small company, donít follow market leaders as youíre not in a position to be able to match what they do. Instead, look at how to turn your weaknesses into strengths. For example, if you have 100 products and the market leaders have 100,000, you could write more compelling descriptions. Itís not hard to do this for 100 products, but you wonít see many companies that do this with 100,000 products.

Diamond Manufacturers Ltd

Good customer service is the key to a successful business. Ensure that those on the front line with customers understand the level of service you expect them to give. Great staff are not the ones with the best skills, but the ones who have the attitude that matches the culture of your business. If you donít recruit the right people, money and time are wasted with training and development.

Continually review and remove any barriers to buying. People are overwhelmed with choice and have very little time, so you must ensure you make it very easy for them to do business with you.

Customers are always looking for the best value they can get. That can mean price, convenience, service, delivery or a combination of these. Value will vary from industry to industry and even between different customers. You therefore need to look carefully and what your customers value and then deliver it - and show that youíre delivering it.

However high your turnover, this will not translate into profits and a sustainable business if you donít stay on top of your overheads and drive costs down. However, be really careful where you cut costs. Many companies make the mistake of cutting their marketing budgets, but this is one of the last areas where you would want to cut costs. Cutting marketing will cut sales - and without sales, you have no business.

Best of luck!



Vashi Nanwani Dominguez is Founder and Managing Director of Diamond Manufacturers Ltd that sells diamond engagement rings at prices which are, on average, 20% cheaper than their competitors. They buy diamonds direct from ethical sightholders, eliminate the middlemen and pass those savings on to their customers. Formore information, please visit: diamondManufacturers.co.uk



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