Dear Aunty B,
Our business is in a nightmare industry that is very dependent on the whims of government.
Recently there was a change to regulation that has completely altered our business and made our pricing very uncompetitive. I am aware of some of our competitors who are in the same boat doing irregular tax related activities in order to keep attractive clients, and we are being asked by clients to match these deals.
I don’t want to do this but unless we do I think we will go out of business and I am really concerned about our 15 employees.
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How do I compete Aunty B?
Dear How do I compete?
Do you like to sleep at night? Between your own sheets? Good. Because you are NOT going to compete with dodgy companies by doing irregular things. You are going to redefine your business so that you meet the new regulations. Because the company that is best adapted to the legitimate marketplace is the one that will flourish. The others? They will come unstuck, be found out and there is a chance, forgo their good night’s sleep.
What you have to do is this: set out a strategic plan for the next year that second guesses which way the market is going and first guesses the way to get there first.
Drill into your staff the message that they are staying true to your culture which includes providing honest, reputable service. And meanwhile, it never hurts to subtlety point out to clients that some people might not be playing by the rules.
Your Aunty B
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