Whilst changes in the world marketplace, such as globalisation and digital technology have opened many doors for businesses, they have also led to increased competition. For many companies, it is no longer enough to excel in one particular area, they must now compete in other areas such as logistics and marketing. With this in mind, here we explore various ways in which your company can gain a commercial edge.
Products and Services
The fundamental requirement for outstanding products and services remains. Without this quality at the core of your business all other peripheral factors are deemed relatively redundant. The primary concernof all companies, wanting to gain a commercial edge, should be to deliver on what they do best, whether it be the manufacturing of goods, retail or providing a service.
Marketing and Advertising
Once you have a great product or service, then you will need to make potential customers and clients aware of it. Generally speaking, there are two ways to go about marketing for your company, do it in-house or outsource it. Many would argue that in-house marketing is more likely to provide you with a commercial edge, as it is more conducive to focused and agile campaigns. The trend for using digital agencies, however, cannot be ignored and so it may well be that the choice is made after considering other factors such as your company’s capacity for physical and human resources.
How companies go about choosing and using their business premises also plays a key role in gaining a commercial edge. This is one of the areas where companies may be best advised to seek the help of experts. Specialist firms such as DWF can help businesses find suitable premises and also assist with the legal challenges that come along with securing real estate. Many factors need to be considered including location, proximity to support and transport networks for example.
It isn’t just real estate where expert advice for law firms can help companies gain a commercial edge. There are a broad range of legal matters that may need to be taken care of including the protection of intellectual property, employment contracts and disputes. Having the counsel of a reputable legal team, whilst amounting to a cost, can pay significant dividends over time.
There are, of course many other ways in which companies can gain a commercial edge over their competitors, however, looking after the four core areas covered here will act as a firm foundation from which to explore those most relevant to your business.