Missing the Christmas rush might seem like madness but we decided not to launch Eliot Turner until the New Year. This was a tactical decision as we identified a risk which was not worth taking. The risk was regarding our stock management or the lack of it.
Competitor analysis involves learning more about the businesses that function around the same target demographic as you enabling you to assess their strengths and weaknesses whilst identifying opportunities and threats to your own business.
Often businesses become obsessed with competitor analysis whilst others can ignore what their competitors are doing completely. A healthy medium would be [...]
On Monday 29th June, Justin and I spoke at the SuperMondays event held at Newcastle University about the eCommerce experiment to a crowd of approximately 40 people. Thanks to Ross Cooney for inviting us to take part.
I believe that any business with clear goals which everyone in the organisation is working to will always succeed. We sat down as a team to discuss the goals for Eliot Turner for the coming year.
We decided to set 5 realistic goals which are:
1. Achieve a turnover of £100,000 in the first year of trading
2. [...]
We decided early on that we were going to develop Eliot Turner on a shoe string budget. Setting up the experiment was going to be fun, setting it up in a “recession” was going to be fun, doing it on a budget would make it incredible.
We have therefore decided on a budget of £1000 which [...]
In the long terms will we stay with HSBC? I doubt it unless our business grows drastically to over £1 million. The major problems I had with HSBC are that unless you are a sizable business they really don’t care and are faceless in communicating with their customers. When you need something from them you have a long drawn out process and no ability for them to be flexible. Business colleagues who are running large turnover businesses can’t speak highly enough of HSBC as a personal bank manager is appointed.