Let’s Talk: Build value and avoid competing on price

Image credit: Randy Fath

Judging how to price your service or product can be challenging, particularly in areas where rivals are pushing competitive prices. So, how do you keep your business out of a pricing competition? Let’s talk…

‘When COVID hit, I bought out my competition’: SpeedFit CEO on acquiring rival during the pandemic

Matej Vaharlike, Speedfit CEO and Co-Founder | Image provided

“Out of a global pandemic came an unusual opportunity and we took it.”

Why competition is killing your business

Byline: Wendy Born Any kind of competition within an organisation limits the ability for that organisation to reach its full potential. There is no place for competition within the confines of a team, function or company.  Competition should be kept to external competitors as this provides the consumer with the best possible outcome, market conditions. … Continue reading Why competition is killing your business

Let’s Talk: Competition

When your business has lost its competitive edge, it’s time to take a long, hard look at your product, credibility, and most importantly – what your customers think and want. Taking the first step to reflect on your business and make necessary changes can be quite confronting for some business owners, but according to Michael… Continue reading Let’s Talk: Competition

Digital grants amongst recommendations to help SMEs against overseas, online competitors

A parliamentary committee chaired by ex-Deputy PM Barnaby Joyce has made six recommendations to the Federal Government to help small businesses compete against overseas, internet-based firms marketing to Australian consumers. In its report into the impact of global, internet-based competition on local businesses, the Innovation, Industry, Science and Resources Committee recommended the creation of a… Continue reading Digital grants amongst recommendations to help SMEs against overseas, online competitors

Australia’s Competition law penalties may be too low to sufficiently deter breaches: report

The OECD has found that penalties for competition law breaches are ‘significantly lower’ in Australia than in comparable OECD jurisdictions, prompting the nation’s competition regulator to announce it will rethink its approach to competition law enforcement. The OECD report, Pecuniary Penalties for Competition Law Infringements in Australia(link is external) compared the penalties for companies which breach… Continue reading Australia’s Competition law penalties may be too low to sufficiently deter breaches: report

How to work out what price to charge

The price that is set for products and services is one of the most crucial decisions business owners and managers must make in a business. Entrepreneurs, new businesses and small business often give too little thought to this highly complex matter and the consequences can be dire. Pricing requires thought and an understanding of the… Continue reading How to work out what price to charge

Amazon a ‘worthy opponent’ for retailers but can’t offer ‘retail as entertainment,’ says NRA

With Amazon having its soft launch in Australia, today, Dynamic Business spoke with Dominique Lamb, the CEO of the National Retail Association (NRA) who admitted the ecommerce giant was a ‘worthy opponent’ for local retailers but one that can’t satisfy demand for ‘retail as entertainment’. [Related: Let’s Talk… Ecommerce and If you can’t beat them, join… Continue reading Amazon a ‘worthy opponent’ for retailers but can’t offer ‘retail as entertainment,’ says NRA

Competition law reforms now in effect will level the playing field for small businesses

Reforms to the Competition and Consumer Act 2010, which took effect this week, will level the playing field between small and big businesses while providing consumers with increased choice and better services in the market place, according to Small Business Michael McCormack. Commenting on the commencement of the Competition and Consumer Amendment (Competition Policy Review)… Continue reading Competition law reforms now in effect will level the playing field for small businesses

How to master risk management in an SME

Every business owner understands that the rewards of running their own company are immeasurable, but the tradeoff is that you also bear the brunt of the consequences if things go wrong. This is why it’s important to have a risk management plan in place. Having a strategy for the common pain points that your business… Continue reading How to master risk management in an SME