Procrastination: Do you take your competition seriously?
Investing in your business has many benefits and can give you an edge over your competition. But… when will you invest? Is waiting wise, or do you sometimes need to take a risk?
In practice, we see that many significant decisions by companies are currently being postponed. There is great enthusiasm at the beginning, but it fades when the idea comes to a standstill internally. Often, it’s not the initiator who causes this stagnation. More frequently, it’s because you have too many colleagues to communicate with about it, or you’re dealing with a management that doesn’t see the urgency. There’s no rush, and that’s why everything gets postponed.
The consequences of procrastination
In addition to the fact that not implementing an idea is a waste of time and research when you’ve invested in it, it also has other consequences. Your business may come to a standstill and wait, but your competitors do not.
The economic situation in the Netherlands is still not ideal, but online shops continue to grow steadily. Not only have there been at least 71,547 new online shops in the past 10 years, but for the first time, there are even more online shops than physical stores. And what’s interesting is that many of these online shops have an international focus. In the third quarter of 2020 alone, European online shops generated around 600 million in revenue, entirely from Dutch consumers.
This means that your competition is becoming increasingly larger and even surpassing the boundaries of the Netherlands. Furthermore, your competition is not only growing in numbers but also in revenue.
Should you invest?
Yes, but it doesn’t always have to be with large amounts of money. It entirely depends on your specific situation. If you currently don’t have the means and funds to make significant investments in your business, then focus on smaller improvements. Don’t remain idle. Perhaps you can shift your focus more locally, improve your design and marketing, or scrutinize your internal processes. Always strive to move forward, so you don’t lose ground to your competition.
Do you currently have the means and the opportunity for an investment? If so, it’s definitely worth considering in the short term, provided you conduct thorough research. The money from a good investment will naturally pay off. With a bad investment, you’ll lose it forever. Therefore, don’t underestimate the importance of thorough research and assess what your business needs. How are your internal processes running? Is your product and order system of high quality? What does your website look like?
We would even recommend getting an external perspective to take a fresh look at your business. This can provide valuable new insights.
What should we invest in?
However, we want to emphasize once again: Good product information is extremely important for your organization. This not only benefits your customers but also your own company. By having your information in order, you are more likely to be found by Google and ultimately by AI like ChatGPT. Additionally, it has many other benefits, such as better data organization and the ability to personalize your website.
Be prepared for the future and ensure that your customers lack nothing in your webshop!
Do you want to have your business examined or have questions about maintaining product information? Feel free to contact us! We’re happy to assist you in an obligation-free conversation.
