WHAT WE LEARNED THIS WEEK: Don’t sell too early

Since Steve Jobs’ death, plenty of entrepreneurs, employees and notable industry folks have been finally able to reveal anecdotes of interacting with Jobs and the company, many of them a testament to Jobs’ work ethic and dedication.

One new story this week surrounds the popular start-up Dropbox, which had caught Apple’s eye. In a meeting with Steve Jobs, the company was offered a nine-digit acquisition offer – an incredible opportunity for a start-up.

However, the founders declined and held on for something better. This week, it’s reported the company is now valued at over $US4 billion.

Getting a buy-out offer from Apple seems like a dream come true for any entrepreneur. But it wasn’t true to the founders’ vision, and certainly wasn’t the best move for the company at the time.

Just because you get a buy-out offer, or are presented with an opportunity that seems too good to be true, doesn’t mean you should take it. Don’t sacrifice the vision of your company for some short-time financial gain. In the end, you’re passing up the real opportunity to realise the full potential of your business.

…But don’t pass up an opportunity

Last week department store giant DealsDirect made its biggest acquisition ever, purchasing the corporate shopping network Shoppers Advantage. It’s a big move that will combine some of the companies’ key strengths and enable them to grow even faster.

Although you should be wary about getting involved in acquisitions, you should also be open to the fact they can expand your business faster than you expected.

If you have a particular weakness and an acquisition opportunity presents itself, be willing to consider it. In the long run, it’ll make things much easier.

Let people shop whenever they want

PayPal released a study this week predicting that online commerce will reach $US37 billion by 2013, with average growth year-on-year of 12% until then. It’s impressive growth and with figures showing domestic retailers make up 73% of that, proof that consumers are willing to buy online from local companies as well as exporters.

But advice from PayPal Australia managing director Frerk-Malte Feller lays the issue bare for businesses that want to make the most of that growth – ensure customers can buy whenever they want.

Online retailing is much more than just about having a website. Now, you need to ensure that whenever a customer wants to buy something, you will allow them to do so.

Whether that means overhauling your digital catalogues to include payment methods, or to make it easier for them to buy items on your site, or even starting a Facebook store, you need to think seriously about how you’re going to improve your digital presence this Christmas.

Don’t get lazy with your upgrades

ePal has started a trial this week with Bendigo and Adelaide Bank using new cards that allow users to make contactless payments. It’s a big move in the group’s push to compete with Visa and MasterCard as both contactless and mobile payments take off.

There is a lot of innovation in this space, and as such, ePal has put a lot of money into upgrading cards and ensuring the technology is sufficient to compete with the next generation of payment providers.

Whether or not ePal is successful or not will take time to tell, but the move represents a good lesson for SMEs in that they should always be focused on upgrading and ensuring their equipment is the best it can be.

Whether that’s your main product – or even your aging IT systems – is up to you. But don’t just assume that because something has always worked, it will continue to work in the future.

Pay attention to industry and consumer trends, and then upgrade your systems as a result. Being left behind can be more costly in the long run.

Create the perception of value

Last week Apple launched the iPhone 4S in both America and Australia – in fact, Australian stores were selling the device hours before the US release.

Like any Apple launch, there were hundreds of people lined up at stores across the country. But this year there was one distinct difference – a huge amount of stock.

More than any other year, Australian users have been able to get their hands on an iPhone extremely quickly. Reports indicate Telstra, Vodafone and Optus stores, along with JB Hi-Fi, still have plenty of stock available.

While Apple has already broken plenty of sales records, the launch serves a good lesson about value. In previous years, when stock has been quite low, the value of the iPhone has increased. This year, however, there seems to be an element missing from the iPhone launch. Because it’s more common, it’s not as special.

Create some value in your own products. While you may not be as big as Apple and have the ability to squeeze your supply lines to create that perception of value, there is still a lot you can by examining which of your products are the most popular and then experiment with ways to create value, by either adding other products, or taking away some stock.