Profits can be deceiving and while the goal for every entrepreneur should be to make a “profit”, this actually can be interpreted in a number of ways.
For instance, founders of not-for-profits often take large salaries and can live a lifestyle far above the average small business owner. And though the traditional idea of a profit might be how much money is left in your pocket at the end of the day, some might view an increase in company value (if you plan to sell) or non-monetary benefits as “profit”. Still others view improvements in lifestyle as a unique kind of “profit” for an entrepreneur.
If you want your business to grow, it can come down to a few essential principles. Offer an outstanding product or service, fill a need or solve a problem, provide great customer service, and make sure everyone knows about your business.
Sounds simple, right? It isn’t. But let’s look at them individually because there is more than meets the eye when you start to get into details.
There’s lots of businesses that get by with a mediocre product or service, which is fine for some. But to experience real growth, you want to offer something that stands out, for a few reasons. It can create word of mouth, generate referrals, and help you grow business. Refrral marketing is a business strategy that can give you an edge – but you have to be offering quality for it to work.
In order for a company to realise success, it’s absolutely imperative to have a well-thought-out marketing plan. A well-rounded marketing plan is one that includes online and offline efforts in order to target the absolute maximum number of potential clients and customers. For those business owners who are trying to juggle it all on their own, including the marketing plan, it can be rather difficult to find the time to get it all done. Digital marketing may be one area that a company makes concessions in, figuring it’s not necessary.
There is so much to consider when you’re starting a new business adventure. From designing a unique logo and website, to business branding, budget and risk management, setting up the right insurance cover is just a small, but essential, part of the bigger picture. Unfortunately though, it’s usually one of the last thoughts and investments we tend to make.
Take your marks, get set, go!!! 2018 is underway full steam ahead. As 2017 flashed before us, some of us may still be slowing getting back into the swings of things, whilst others have already ramped up. Either way, if you have set your plans and goals for the year, or not, here are my top tips to ensure 2018 is going to be Bigger, Brighter & Bolder.
Regardless of whether you feel fine or not, regular health checks with your GP are essential. As adults, we’re urged to seek these regular reviews of our full body health to anticipate or prevent health issues down the track. The older we get the more vital it is to stay on top of these things. The same goes for your business. You wouldn’t put your health on the backburner, so keeping your business’ health in check should be just as a high of a priority.
It’s these indispensable health checks, body or business, that provide an easy way to spot potential problems before they happen. And when your hard work is at stake or you’re building a small business empire, skimping on periodic checks can be a recipe for disaster. Not to mention, the financial and business risks you expose yourself to in the process.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett.
I find myself appealing to the wisdom of this quote a lot. Why? Because people still don’t seem to get it! I don’t know if they ever will.
We live in a time of unprecedented uncertainty and distrust and yet people still fail to recognise that reputation is everything.
Business leaders recognise the need to conduct business risk assessments, but all too often we overlook some major risks. Time and again I see people – smart people – underestimate brand and reputation as major risks. Often I see people fail to recognise brand and reputation as risks at all.
Outsourcing business functions are one the smartest ways to save time, money and resources. As a small business owner, it can be hard to know when to delegate. But if you want to achieve all your corporate goals and grow successfully, knowing when to share your plate is vital.
There’s no denying that outsourcing saves time and money and frees up your team so you – as the business owner – can focus on your core strengths. And who wants to waste precious skills on attempting tasks that can be better left to the experts, anyway? When it’s your hard work and budding business at stake though, leaving certain jobs to other people can be a scary thought.
The Internet is oversaturated with content. Every minute, 400 hours of new video are uploaded to YouTube and 350 thousand tweets are sent. Every day, more than 2 million blog posts get published. This all has made digital marketing more complex than ever. How are you supposed to build any Google Authority with all that noise? In order to be able to devise successful digital marketing strategies, today’s marketers must innovate.
The year 2017 is coming close to its end, and marketers are trying to develop their own unique digital marketing strategies for success. The best marketers are trying to think beyond best practices and are willing to innovate. Others are wondering whether they should stay on the course they planned in 2017, or adjust. The reality of the business world is that it’s constantly changing and one needs to keep up with trends in order to succeed. To prepare for the upcoming year, you should know the current digital marketing trends and consider implementing them into your existing digital marketing strategies.