If your new business is going to be operating in a competitive marketplace, it’s crucial that you find a way to differentiate your business from all the competitors out there.
In short, why should customers choose your products or services over what’s already available? (more…)
According to a study by Elements Global Services, 69 percent of UK businesses are planning to expand internationally in the next three years. At the same time, 58 percent of businesses described hiring and onboarding overseas staff as challenging.
Problems identified in the research include setting up global payroll, benefits programs and other HR essentials; costs and time involved in recruitment; and overcoming cultural barriers between overseas and domestic staff. How, then, can businesses face these challenges with confidence? (more…)
When I first discovered entrepreneurship, I was a blind optimist and believed that most entrepreneurs were succeeding, earning big money, enjoying freedom and making an impact.
I knew there was work involved, but I couldn’t understand why people wouldn’t choose to be an entrepreneur – success was a sure thing if you were ambitious, tenacious and focused on adding value. (more…)
For business founders, the “To Do” list is never ending, especially when faced with external demands from investors and stakeholders.
The need to increase revenue becomes an all-encompassing obsession, and it’s easy to forget “secondary” tasks – like marketing – that help to fill the sales pipeline.
But failing to build an effective marketing strategy will cause your growth plans to stall. And if you cannot demonstrate ongoing, increasing sales, it becomes harder than ever to secure subsequent rounds of funding. Miss your growth targets and stakeholders are often less than forgiving. (more…)
Ask a group business leaders, business owners, and entrepreneurs what their biggest business challenge is, and I’m confident you’d hear the same recurring thought: building their business in a sustainable, predictable, yet profitable way, quickly.
It’s a reality that most businesses never reach their full potential, always yearning for the thing that will catapult them into significance, but never really finding it.
So to help you in your business growth journey, we asked global growth authority, Royston Guest, to share his take on the ABC of business growth;
When you are looking for ways to promote your new start-up or small business you will, without doubt, soon hear the words, “content marketing”.
There’s a lot of buzz about content marketing at the moment, but what does it actually mean and how can small business owners use content to help grow their business?
This guide answers those questions, and also offers useful, practical advice if you are considering incorporating content marketing as part of your marketing strategy. (more…)
Marketing is about getting more business – and that includes getting more value out of your existing customer base – through delivering them multiple times the value you get.
If all you did was chase new clients, then you would be regularly losing the ones you already have, which means you would need to be constantly building. This is hard work.
There is an important model that will help you understand what to do in terms of sales and marketing for your existing customers, and it is one that every business owner should know and understand. (more…)
Striving to find a meaning in life is the most powerful driving force in humans. Acknowledging this as the key motivator for everyone involved in your business will help you to nurture the best achievements and results.
Neuroscientific research taking place around the world is beginning to piece together connections between the brain and behaviour, especially at work. This research is providing valuable insights into how to be a more effective leader. (more…)
You may have heard the expression: ‘Revenue is vanity, profit is sanity and cash is reality’. If ever there was a philosophy which I passionately believe in, it is this.
However, there are three important financial measures, which we need to unpack in this expression. Let’s look at each of them in turn; (more…)
These 7 Guiding Principles to business growth have been developed through my 20 years of experience in working with thousands of organisations. Their purpose is to stimulate your thinking about the critical challenges and opportunities in growing your business and how you can avoid some of the errors that might otherwise stifle your growth potential or, worse, derail your ambitions.
As you read through these Seven Guiding Principles, score the current performance of your business against each on a scale of 1–10. How does your business shape up? (more…)
If you’re starting a new business you’ll, no doubt, want to establish and build a strong brand. Doing so will bring huge benefits over the long-term, helping you to stand out from the crowd, generate more customers and ultimately build a more valuable business.
But how do you build a brand, and where do you start? We asked branding expert, and author of ‘Winning in Your Own Way; the Nine and a Half Golden Rules of Branding‘, Robert Bean to explain;
…continued from Part 1 of Build a Brand, Build a Business (more…)
The craft business boom of the last decade has brought plentiful opportunities for businesses and customers alike.
For entrepreneurs involved, however, managing growth and expansion while retaining the original values and quality that initially propels a business to success can sometimes be easier said than done.
Growing and scaling a craft business presents unique challenges but offers unmissable opportunities and rewards. So to help craft business owners understand how to successfully grow their enterprise without compromising on their principles, we asked Jeremy Torz, Co-founder of Union Hand-Roasted Coffee to share his insight and experiences;
If you’re running your own small business, or thinking about starting one, then chances are that you’re already creative and putting your ideas into practice.
But as any business owner knows that your initial idea is often just the start. (more…)
The fear of failure is one of the most common reasons why people decide not to start their own business. Hauling yourself out of your comfort zone and throwing yourself into the unknown takes a certain amount of courage and self-assurance.
Leaving a cosy, secure job to try and turn your business idea into reality is definitely a risk, but if you follow sound advice you’re more likely to succeed.
When it comes to good advice on starting your own business, successful entrepreneurs are always worth listening to, so we asked David Rusenko, founder and CEO of Weebly to share his 10 top tips on starting and growing your own business;
If you were to survey a group of entrepreneurs about why they started their business, I’m sure you would get a huge variety of interesting answers. Of course many of them will have been motivated by money, but I would bet that one of the most popular reasons would be a desire to create something meaningful for themselves.
The prospect of taking control of your own destiny and being your own boss is a powerful motivator. I personally spent years as a Wall Street trader but found that the money I earned and lost just became numbers that had very little meaning to me.
Chasing money felt like an empty pursuit, and deep down I really wanted to start and run my own business, be the boss, and build stuff that I could actually point at. (more…)
If you are running a successful business, the prospect of replicating that success throughout the country, with a team of crack managers at the helm can seem very attractive, but franchising is hard work, and lots of planning is required to ensure it is a success.
You’ve established a company, it’s successful, and everything is running smoothly. Congratulations, that’s a fantastic feat. But…
… at some point every company will find that its growth has plateaued. Although things are stable, stimulating growth becomes an issue and the company isn’t climbing to the next level.
When this happens to you, do not panic, take these five steps and you’ll kick-start your business growth strategy.
Your business is growing and you’ve taken on one or more additional staff members – but are you really maximising their skills and getting the best out of them?
Or, if you’re honest, do you find yourself still doing some of the things you employed them to do?
If you want your business to grow, it will mean employing more people. And to give those new members of staff the best chance of helping you break through to a whole new level of sales and productivity, it’s important to set up systems.
These systems need to be scaleable, understandable, and effective. Don’t charge ahead and introduce systems blindly as you may find they are largely ineffectual, doing little, if anything to boost your company’s performance.
To construct clear, simple, effective systems. that will optimise your output, you need a foundational knowledge of the three basic layers of systems. Shweta Jhajharia, of The London Coaching Group explains;
Archimedes said, “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.”
What he is talking about is that with the right tools, you can achieve a lot more with much less effort. And this ‘leverage’ is a critical step in taking businesses to the next level.
The point of it is that you do the work once and achieve the result over and over again using this leveraged system. Shweta Jhajharia, founder of The London Coaching Group outlines 4 ways that you can use the power of leverage to help your start-up succeed.
When you start a new business you will need to do almost everything. This means you will need to roll up your sleeves and take a very hands-on approach. You will be working IN your business.
However, if you want to grow your business, you will need to pass on the day-to-day work to others and spend more time managing. You will need to work ON your business.
Some business owners find this shift difficult because it means giving up work that they enjoy. You, along with thousands of others, may have started your own business so you could follow a passion. But growing a business means that you can become detached from the work that fulfils you, and the very reason you started your business in the first place.
So how do you decide whether you really want to run your business?
As business owners we all make mistakes. It’s part and parcel of being an entrepreneur and taking risks.
Sometimes going wrong it’s part of the learning curve we all need to experience. However, there are some common pitfalls that catch many new business owners time and time again. They trip up the unwary, hold you back and stop your business from fulfilling its potential.
Knowing what these mistakes are will help you spot them before they ensnare you – saving you precious time, effort and money. Here, Shweta Jhajharia reveals the 6 leadership traps you need to avoid if you want your business to flourish.
Co-creation is the joining together of people to produce a mutually valued outcome.
In business, it is the cultivation of win-win solutions where efficiency, success, and staff fulfilment march hand in hand. Co-creation brings many benefits to businesses, such as;
- Team members feel respected and honoured, and they know their contributions make a difference.
- Job satisfaction and creativity is ignited, there is a positive flow of ideas, and problems get solved in surprisingly simple and practical ways.
- Staff remain loyal and stay longer because they love what they do.
For the entrepreneur, co-creation can be a challenge, a real anathema. The building of a business demands resolve and determination to push through ideas in the face of disbelief and scepticism.
For business owners who have honed such skills, co-creation may not come naturally. They struggle to let go of being in charge, and risk blocking further evolution of the business. Maybe this is due to a subconscious belief that no one can do the job as well as them – or indeed, a dread that others may do it better.
Parents, politicians, pundits, pub philosophers. They all have something in common – an arsenal of adages, aphorisms, proverbs, mottos and maxims. But of all the oft-used phrases you’ve heard in your life, which do you think sticks with people most?
- Give a hundred and ten percent
- Never say never
- Game of two halves
- Winter is coming
Most new businesses will fail within the first five years. If you are starting a business you have probably read this before. Do some research and you’ll find that poor management, inadequate funding, or failure to understand your customers tend to top the lists of why this is the case.
Continue researching and you’ll get much on how to make your business a success, with advice like write a business plan, conduct market research, and ensure you have enough capital before you begin, all good suggestions.
However, even the most innovative idea, followed by the most robust market research, accompanied by more than adequate funding can still fail. That’s because success is rarely the product of any single task or decision. (more…)
Being a business owner, and your own boss, is one of the most rewarding things you can do in life, but it can come with some drawbacks such as long hours, stress and a poor work/life balance.
If you’re running your own business and want to stay on top of your game for the long-term, you need to look at the way you integrate work into your life. If you work too hard, you can run yourself into the ground and actually end up damaging the business, you so desperately want to succeed.
So here are 9 thing you can do to help strike the right work/life balance while running your own business; (more…)