Start-Up and Stand Out
5 Tips for Improving your Small Business
July 8, 2020
Producing a successful business requires consistent learning, great leadership, and an open mindset when discussing new strategies. At the Charles D. Close School, courses such as Leading Startups, Building Entrepreneurial Teams, and Managing Entrepreneurial Growth provide entrepreneurs with the tools and framework to create a strategy, build a team, and grow with limited resources. Whether you're looking to tweak your marketing strategy or advance your product, here are our 5 entrepreneurial tips that will help your team and business standout:
Teamwork makes the dreamwork! A strategic partnership is a great way to boost business while reducing costs. Collaboration can help your company gain access to a new audience and boost your awareness. Strategic partnerships usually refer to a mutually beneficial agreement between two companies that aren’t direct competitors (think Amazon and Vogue). A strong partnership can enhance company offerings and can cut the investment costs of starting a new service by combining resources and sharing in client work. These types of collaborations can bring a much-needed revenue boost to companies and give them an advantage over the competition!
Think Outside The Box
We know. That old “thinking outside the box” figure of speech that every business meeting touts. This term may seem generic and repetitive, but the ability to step back and take an unbiased view of your business landscape is a vital skill to the long term success of entrepreneurs. Those who can see a problem differently and evaluate uncommon solutions will always have a competitive edge over those unwilling to get creative and experiment. While it may seem counterintuitive, setting boundaries while searching for inspiration can help to bring more depth to an idea. Furthermore, looking for inspiration in unassuming places can help force your team to make connections outside of the problem and potentially solve the root of the problem rather than the symptom - ultimately leading to a greater solution.
Diversification In Your Workplace
Running a business alone is tough, and building a strong entrepreneurial team is an important part of any startup. Surrounding yourself with a diverse team will help bring a different point of view to the company discussions. It is very important to put focus on obtaining a diverse workplace. Hiring employees with different perspectives allows for more thoughtful discussions on important issues, bringing more value to problems and their solutions. This will help broaden your company’s horizons and accelerate business development, all while creating a strong brand voice and expanding your growth potential.
Research Your Market
When entering a new market, it is important to have comprehensive knowledge of your new market segment and competition. Research platforms, like AdBeat and IBISWorld, provide essential intelligence on competitors to help you make informed decisions. It gives entrepreneurs the opportunity to gain access to digital targeting and market prediction data for various sectors. Data regarding the advertiser's online strategy and the ads that have been running for the longest duration of time are also made available. Becoming educated on other businesses within your market gives a blueprint for the various strategies currently in use by your competitors for success.
Customer Loyalty Programs
Research shows that loyalty programs are an effective way to increase sales and return purchases. Studies show that the average cost of gaining a new customer is three times higher than the cost of selling a repeat purchase to an existing customer. Other resources pin this number anywhere from four to ten times more! Building a customer loyalty program will help you retain customers through incremental rewards, as well as attract new clients. If there is a clear incentive for spending more money with you over a competitor, then your business will receive long-term benefits.
Starting a business can be stressful but with the right team, creativity, and some good research, your company can get ahead of the curve. Using the skills learned through the Close School of Entrepreneurship will give your startup an upper hand especially after courses such as Leading Startups, Building Entrepreneurial Teams, and Managing Entrepreneurial Growth. Using these tips, what will you do to make your startup stand out?