Growing A Business: 3 Things I Wish I’d Known Earlier
Growing a business has never been easy. But there are companies out there who seem to be actively undermining their potential. If you want to be successful, this has to stop. Small enterprises need to change the way they operate to be more growth oriented. That means taking more strategic decision, and sometimes, more risk. Here’s what’s holding back your business from growing.
You Can’t Have A “Build It And They Will Come Mentality”
Many companies build products with a mentality that says, “if we build it, they will come.” But it’s not enough just to build something. The history of business is littered with ideas that were great but never amounted to anything. Good ideas also need good marketing. So it’s crucial that your business doesn’t allow marketing to take a back seat.
Remember, marketing is all about introducing consumers to your product. They want to know that if they spend the money, they’ll get good value. That’s why it’s so important for businesses to give out samples or free content. Customers need something to latch onto that gives them confidence they’ll get a great service.
Don’t Insist On Cash
They say that plastic is the new cash. But for many small businesses and traders cash is still king. Why? As the world gets more digital and automated, it seems positively out-of-date to use money. And yet many bosses are under the impression that cash is still king. It’s not. There are better and more convenient ways for your customers to pay and complete transactions. Two-thirds of all point of sale transactions are now conducted using credit and debit cards. In 2015, no more than 27 percent of transactions were carried out using cash. And this is set to fall further. By 2017, it’ll be down to 23 percent. In fact, many have predicted the death of cash at some point in the 2020s. By that stage, so few transactions will be in cash, it will hardly be worth using.
Also, every year we see more movement away from the physical and towards the digital. People aren’t just playing more Second Life and Pokemon Go. They’re doing their shopping online too. And if there’s two things that don’t mix, it’s internet shopping and cash payments. Businesses seriously need to consider online payment processing services that can help bring them up to speed. Being able to take online payments accelerates the growth of your business. And it makes it much easier for new customers to do business with you.
Professional Skills Aren’t Enough
It’s been said time and time again that all you need to run a business is a skill. That’s why so many accountants, lawyers and even journalists set up their own companies. They want out of the rat race – and good for them. Except there’s just one small problem with this plan. They don’t have the skills they need to run a business. Professional and entrepreneurial skills are two entirely separate disciplines. Entrepreneurs rely on instinct and grit, as well as their ability to manage people. If you want your business to grow you need to be good at the entrepreneurial stuff too.