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You Don’t Need to Be Mark Zuckerberg to Gain Business Insight

As an ambitious entrepreneur, you want your business to become as successful as physically possible. This is why you’ve already analysed the stories of Mark Zuckerberg, Richard Branson, and other world-famous entrepreneurs. But there’s no reason to limit your source of inspiration to those people. In truth, you can often gain even greater ideas from companies that are far closer to yours in both size and industry.

You must accept the fact that your company is far from perfect. With this fact established, you must make the necessary upgrades in a host of business areas. Focus on the four areas below by borrowing ideas from others, and the results will begin to show in no time.

Cashflow Management

Money is the most important to any modern business, and yours is no different. The early stages require immense maturity, especially when you spend money. For starters, this is why you must always go the extra mile to find the best deals on all investments. Take this approach when you hire staff, choose insurance deals, and purchase key assets. However, you cannot afford to stop there.

There is a huge desire for ownership in this world, but it isn’t always needed. This is especially true in the world of business. Learn when to lease key items rather than buy them, and you’ll see a major boost to efficiency. In turn, that should allow you to grow the business with an increased volume of additions and reduced level of danger.

The ability to utilise assets to their full potential separates the good business owners from the great. Rent out some of the equipment or business spaces to other companies to recoup some of the investment. It’s another source of revenue that can make a world of difference. Many of the best startups make good use of those ideas. Yours should too.

Image Credit: Pexels

Marketing

Zuckerberg and company work wonders in the realm of marketing. Your business probably doesn’t have the resources to emulate their campaigns. Still, there is an opportunity to gain huge inspiration from previous success stories. Before doing this, though, you must acknowledge the need for individual personality. Take 30 minutes to search social media for the best performing businesses, and you’ll notice that the bond with an audience is key.

You must avoid the trap of focusing solely on marketing firms. After all, their goals vary from those of every other company. It’s far better to analyse the success of companies that aim to grow visibility and awareness in the same way that you do. Le-Vel have achieved huge progress over the past few years by utilising multi level marketing. Take note of their methods, and put a unique spin on them to win over your unique market.

It’s easy to assume that a lack of funding spells disaster. It doesn’t. Instead, you must use this as an opportunity to get more creative. You’ve seen stories about graduates hiring billboards to land careers, and that type of ingenuity is key. The competition out there is fierce. But with the right approach, you will find a route to increased sales.

Image Credit: Pexels

Staff Development

Every business owner appreciates the need to build a great team. Many companies focus on the quality of staff members on day one. However, you can achieve far greater results than most. Hire capable employees and sculpt them through staff training. Do this, and long-term success is virtually assured.

Facebook, Twitter, and other tech giants use this idea. The ability to empower staff has helped companies from Bleacher Report to local restaurant chains. Invest in the best staff training for your employees, and they’ll drive the company to a far better destination.

A lot of business owners worry that they’ll lose talented staff to competitors. On the contrary, your investment will inspire positivity. Employees love feeling valued, and that loyalty is another incentive to stay. Besides, show them that they can climb the career ladder while working for you, and they’ll have no reason to leave.

Customer Care

One sale is great. However, if you can convert a one-time customer into a loyal one, the long-term results become far greater. Show that you see clients as more than a sale, and those gestures will generate sustained success for the business. While you cannot compete with the global giants in many aspects of business, this is one where you can surpass them.   

Take note of the bad businesses as well as the good ones. You’ve probably stopped using at least one company in your personal life due to a bad experience, and those sentiments could harm your venture too. Fit Small Business has produced a guide on the don’ts of customer service. Avoid them at all costs, and you’ll instantly stand a better shot.

You must also do the right things to keep customers coming back for more. Use telephone and email support to give clients a way of contacting you at all times. Combine this with a friendly nature and a fair returns policy for guaranteed success.

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What Red Bull Can Teach You About Effective Branding

Red Bull did the seemingly impossible.

Founder Dietrich Mateschitz started from practically nowhere in the mid-1990s to become the only successful new entrant into the soft drinks market for more than a generation, baffling experts in the process.

Red Bull grew its sales from six to 300 million cans between 1996 and 2006.

It makes for the perfect case study to examine, piecing their story together and learning lessons from their successes in branding.

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Of course, Red Bull isn’t the only company to try to enter the soft drinks market. Virgin attempted to do the same with its brand of cola 20 years ago.

But despite having the genius entrepreneurial backing of Founder and CEO Sir Richard Branson and a well-established marketing and logistics infrastructure, the company wasn’t able to break the market.

It’s competitors, the Coca-Cola Corporation and PepsiCo, continue to dominate to this day.

Although Red Bull’s target market was more open than the cola market — it was making energy drinks rather than direct Coca-Cola substitutes.

Today, it’s still lauded as a shining example of what is achievable in competitive markets on a small budget.

Red Bull showed that it was possible to enter the energy drinks market — just like Elon Musk demonstrated that it was possible to get into the automobile market and win with Tesla Motors.

Before long, others followed with energy drinks (Monster, Rockstar, NOS, AMP, etc.) and a whole new segment of the market was born.

For marketing companies, like AMW Group, none of Red Bull’s success is surprising in hindsight. The company essentially did what many modern marketing gurus today would recommend: forget about the product, just do something interesting and it’ll advertise itself.

For small business owners and entrepreneurs, this sort of thing might seem counterintuitive, but in the case of Red Bull, it worked.

Remember, Red Bull’s core product was little more than a fizzy cup of coffee in a can. The company knew that if it was going to get recognition, it had to go beyond the drinks and sell something else: an idea of what it meant to be a customer of Red Bull.

Red Bull decided that to make a name for itself, it had to literally give itself “wings” and so it started putting its branding all over extreme sports, including the spoilers of Formula One (F1) cars.

This set off a chain of events in the minds of its consumers and admirers (followers).

People witnessed stunning acts of heroism, like the best pilots flying planes around obstacle courses, jumping off mountains in wing suits, and smashing up against the crash barriers at the Monte Carlo race course.

They then associated the brand with incredible feat of athleticism, daredevilism, and fearlessness. This, in turn became associated with the drinks themselves.

Red Bull’s product was a shortcut — a quick fix — to achieve the same level of concentration and ability required to do what their favorite daredevils were doing in competitions, on TV and across the web.

If you’re an entrepreneur, it’s worth taking some time to do what Red Bull did.

First, think about the psychology of your target market/audience. Ask yourself, what is it that they really want? Is it the product itself? Or is it something more fundamental than that like an experience and a lifestyle?

If you get the formula right, like Red Bull did, you stand to make a lot of money.

Fun Fact: Founder Dietrich Mateschitz has led by example, learning to fly classic airplanes and even encouraging his employees (10,997) to do the same.

Make Employee Engagement Your Number One Goal

The main function of any business is to make money. You already know this, and commit yourself to making this happen. But have you got your priorities in order?

You make sure that your business stands out from the crowd. You offer great products at great prices. However,  success is still limited. Want to know why? It’s because you haven’t empowered your staff. Employees are your greatest asset, and it’s time to start appreciating this fact.

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Image Credit: Virgin.com

Famous entrepreneurs like Richard Branson have regularly cited this tactic as the key to success. Ultimately, an engaged and motivated staff will always pass that positivity on to the customer, and it will bring greater results. Essentially, a stronger team equates to a stronger business model. Here are three simple steps to getting it.

1. Be A Better Boss

You can’t expect employees to perform if you don’t lead by example. Research shows that bad bosses are the main source of staff resignations. So by doing your job well, the influence of your great work will filter through to the team.

Don’t be afraid to mentor your employees. They all have aspirations of climbing the career ladder, and you are the person to help them. Not only will this provide personal inspiration, but that support will make them want to work for you too. In turn, this will ensure that employees connect to the business in every aspect.

Above all else, completing your work to the highest standard puts you in a more confident position too.

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Image Credit: Pixabay

2. Don’t Be Shortsighted

Focusing solely on immediate success is a common mistake made by new businesses. This is particularly true when regarding the staff. By building a team destined for sustained success, staff engagement will soar.

Invest in your staff with training and development. Seeing that you have long-term plans for them will ensure they have no reason to leave. When they eventually get promoted, your senior staff will possess experience as well as skills. This can only be great for the business.

More importantly, staff members need to know that you respect them as people. The best 401k plans for small business ventures will underline that you care about their futures as well as their time in the company. Moreover, removing their financial fears will allow them to dedicate themselves fully.

3. Build Team Unity

Your business team is a family. Like any other family, working together is the only way to tackle problems. Arguably your greatest skill as a boss is to know when a problem is surfacing. Whether it’s bullying or any other type of division, fixing it is essential. The only way to achieve this is through better communication.

Tackle the problems head on by holding a meeting between both parties. Airing those feelings will often find a solution. Moreover, regular team building exercises and activity days are a great way to repair that damage while developing skills. If nothing else, it drums home the rewards connected to working as one.

Employees can spend upwards of 40 hours per week in the company of colleagues. That’s a long time to feel unhappy, and those negative thoughts will disrupt productivity. Underline that need to strive for joint success with group perks, and you will see progress that lasts.

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