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As an aspirational business owner, you are always looking for ways to take your company to the next level. Quite frankly, a strong mindset is the most powerful asset at your disposal and can provide the foundation for any subsequent upgrade.
Only you can take accountability for adopting the right mindset. However, we can guide you towards some of the most effective changes that will help catapult your venture to greater success.
1. Encourage Employees To Take The Lead
You quickly learn in business that a strong workforce is essential. However, millions of business owners continue to limit their hopes of success by strangling innovation out of their teams. It’s only natural that you want to manage every aspect of the venture. In reality, though, you’ve hired experts in their chosen fields. Use them.
A strong recruitment drive will mean you have passionate go-getters who know what tech and tactics can be used to stay ahead of the competition. Allowing them to take the lead will translate to increased engagement and productivity. Thus providing the catalyst for business growth. And you should see a lower staff turnover rate as an upshot too.
Your greatest responsibility is to guide the team. As long as their decisions are made within the context of the business, they will continue to deliver great results. Meanwhile, the use of internal promotions can work wonders. It means your senior staff will understand the junior roles. Likewise, junior workers will feel motivated to climb the internal ladder.
2. Stop Restricting Yourself To Local Markets
Thanks to modern tech, the world now feels smaller than ever. When you implement the right eCommerce strategy, it is now possible to sell products to customers around the globe. Similarly, importing goods can improve the quality and cost-efficiency of your procurement efforts. When done well, the expanded operations will run just as smoothly as they do now.
You will need to put some extra features in place. Learning how to send money to India or other nations, translating your web content, and setting zonal pricing are some examples. The instant payments and automated order fulfillment should make the processes far simpler than you fear. International trade is just as safe as domestic options too.
Working with suppliers and clients in all continents removes the ceiling. As such, you can upscale your business like never before. Therefore, leaving your comfort zone in favour of a worldwide approach is one of the smartest moves you could ever make. After all, there are so many people in the local market that fall into your target demographic.
3. Appreciate The Power Of Recommendation
Marketing is undoubtedly one of the most important strands of any business. However, modern consumers are less receptive to fancy ads than ever before. As such, placing a greater focus on using the power of recommendation could transform the future of your brand. It establishes trust from new leads while also creating a sense of FOMO.
While it’s important to build a strong online presence, the active promotion of products can be left to others. Influencer marketing is particularly effective in the modern age as people want to emulate the accounts that they follow. They are experts in creating engaging content that will capture the audience’s imagination while also reaching new leads.
It is particularly effective when the influencer has a similar audience to yours. You can take this to the next level by gaining more customer reviews and using affiliate schemes. This will turn your current clients into your greatest brand advocates. While there is still a place for in-house marketing to take place, this change of tactic will pay dividends.
4. Get More Out Of Existing Customers
Winning new clients and penetrating new landscapes will be pivotal for your growth strategy. However, it is shown that up to 80% of sales revenue can come from 20% of your audience. As such, learning to pay greater attention to your existing customers could be one of the most effective ways to take your venture to the next level.
If you are using modern data analytics, you will have vast info on their preferences and habits. Meanwhile, existing customers are already very familiar with the company and know they can trust it. Remarketing to them should be more affordable while you can see the benefits far quicker than campaigns aimed at new leads.
The key is to make customers feel valued. Loyalty schemes and special promotions are a great starting point. Simply asking for their feedback is useful too. Even increasing the average customer’s lifetime value by 20% would transform the future of your company. Better still, you will find it far easier to forecast future growth.
5. Appreciate The Importance Of Expense Management
Every aspirational business owner will look to increase their revenue. However, profit is a two-way street that is equally reliant on low overheads. Equipping yourself with a more disciplined mindset in relation to your expenses can make all the difference. The results can surface far sooner while the situation is fully in your hands.
There are many ways to reduce your expenses without compromising on quality. As well as the aforementioned importing and marketing updates, you can use outsourced services. Aside from reducing your staffing costs, it allows you to operate from smaller workspaces. It also opens the door to expansion without making substantial commitments.
This can be combined with price comparisons to get cheaper web hosting, energy, and insurance. Crucially, you should implement the necessary precautions to prevent costly damage. From cybersecurity to protecting your intellectual property, a proactive approach is vital. Otherwise, you could fall victim to irreparable financial and reputational damage.
6. Realise You’re Not Against The World
It is very easy for business owners to fall into the trap of thinking it’s them versus the world. In reality, most other businesses are not in competition with yours. The concept of using outsourced services and influencer marketing already highlights this fact. However, you can take this to an even greater level, which will deliver growth opportunities.
For starters, you could learn to actively collaborate with another business on products and services. Alternatively, you could run joint marketing strategies. For example, a personal trainer could team up with a local health food store to run a promotion. Another option is to run a skills trade. For example, accountants and cleaners could work for each other.
The opportunities to work with other businesses are almost endless. In many cases, you can tap into each other’s audiences without affecting the other company’s sales. When you do this well, the mutually beneficial agreement will give your business a major edge over its direct competitors. And you can probably gain tips from those partnering brands too.
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The one thing I’d add here is: business owners need to work their rear ends off. Data are pretty clear on this point – business owners work at least 60 hours a week. Why? It just takes a boatload of work to keep a business going.