In the last 10 years, the world has transformed at a faster rate. The so-called “technological revolution” has had a huge impact on the way we consume, inform ourselves, communicate with others, work, and do business.
David DeHaven believes that as entrepreneurs, not only can we not ignore those changes, but we have to ensure that our businesses move at the same speed. And that means that we can no longer cling to the more traditional ways of doing business, or those methods that take too much time and resources to deliver results.
According to David DeHaven, today, we have to be faster, more focused and more efficient. And so that you can achieve it, today we want to share with you the 6 best business tips for your business to the next level this year.
1. Focus on the Marketing Strategy that works best for your Company
Today few dare to doubt the advantages of digital tools. But it is also true that among small and medium-sized companies (SMEs) there is still a lot of confusion about how to use them or about which ones can provide the best results, so they end up betting on many platforms at the same time.
Consult an expert and prioritize the one that most helps you connect with your target audience and develop a long-term relationship with them.
2. Take Management to the Next Level
As the business grows, it becomes vital to control the entire cycle of buying and selling operations, such as customers, billing, accounts receivable, vendors, inventories, suppliers, and accounts payable. And to achieve this, the solution is in the automation of the processes, through an efficient Business Administration System and within the reach of the company’s budget.
These platforms have other advantages, such as the connection between branches, access to information through mobile devices, and full integration between the different areas.
3. Keep Costs Under Control
One of the main reasons businesses fail in their expansion plans is because budgets get out of control. And that happens in all areas, mainly in human resources, customer service and marketing. What the experts recommend is to look for alternatives that allow us to keep the operation “thin” and efficient, such as hiring freelancers, online sales (which free us from renting more premises and paying for more services), and automation of functions such as payroll management.
4. Prepare the Company to Request a Loan
Many entrepreneurs are afraid of going into debt, but the reality is that the large expansion of a business often requires capital that we do not have. And the biggest risk is missing an opportunity. Therefore, the first thing to do is order the numbers and ensure the financial health of the company, in order to be considered as candidates for a bank loan. Follow more tips shared by David DeHaven
Or even that of a relative or friend, who needs assurance about the future return of the money and can ask us for more information about the current situation of the company.
Invest in Yourself as an Entrepreneur
As a business owner, you are primarily responsible for its future. And given the speed of change and the size of the challenges, it is normal that you can feel intimidated, alone, disoriented and even anguished. So invest time and resources in acquiring new knowledge and skills (in topics as varied as leadership or e-commerce), but also in seeking mentors and living with other entrepreneurs with whom you can share useful experiences.
Do not forget also to continue working on the balance between your personal life and work, to take care of your physical and emotional health.
6. Empower your Customers to Participate
Today’s consumers don’t just want to buy from sustainable businesses. They also want to help. Give them the chance to do so by creating opportunities for customers to get involved in your sustainability initiatives, as REI does through its product sustainability initiatives.
Any business can partner with its customers in the name of sustainability. Give customers invoice credits for product recycling. Make it easier for people to repair instead of replacing them. If your business sells a non-recyclable product, such as software, try other creative solutions. Sponsor a cleaning initiative and invite customers and employees to volunteer together. Leverage your brand to make a difference and secure the goodwill of your customers at the same time.
For more info contact David DeHaven. He is a dynamic academic leader with 20+ years of experience in business, and consulting environments.