Timeless ideas strategies to help any business owner navigate the new decade of business
So, this year is at an end, and indeed the decade has ended, we thought we would reflect on the highs and the lows we have had. Going into 2020, we now want and need to be more prepared and that takes a lot of strategising.
The ever-changing business climate and all these innovative approaches popping up, entrepreneurs can easily become overwhelmed. Just remember, it is vital that you stay focused on your goals for your business to succeed.
We thought we would break it down by highlighting some fail-proof strategies you might want to follow:
1. Always know your competitors
You need to study and understand your rivals and their products or services being offered. This way you can gauge how yours stands out or perhaps adapt to the market’s needs if you notice theirs is doing better. This knowledge will help you better market your product or service to stand out, perhaps even using your competition’s weaknesses to your advantage.
2. No matter how much you are earning, try and save money
You never know when you may need it! Opportunities arise all the time so be frugal when you can and choose wisely. Be as conservative with your money as possible to be able to deal with any rough patch that arises. Conserving several months' worth of operating expenses in the bank will help you survive most unforeseen circumstances. It takes time and effort to build up reserves, but they will serve you well in difficult times.
3. Do your research
As an entrepreneur you are an innovator. In order to be creative, you must understand emerging products on the horizon to improve your operations. Do your homework. Are you taking advantage of all technology has to offer? Is there an app that could help you manage your time more efficiently or a service that lets you delegate ordinary tasks to free up more time for priority projects?
4. Take small step
If you are in the initial stages of setting up a business, try niche marketing. It can be extremely cost-effective if you meet the market’s unique needs by offering something new and compelling. Then learn to speak the market’s language and understand it. Your language should be in synch with that niche even for the minor aspects of a marketing campaign before trying to expand to bigger markets.
5. Listen to your customers
In order to evolve your business for customers, you need to listen to their feedback. What is it you lack? They will be honest with you. It may not mean much if one customer does not like your product but if this is true for many of them and they are requesting another feature, listen and be ready to adapt.
Whether you are adapting your marketing plan, simplifying a product or responding to new trends, pay attention to customer feedback.
6. Adapt to changing times
It is inevitable in every business that you need to be capable of responding to change, that you are flexible and versatile. Whether it is going digital or changing a slogan to be more politically correct, do it.
An entrepreneur must be flexible and prepared to accept and change enough to adapt business operations accordingly. Do not be left behind. Realise from the start that where you are is likely not to be where you will end up. A lack of adaptability can result in loss in customers, profits and even business failure.
As an entrepreneur, understand that the world is evolving rapidly. Even a business founded a year ago could change the world today.