Raise your hand if you are tired of being stagnant or seeing very little growth. As an aspiring entrepreneur i have come to the realisation that there are two realities of corporate strategies that ring true in any and all industries when it comes to creating successful companies. Those realities are: few things work and nothing works for long. So you either evolve or die, the decision is yours.
What works today didn’t work ten years ago and definitely won’t work ten years from now.
Promotional strategies, inter industry alliances, legal loopholes and board member’s battering chips are forever spinning and mutating and like Zen seem to change shape just as the issues that make a strategy’s template seem to be defined and duplicatable.
So what does that mean for you? You will need to constantly update your technologies. Always get the opinion of different peer groups who represent polar opposites in the market place before you roll out a new product or service. Before you make a decision have a backup plan and a backup plan to that plan. have your CFO’s work audited by outside sources. Run credit checks on executives before they are promoted and find out if they are trying to live above their means, if so, they have the ‘grass is greener’ disease and will never be satisfied and will always be looking for a better deal.Employees like this can’t be trusted to help carry the company.
If you are a business owner, the key is to find and hire someone that is more qualified than you to run and grow your company. Also always have multiple revenue streams, do not put all your eggs into one basket. If you are in the service industry, diversify by offering some products. If you are in the product industry (retail type) partner with some service oriented companies to earn commissions off their efforts and your customer base.
Always be on the lookout for strategic partners and never be afraid to network.Keep updating your business plan. When raising capital stay out of debt and offer equity instead and when you offer equity in return for investment, pick inter industry alliances to raise capital from. Use a publicist and publicise everything. If you can’t afford a publicist put out press releases keeping your industry and potential clients informed of what you are doing.
If you want your venture or business to succeed you have to be willing to adapt, you can’t look to friends or family it is all about adjusting the vision, if you fail this your business will not survive. For success in the twenty first century, you will need to adopt professional business methods and seek others who believe the same way. You need to invest in your own education, books, memberships, and mentorship. Ally yourself with likeminded people and immerse yourself in the subject of internet marketing.
Take action on this growing knowledge, implement the business methods that you master and that you can fit into your business today, that will help you to build traffic, build a list of prospects, and build a relationship with and therefore allow you to market to your prospects.
Share with us your strategies and plans for the new year in the comments section.