In a perfect world, you and your business are the revolutionary disruptor that’s driving progress and redefining your industry. In the real world, though, you’re far more likely to find yourself sitting on the sidelines as a competitor rolls out a transformative new innovation. Knowing what to do when this happens can make all the difference for your business’ long term success.
Growing your business in a sustainable way isn’t as simple as simple hiring a marketer or a few additional sales people. Picking up the phone, or launching a social media campaign can be an important part of a growth strategy, but it’s not going to transform your position to help you break into new markets or establish you as an innovative leader in your industry.
Finding great leaders for your business is a tricky task. Not only do they need excellent communication skills and sufficient background in your industry, they also need to mesh with and help to drive your company culture while earning the respect of their team. For many smaller businesses, particularly those in smaller or technical industries, finding the right fit on the open labour market can turn out to be impossible.
Doing market research and gaining usable customer insights is a critical step for any business, because it’s instrumental in serving and retaining existing customers, and in designing a successful marketing strategy. Unfortunately, many smaller businesses can’t afford to create their own customer insight teams, and often feel forced to act on limited data in their marketing and change management efforts. Obviously, being forced to experiment isn’t a very efficient way to build customer loyalty or generate new leads. Luckily, that simply isn’t necessary.
Rapid growth is something most business owners dream of, but managing the challenges that come with this kind of expansion comes with some major hurdles. Making sure that your business can deliver on its commitments while maintaining quality standards during such a growth phase can feel like an impossibility. Not only do you need to acquire new equipment and workers to increase capacity, you also need to find a way to pay for all that while training those new workers and trying to assimilate them into your team.
It’s natural for most businesses to go through seasonal slumps in sales. That might be because of the weather, cultural factors like holidays, government related issues, or any other reason. The cash flow disruptions that these slumps often cause can put enormous pressure on businesses, and can be especially difficult for startups and SMEs since they’re less likely to be able to absorb the cost.
Though the cost of renewable energy has plummeted in recent years, traditional power sources are still very much the rule in the energy industry today. That might look like an issue of simple inertia, but it’s actually the result of the last major barrier to a real energy revolution: energy storage.
Called the most powerful woman on the Internet by Time magazine, Susan Wojcicki has redefined how businesses and regular users interact with the Internet every day. After an early career at Intel, she became Google’s first marketing manager in 1999 and was instrumental in facilitating the company’s rapid growth and success before being appointed as the CEO of YouTube in 2014.
Starting a business is expensive. Not only do you need to hire workers, buy equipment, and rent space, you also need to brand your business, market your products, and often build a website before you can start earning anything at all. This makes for a complicated situation for many young businesses.
Businesses run into cash flow problems for a wide variety of reasons, from late client-payments, to poor budgeting, to growing pains and other issues. Knowing which financial solutions are the right choice to employ for each kind of complication can make an enormous difference in your business’ long-term financial stability.