Providing Your Business With the Best Chances of Sales and Success
Play • 9 min
Running a business is no small feat. Sure, there are a lot of perks – and it’s completely understandable why people get into it. You get to build and follow your own vision. You get to choose a product or service that you want to dedicate your time and efforts to. You get to choose what industry you work in, what area you serve and who you take on to work in your team too. You get to choose your own working and operating hours, what you charge, where you work from. The list goes on. In short, running your own business means you gain a lot of control over your own career and your own success. At the end of the day, you also earn a lot more if you’re successful, as you’ll be reaping the rewards of your hard work, rather than building someone else’s fortune for them. Of course, the hard part of running your own business is – well – that running a business can be difficult. You’re going to have to get to know a lot about the area you’re working in and you’re going to have to make a lot of executive decisions to keep things up, running and generating profit. If you’re new to business and are looking for ways to run your own company as effectively and efficiently as possible, you’re in luck. Here are a few key areas to focus on that can really help you along the way! Do Your Market Research Sure, when you start your business, you may think that you’ve got a great idea for a product or service. Chances are, it may well be. But you need to make sure that you get the thoughts of your target market and target demographic before plowing ahead with the next steps that involve time and financial investment. You could be surprised to find that your product doesn’t take anyone’s fancy. You may find that it’s desirable but out of your demographic’s budget. You could find that it’s viable but needs specific changes made to it to get it to a stage that people will actually buy it. Market research really is one of the most valuable steps when it comes to running your business efficiently, as it can save you a lot of time and money that would otherwise be wasted on a less than perfect product or service. Know When to Outsource Taking staff on board is a big responsibility and something that you’re going to have to invest time and money into managing. Of course, all businesses will need staff at some point down the line, as the business grows, expands and starts making more sales. You’ll need people who are permanently on board and dedicate their working hours to your business and your business alone, knowing the ins and outs of your products or services and completing the tasks that keep the entire ship afloat. But you should also make sure that you use outsourcing wisely too. Most businesses will have some tasks that only need to be carried out on a one-off or occasional basis. This could include anything from product photography for new lines of products to effective social media marketing from Angela Denton to web design. For these tasks, you may want to use outsourced work. Freelancers or agencies will be able to complete the tasks on your behalf without requiring the financial commitment and perks that employed staff do. Rather than paying a monthly wage or a salary, providing benefits like sick pay or annual leave, and having to make pension contributions, you will simply pay a one-off fee. You may also want to use outsourcing for ongoing tasks that require expensive equipment, machinery, commercial space or staff that you don’t want to financially commit to yet. Manufacturing is a good example. Manufacturing can require a lot of warehouse or factory space, machinery and specialized staff – and you could find that it’s more cost effective for you to outsource shorter term or temporary manufacturing tasks to third parties for as long as you need them. Provide Hired Teams with What They Need As we touched on above, outsourcing is great for short term, occasional and one-off tasks, but you will need a permanent team for the roles that need ...
More episodes
Clear search
Close search
Google apps
Main menu