I raise this question to our clients and I get a number of different answers. Some have no idea what that is? Others have developed a comprehensive marketing plan by month and quarter. They have seen the importance of using print, social media and grass roots marketing in their approach. Others feel they can run it as an afterthought. My response is that if you do this your business will suffer and your investment with eroding. Let a professional provide you with their industry knowledge and expertise. Starting with a simple marketing plan focusing around social media could be an effective start. Understanding your company strengths, weaknesses, opportunities and threats can lay the groundwork for your marketing plan.
Do Not Hesitate to Ask for Advice
I have heard small business owners resist the valuable and practical help they could receive to grow their business. Assistance does not mean that a business owner is incompetent. Asking for advice is the course of wisdom. I remember a client asking for help because they need an objective opinion whether they should change or keep their business strategy. When asked we provided a strategy which included making some changes. Changes were made and the company increased revenues by 45% the first year. This was a practical advice taken the reaped real benefit.
But it is time to go to basics and make sure your business is not one to be targeted to failure. The points identified will not guarantee a successful startup, but will provide tools to evaluate in your business. Knowledge becomes the key to assist the business to survive and become viable.
Do Not Get Caught Up in the Hype?
Have you attended a major trade show event in your targeted industry? It is the industrial version of Hollywood and if not careful, the CEO may want to acquire rock star status and forget they are building a business and cannot fall prey to the hype. Unfortunately, I have seen first-hand how this happens. Developing a clear business plan and strategy and delegating initiatives to the team could help. Self promotion is good and building awareness to your business can yield results. However, let the super stars remain in Hollywood and not evolve with your business unless that is your target audience.
Written by: Wayne Brown (Founder & CEO of The Walker Group Media – a marketing and business development company serving the financial services and FinTech companies. Our varied market segments helps us to identify synergies and opportunities to stimulate growth as we partner with our clients to build their business. Through our one-on-one CEO Advisory Services we have help companies to navigate through key business problems, increase sales, build new revenue streams and gain new customers.)