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Tips from entrepreneurs for big business growth

business tips from entrepreneurs

As a startup company or an entrepreneur you can’t go into business blind. The following business tips from entrepreneurs will give you guidelines on how to run a successful small business. You need passion, an original product, motivation to excel and most of all, a desire to disrupt the current status quo of marketplace.

Business tips for Success

What makes a successful business? The answer will always lie within you. You need to embrace your strong points and excel in these areas. The top tips from entrepreneurs will always tell you to Mitigate weaknesses by filling the gaps with personal who are equipped to handle the stress points of your business.

Tips from entrepreneurs, find a niche and run with it

When asked, Lori Greiner said, “It’s a mix, right? Of smart marketing and ingenious product. For example, Scrub Daddy was a technology. So, taking that one sponge, which was revolutionary, changed the whole sponge arena. We now have, to date, 20 different SKUs, and we have 30,000 new retail locations and 170 million in sales. That’s what takes it from one idea to a global brand.”

These are the keys to business success. Tips from entrepreneurs can help you create the right product at the right time and implement it into the market in such a way that it changes the status quo, creating an outrageous demand for your goods or services.

You don’t need to reinvent the wheel

Tips from entrepreneurs stress that time is invaluable and if you focus on creating new management systems and computer software for a successful business model then you are wasting time. There are plenty of online business tools that you can make use of to run your business efficiently. This will save you time and money in the long run and will be a key factor in how to run a successful small business.

Keep your business at the cutting edge of marketing

According to Bethenny Frankel’s tips for entrepreneurs, she stresses the keys to business success lies in your marketing approach. The new-age world has changed the face of marketing, we now rely on Social Media to promote our goods or services. Social media is a key aspect to reach a global audience instantly. These business tips for success will empower your personal growth and allow your product or service to flourish in a new dynamic marketing space.

Reach out to people with a community approach

If you want to follow in the footsteps of greatness you need to take in top tips from entrepreneurs. Building a brand requires effort and long hours of research and development. Be different and acquire an audience to build a community around your product.  

Daymond John stressed the value of building a community. “You’ve got to build a community,” stated John. “Nobody needs to buy anything new in this world. They only buy it because there’s some form of community and/or need that you are supplying for them.”

John knows what makes a successful business, he was one of the first pioneers to create and build a successful clothing empire. John managed to do this by investing in celebrity endorsements, these keys to business success afforded the product with instant recognition, which essentially sold the company’s products effortlessly. John used influencer marketing and it paid off in dividends.

Follow your heart and your passion

If you follow these tips from entrepreneurs, you could soon find yourself in the driver’s seat of a multi-million dollar corporation. Follow these tips from entrepreneurs to create a winning business recipe that is successful. Remember to bring in your own unique methodology as the world is constantly looking for something different, give that to them and they will love you for it. Keep checking back on our blog page for more business related tips and advice.

The common reasons why most startup businesses fail to grow

why start ups fail

You probably don’t want to be reminded – especially at this stage of your entrepreneurial endeavour, about the possibility of failure or early stagnation. As grim as the subject is; hearing the reasons why most small/startup businesses fail to grow, gives you, the aspiration for the best head start.

According to statistics published in 2017, the Small Business Administration (SBA), discovered that around one-fifth of startups fail within the first year. Interestingly enough, after investigating further, they found that there were a few common denominators/areas within the business’s which were being managed poorly, or neglected by the new business owners. These were likely the cause of the business’ deterioration.

Here are just some of the common ‘mistakes’ they uncovered which are the possible reason why so many startups fail to grow and in some cases, collapse.

1. Building a strong team is not prioritised

Many new business owners and amateur entrepreneurs fail to see the importance of building a strong team, especially during the start-up phase. They often think they can do it all on their own – and perhaps are incentivised by the cost-effectiveness.
Building a strong, competent team is crucial to the success of a business and, in fact, is most important during a business’s infancy years. This is because new ventures face many challenges; for example, limited capital and resources, as well as the challenge of breaking into the market. Without a strong team who have the skills and experience in building businesses from the ground up, the venture may be at risk of early stagnation.

2. Poor management and leadership

Poor management and leadership are one of the main reasons why startup businesses fail to grow. Most new business owners take on the role of a manager as they perform the management function in the beginning, however, they often struggle with the leadership aspect. With that being said, it is possible to get by on a good management approach even if the leadership aspect is not refined; however, if both areas are weak it is a major cause for concern. Some entrepreneurs are great visionaries and have exceptional business smarts, but are not strong managers or leaders. For the sake of the business, it’s important that they refine their skills in these areas. Luckily one can be taught how to be a great manager and an inspirational leader!

3. Budget allocations are managed insensibly

Startups often have limited capital and monetary resources which is why it’s imperative that money is handled sensibly. Certain important functions which will propel the business forward should be prioritised in the budget. These include areas such as marketing and staff for example – but this depends on the nature of the business. Many unsuccessful startups have allocated capital to the wrong areas and spent money on less important business functions. It’s critical that you identify your businesses fundamental needs and allocate money to these first.

4. Lack of business knowledge

This is an all too common ‘mistake’ in the startup sphere. While anyone can be an entrepreneur – it takes some business smarts to be a successful one. It’s, of course, impossible to know everything well – but that’s why hiring people who have strengths in certain areas where you may have weaknesses is incredibly important. However, if this is not possible, it’s imperative that you learn fundamental business skills so that you are able to carry the business forward. For example; marketing is one of the most important functions, but if you’re not aware of this, and are unable to execute successful marketing techniques due to your limited marketing knowledge, the business will surely suffer. Invest in yourself – in your skills and your business knowledge, so that you are able to give your business the best shot at success.

5. Poor customer relations

Your customer is your bread and butter. If you or your team fail to identify the importance of treating your customer well; communicating with them effectively, and listening to their needs and wants, you will have a hard time building customer loyalty and your sales will likely decline drastically. As a startup breaking into the market, you need to find ways to get the customer on your side. You need to give them a reason to leave what they know, and instead use your services or buy your product. Too many startups are caught up in the operations and keeping the business afloat, that they often forget the reason for what they are doing. The reason is: solving a problem – for who? The customer.

Managing operations in small businesses: 5 essential techniques to learn today

managing operations

Big businesses don’t struggle in the same way when it comes to certain operations, as sometimes small businesses do. This is because you’ll often find big businesses have various departments with many skilled individuals who have extensive experience in managing specific business functions.

The role of operations management within a big business, for example; is a streamlined process headed up by one, or perhaps a few, experienced and highly knowledgeable operations managers. Most times there’s a team of people supporting the managers’ operational objectives by constantly seeking out ways to improve business operations. With a core team, it becomes a lot easier to find solutions and fully optimise operations.

The role of operations management in small businesses on the other hand often lacks a clear-cut process, usually developed through trial and error, and often managed by the business owner themselves, or a manager who is less knowledgeable on how to effectively manage operations. Unfortunately, this is usually because small businesses lack funds, especially during the startup phase.

With the role of operations management being a critical function within a business, what are small businesses to do if they’re unable to hire an experienced operations manager, but want to improve business operations and achieve a streamlined process? Well, the trick is, in fact, going back to basics, and finding a logical step by step method of managing the operational processes.

Take a look at these 5 essential techniques you can learn and implement today, to better manage operations within your small business:

1. Assess each task

The best way to assess a task is by breaking it up by asking vital questions. Firstly, find the source of the work – where does the work come from? Is it from a client, is it from the supervisor, the vendor? This will give you an idea of the nature of the task and how it should be handled.
Secondly, evaluate the process of that specific task. If it’s a work order for example; break down the process of how this task is managed by detailing each step: add up the charges of the work order, enter the values into the computer and hold it for payment from the customer etc. Creating a process is an incredibly important step.

Then, decide on how the work is stored. Is it filed in a personal client folder? Should it be stored away? Through assessing tasks it’s easier to create a process and identify the kind of person suitable for the job; as well as to better create job descriptions and worker manuals.

2. Prioritise tasks

Prioritising tasks is not just about creating a deadline – that comes later on. This covers the sequence of the task; which is also concerned with the creation of the process. Thereafter, tasks can be prioritised according to importance as well as the deadline – which can be managed by the employee themselves. When people have a clear indication of timelines and are aware of priorities they are able to streamline the process for themselves; resulting in a more efficient operation – even without much help from the operations manager.

3. Delegate accordingly

After you, as the manager, have assessed the task and have prioritised the sequence of workflow, you’ll have a good understanding of the perfect type of employee who will be able to carry out the task effectively and efficiently. You’ll know the skills and strengths that the task demands, and you’ll need to align this with those of the employee. Assigning the task to a person within the team who you think will best fit the requirements is called delegating.

4. Evaluate outcomes

Once the task is complete, it’s important that you evaluate the outcomes – especially in the beginning. Be careful not to look like you are micromanaging – it could come across that way if you continue evaluating results every single time after a task is complete, for months on end. Spot evaluations work more effectively as it does not threaten the employee.

5. Find solutions to areas of concern

After evaluating the outcomes, you will have a good idea of where the weak areas in the processes are. It could be a weakness in the work sequence, or even in the employees’ ability to carry out the job. Whatever the concerns are, you will need to find alternative solutions for them; which will hopefully better the operations. Remember that you should be committed to constant improvement – even a solution could prove to be ineffective.