Finding New Opportunities For Your Business
Within any industry, operating a business can always present its challenges. With the business industry continually changing, it can be hard to keep up no matter how established the company is. It’s good to develop, grow and evolve, especially when so many of us now have the opportunity to create a business from scratch. So how does one find new opportunities?
Promoting The Business
There are so many ways to promote your business and promotion is what’s going to boost the awareness of your product or service to the masses. It’s now more important than ever to show off; otherwise someone else will do it first. Customers are getting trickier to impress, so it’s certainly wise for any company to find new ways of promotion.
First up? Social media of course. Social media platforms like Twitter, Facebook and Instagram are still pretty new even though they feel like they’ve been around forever. That’s because we’ve become pretty reliant on it for pretty much everything. From finding out the latest in the news, tweeting your disgust at a parcel delivery service or liking the photos of your favorite celebrities. Social media really is a great tool that you can use to your advantage when promoting your business.
Think about campaigns that you can run to reach new audiences and monitor these using analytical software to tailor your future marketing. Engage with your customers directly and create a much more personalized service and relationship. Create a following on your profiles so that loyal customers can drive more sales and spread the word. The options are unlimited, so use social media to your advantage.
Depending on your business, you may benefit from showcasing a product or service at a roadshow. With so many being hosted across the globe, there’s plenty of industry only or public events, where you can promote your business. Make your space stand out with an exhibition gantry and think creatively of how you can draw the crowds to your stall. Industry only exhibitions are great for promoting the business to potential investors and other businesses. It’s also a great way of scoping out any competition and getting a close up of what they’re doing to promote their products.
If you have the staff available, a good way of promoting the business would be to get them to a networking event or places where they can be a speaker on behalf of the company. These tend to be great opportunities to have a sole focus on the company or at least to feature as a panelist. You never know who might go to these events, so it’s certainly worth investing a little money in this area of promotion.
Creating a website is another great opportunity for directing new traffic. If you have the social media platforms, you should be directing them to your website and vice versa. This, along with the same branding across all your channels, creates more visibility and awareness.
Developing And Training Employees
Now employees for a business are essential to the success or failure. Why? Well because they’re the ones putting in the work to keep the business afloat. A lot of big companies tend to care a little less about their employees, particularly those at the lower end of the company hierarchy. However, that’s only allowing for potential jeopardy to occur for the business. If an employer doesn’t care about an employee, they’re less likely to stick around. But they could have the skills or passion that could rocket your business to a new level. Every employee should be valued and they should be hired with the intention of building them up into the company.
New opportunities can arise from the development and training of employees. If there’s a weakness in the company, then there will be someone in the organization who has the ability to learn a new skill or digest some new knowledge. Actively seek to send your staff on training courses so that they can develop and invest that learning opportunity into potential opportunities for the business. Having 1-1 discussions with your employees on a regular basis is beneficial for knowing what they want to achieve in the company and how you can go about helping them get there.
Seek Collaborations With Others
Heard of the phrase, many hands make light work? Sure, working on your own may be effective for some time but seeking out collaborations with other people might be much more beneficial. Whether that’s collaborations with your competition or for those who may be able to offer something in return for what you could give. Working together is much better than working apart. If you have a new idea, look at what you can do as an organization and then outsource the rest of it. It saves time working with those who can help rather than doing it individually through trial and error.
Collaborations can also help with your reputation within the industry. If you’re a company willing to branch outside of the business, you’ll likely get a lot more recognition, and that can lead to more opportunities.
Focus On Your Customers
No matter if you’ve been running for a month, a year or ten years, customers provide you with profit. So it’s important to keep them happy so that they remain loyal to you. Plenty of opportunities can come along by listening to your customers. Don’t ignore their concerns or suggestions because there could be something of potential from the issues that are presented to you. Customers can lift you up but they can also be your downfall as word of mouth can travel fast.
Take Protein World as an example. They provide protein supplements, powders, and shakes that help customers lose weight, tone up and gain muscle. Back in 2015, they released an advertisement across the UK and US which featured a slender woman and the words ‘Are you beach body ready?’. Suffice to say it rubbed their customers and everyone else up the wrong way. The social media world reacted by trolling Protein World and slating their brand. One wrong move could kill the business, so think about what you’re putting out and consider all the choices you make and the potential backlash you could suffer.
Identify The Problem Areas
It’s good to utilize what works best in the business, but it’s also wise to identify the problem areas or weaknesses of a business too. Think about what works and what doesn’t and try to work out why it’s not benefiting you. Perhaps it’s to do with too many staff or not enough. Maybe it’s a strategic plan that you’re using for a campaign, and it’s just not working. It might even be a money issue, and you, therefore, need more funds. Whatever it is, pinpoint it and try to fix it as best as you can.
Some opportunities might not work well with your brand and could potentially cause problems too. They might come from new technologies or methods of selling or advertising that have had a limited trial run and therefore might not be the best option. Trust your gut when it comes to these opportunities because they can often be too good to be true.
It’s All About Timing
Everyone achieves different things at different points in their lifetime. When it comes to success, there really is no right or wrong time to achieve it. Just because your competitors are successful now, doesn’t mean that you won’t be even more so a few years down the line. It all comes down to timing and sometimes, it won’t be your time. Timing should always be considered when evaluating a business opportunity. Do you have the right resources or funding to take it on? Everything has to line up, for it to be as successful as possible. So bide your time and be patient.
Actively Look, Don’t Just Sit Around
And finally, when it comes to anything in life, you have to be actively looking for the opportunities. Unfortunately, it isn’t always a case of an opportunity just landing on your lap. You have to work hard for it, in order to get it. Those who are successful have put in the hours, the sweat and tears, to get to where they are, and you’ll need to do the same thing. Don’t be afraid to ask for advice from those already in a position that you want to be in. Everyone has to start somewhere, and the right advice or recommendation can make all the difference. Set yourself a goal to do something new every day, whether that’s dealing with a customer complaint, working on a new product or creating a sales pitch for a new client.
Running a business is only getting more difficult, but with the passion and perseverance, hard work and believing in your company will eventually lead to the results you want. Use these tips to find new opportunities for your brand and most importantly, don’t wait for it to come to you.