Will 2016 be the year when we hit upon the next big thing? Will our ship come in? And, if it does, will we get on board, or will we miss the boat? The truth is that as an entrepreneur, there is never a lack of opportunity, in fact, the biggest challenge can be turning chances away in order to remain focused and on the right track. Sometimes we will miss out.
In 1876, the Western Union declined the opportunity to purchase the patent for the telephone from Alexander Graham Bell for $100k, declaring: “The idea of installing telephones in every city is idiotic. Why would any person want to use this ungainly and impractical device when he can send a messenger to the telegraph office and have a clear written message sent to any large city in the U.S?”
As a business owner, you don’t want to miss the boat, so what can you do to keep your business on track in 2016?
- Revisit your business plan and have a look at your tactics. Has anything changed or are there areas that aren’t working effectively for you. If there are, then rethink those parts of your strategy.
- Talk to a business mentor. If you feel that your business has lost momentum and you are struggling to understand which direction you need to go in, talk to a business mentor. They are experts in business planning and because they are one step removed from your business, they can see where your strategy has gaps that need to be filled.
- Look at your fixed costs and your variable costs. Make sure your business is not locked into a range of fixed costs like office rental and paying staff salaries. Try to keep your costs variable so you can scale them up and down depending on your level of sales. Use contract staff rather than hiring permanent staff to give you flexibility to cut costs when you need to.
- Look at your marketing strategy. Make sure you're not wasting money in areas that are simply not working. Work out how much you earn from each sale and how many sales you need, to start generating a profit, and then look at the most cost effective way of winning those sales.
- Consider your sales tactics. Are you being seen in the right places? If you are selling a product that you need to sell in bulk to make a profit, then networking may not be the best option for you. You may want to try email marketing campaigns, automated campaigns and google adwords. Conversely, if you are selling a business service, then networking may be the ideal place for you to be seen but advertising may not work for you.
- Have you considered PR? This can be a great way to profile new businesses or products that are a bit different. PR is often far cheaper than traditional advertising and can really help to put your business on the map.
Remember, if you have a bright idea and get rejected, keep the faith, you’re in good company. And, if you’ve turned down an opportunity that you regret, console yourself that there will always be others.
By David Langdown, Sales and Marketing Director at business growth consultancy, Focus7 International