Research shows that data-driven businesses are often much more successful – yet small businesses rarely harness the data they have. This is partly due to the common misconception that you have to be a big business to use ‘big data.’
The Federation of Small Businesses found that 62% of SMEs started this year looking to grow. A similar number of SMEs set out to grow last year but worryingly only 13% succeeded. A recent report written by the Centre for Enterprise and Economic Development Research (CEEDR) looked at the barriers that prevented such a high number of SMEs reaching their growth targets, and what could be done to overcome them.
The first time I was ever asked how I had built such a big business the answer that came out of my mouth surprised me. I said: “I haven’t, I’ve tried to build people.” Since that day I’ve thought a lot about that quote, why I said it and how others could benefit practically from taking the same view.
Posted on 12th May 2015 in Business Growth.
As a business owner – you’ve seen your company grow from a startup, you know how everything runs, where all your staff are during work hours, and you’re on a first name basis with all of your clients. You love this familiarity with your business, and your personal involvement is what keeps it unique, but your time is stretched, and as you continue to grow it becomes increasingly harder to keep track of everything, let alone find time to work on new strategies to grow your business.
The customer always comes first, that’s a given. It’s the first rule of any business. But it’s a concept that is becoming harder and harder to stand by in today’s fast paced dot.com world, where if you don’t put time and effort in to the productivity and innovation within your business strategy, your competitors will overtake you.
Posted on 11th May 2015 in Business Growth.
Finding the right investor for your company can be a daunting, particularly if you have little experience in the matter. The important thing is that you make your business as enticing as possible. Here are a few things you should take into consideration before pitching to potential investors.
Whilst neuroscience may be the new industry buzz word, businesses are still failing to obtain a true insight into what their customers think and feel and what their decision making processes.
‘Orange Wednesdays’ from EE ended in February following a 12 year run. This marks a new start for EE and is the perfect opportunity for a refresh of what has been a longstanding and successful loyalty scheme. Although it can be a risky step to remove such a well-loved promotion, it can also be a bold and brave move which is certainly for the greater good of both the brand and its loyal customer base.
Getting a business off the ground even in the best economic circumstances is a considerable challenge but, in some ways, growing up in challenging times means you build a stronger business for the long-term.
Most entrepreneurs understand the value of finding and (dare I say exploiting) the wisdom of mentor-types – those men and women who have met the challenges of breathing life into a dream and, in time, watching as it grows and prospers. Entrepreneurs understand the logic of behaving like sponges; soaking up every scintilla of wisdom an older, wiser business winner can offer.
Have you ever watched a child learning to ride a bike? Who (or rather what) gets the blame when things don’t go the way the child wants? The bike! The child might even argue that it’s a stupid bike and it’s impossible to ride.
Posted on 30th April 2015 in Business Growth.
Building a solid base of loyal customers brings a number of benefits:For starters it makes financial sense. It costs far more to acquire a new customer than to retain an existing one.