So, you’ve finally done it: You’ve raised some capital, maybe even attracted some investors and started to build up a team for your dream company.
You’ve always had an entrepreneurial way of looking at the world, and now it’s finally time to apply that mindset to building your own company.
But despite your drive, and how much you care about your company, you’re not doing as well as you thought you would. You’ve hit a few roadblocks on the way to success, and you’re not entirely sure how to handle them.
Still, the fact is, many companies face these problems. And there are eight habits preventing you — and them — from building a successful company. If you know what they are, you’ll be well on your way to changing things around.
1. Lack of planning
Especially for companies just starting out, not planning enough can be one of an entrepreneur’s biggest problems. However good your idea or service is, if you haven’t thoroughly planned out in advance aspects like who your ideal customer is, how much money you plan to spend month to month and what your short and long-term goals are, you’ll struggle more and more as your company grows.
While it’s exciting to get started, creating a business plan is the first thing you’ll want to do.
2. Underutilizing technology
Even though investing in technology can seem like an expenditure you can do without, in the long run, you’ll hurt your company if you don’t. The right technologies — whether that might be an accounting app or a subscription to a site that helps you get all the right legal documents and sign them online — can save you not only time, but money, too.
And, oftentimes, if you find a technology you can’t afford, there are alternatives out there you can use for free. If you consider yourself more of an old-fashioned entrepreneur, it’s time to change things up and take advantage of the technologies that can really help you.
3. Marketing to the wrong customer
One of the biggest mistakes new companies make is not marketing right. That could mean identifying the wrong customer base, or advertising in the wrong places or designing a site that turns off users.
However good you think your product is, it can be easy to assume that that’s all you need. But the opposite is true. If you want to break your bad marketing habits, take a look at this guide from HubSpot to get started.
While it’s worthwhile to spend money where it counts, it can be easy to get carried away and spend too much. Especially in the beginning of your company’s development, you’ll want to throw money at new problems that come your way. But it’s important to budget correctly; otherwise you may spend more money than you have, and not have enough for the future.
Having good cash-flow management is key to solving this problem.
On the other side of the coin, you may not be spending enough. Sometimes, you want to hold on to money for later that you should be spending now — for example, on very necessary market research, which will quickly generate more revenue for you, or hiring someone for your team who can handle important aspects such as fund-raising.
For a list of what you should definitely be spending your money on, read this article.
6. Lack of an online presence
Just as it’s important to market your company to the right audience, you’ll also benefit greatly from having a strong online presence. However perfect your product, if your website is too text-heavy and hard to navigate, or if you aren’t spreading your content across the right social media platforms, such as Facebook or Instagram, no one is going to know about your product.
Everything’s online now. So ensure that you’re using the right online strategy.
7. Failure to delegate
One of the worst habits you can have is relying only on yourself when it comes to running your company. When it’s your own dream coming true, your own concept, it’s easy to want to control all aspects, from financing, fundraising and content creation, to marketing and social media.
But not only will this habit burn out quickly, you’ll also have trouble identifying and solving problems. With effective delegation, you’ll be able to manage your team and get things done efficiently and creatively.
8 Playing down your competition
When you’ve got your own company and your own idea, and you’re focusing on building it while also spending wisely, you just might forget about your competitors. But if you ignore the companies selling the (almost) same product or service you are, you’re going to lose money.
You’ll want to strategize by researching what makes your brand different and preferable to consumers and then highlight those differences in your marketing plan.
If you want to build a successful company, it’s all about having the right habits, especially in the very beginning. By ensuring you follow these tips, you’re sure to find the success you’re looking for.
What challenges have you come across with your new company? What habits have helped you out the most?
Brand Envoy Africa wins Africa’s Most Innovative Marketing and Creative Agency Award
Brand Envoy Africa Limited wins “Africa’s Most Innovative Marketing and Creative Agency of the year 2019” at the African Brand Leadership Merit Awards.
After findings from the award technical committee research report showed that Brand Envoy Africa limited had creatively marketed brands they worked with providing amazing mileage and uptake for their clients products. The award was presented to Brand Envoy Africa on Friday, August 23, 2019, in Lagos. It was received by Mrs Anulika Jade Obike, Events Director at Brand Envoy Africa Limited, Mr Ogwo Emmanuel, Head Research and Strategy and Mr Obike Temple, Brand Envoy’s Managing Director. A special vote of thanks by the MD went to members of the Brand Envoy Africa team who were absent but played key roles in making this a reality Michael Egbo, Babatunde Afuwape, Onyedikachi Ikwumere and everyone else.
In response to the award, the Brand Envoy Team expressed their joy and said as “Brand Envoy Africa wins Award for “Africa’s Most Innovative Marketing and Creative Agency of the year 2019” , it was testament to the fact that the brands dedication to quality and providing it’s clients and their customers with quality service was not an effort in futility.
As a young growing marketing brand with an eye for quality work, Brand Envoy Africa is poised to become Africa’s top marketing agency. In a speech by the Managing Director Mr Obike Temple, he mentioned the humble beginnings of the brand and it’s evolution to a brand that now uses the power of Artificial Intelligence (A.I) and data in developing marketing solutions for clients. He also mentioned that
“The research and media team headed by Mr Ogwo Emmanuel and experiential events arm headed by Mrs Jade Obike were powerhouses to what they did as a company. Our passion to deliver on results is at the core of what we do”.
Mrs Jade Obike mentioned that Brand Envoy Africa was fast becoming a Creative Marketing Brand making an impact across Africa and the world at large.
The African Brand Leadership Merit Awards constitute an initiative of the African Brand Congress (ABC).
According to a statement by the Congress, the African Brand Congress is an annual fiesta of best brains behind most successful and sought after African brands.
“The Congress is designed to educate, engage and inspire Brand managers and professionals in the pursuit of best practice in brand building and value creation. It is an appropriate platform for all Brand owners and industry players to discuss how Brands in Africa can increase their Global competitiveness. It’s meant to share knowledge, ideas and challenges by industry icons”, the statement reads.
This award reaffirms Brand Envoy Africa’s dominance in Nigeria’s Marketing and Creative industry.
‘Develop viable gemstones, jewellery market’
Experts have urged the federal government to develop an environment conducive for marketing gemstones, and jewellery, to increase their contribution to the national gross domestic product, (GDP).
They also said this would mark a milestone in the quest to build a vibrant mining sector with a wide variety of gemstones and precious metal for making ornaments for local and international markets.
According to experts at Stakeholders Consultative workshop on gemstones and Jewelry industry in Nigeria, the industry presents tremendous opportunities for investment and value addition and can employ people at different levels along the value chain, such as miners, goldsmiths, dealers etc.
Prof. Theo Smeets of the University of Trier, Germany, said the government has a lot to do to boost both local and international markets for precious metal, especially with the growing population of women.
He also noted that legal frameworks will equally galvanise the industry, and instead of exporting raw materials, citizens will be able to process them in-country and get more products in the local market.
Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr Abdulkadir Muazu, disclosed that the industry could generate a total of $350 million worth of foreign exchange on an annual basis.
He also said Nigeria was so endowed with precious metal, “the key policy question we have asked ourselves is: ‘why has Nigeria not been internationally-recognised as an important gemstone destination?’”
According to him, Sri Lanka has a long history of gemstones, but it was its government’s commitment to reforms that began over three decades ago that has given her a globally-competitive edge.
“There is a huge international market potential for Nigeria’s gemstones, but it is losing vast business opportunities, value and revenue to illegal activities and smuggled to Germany, China, Brazil, U.S., etc.”
Contributing, Project Coordinator of MINDIVER, Utsu Linus Adie, said they are trying to reverse unfavourable market trend for gemstones, and create a robust jewellery market and promote export.
He equally said the government intends to develop a skilled workforce by creating community jewellery market in all the states of the federation within a five- year period.
“Our target is to emulate is India, who are today the global leaders in gems and jewellery, contributing 29 per cent to world jewellery consumption. We only generate $2 million worth of it.”
Reviewing gemstone resources, Niron Ajibade, maintained that there are many products, and when adequately harnessed will grow the nation’s economy; create jobs and wealth.
Ajibade therefore called on the government to build a sustainable jewellery industry by organising training programmes; create linkages, quality and assurance markets as well as finance the gemstone sector.
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