When you are starting or growing a new business it can be hard to look more widely than the day-to-day. But, if you have the ambition to expand and grow, then it can pay to step back for a moment to see how big business operates. After all, many large corporations were once small and have probably grown to the size that they are today by instilling practices and procedures into their culture.
Of course, it also always a question of knowing all about the most common mistakes that small businesses make and being aware of how to avoid them. But, by also following these principles – the cornerstones of any major corporation’s success – you’ll be giving yourself the best possible chance of success.
The customer is your first priority
Whatever the business, however large or small, without a loyal and dedicated customer base it will never succeed. That’s why it’s vital to follow the examples given by Brandwatch of big names like Dove, Kia and Dior who all go the extra mile for people who don’t simply continue shopping with them, they become true advocates for their brands.
Of course, you’ll have to attract those customers first and that’s going to be through marketing. Look at any large business and you’ll find that not only is this department sizeable, it also has an appreciable budget. But this doesn’t mean that a small business can’t afford to market itself effectively. Thanks to social media and other online channels, this can be both easier and cheaper than ever before, if you are inventive and relevant.
It pays to plan and innovate
It can be all too easy to work from day to day when you’re a small outfit and you might even feel like you lack the resources or flexibility for forward planning. But imagining what could be around the corner and making contingency plans is vital. It might even be easier for a small business to do this than for a large and unwieldy corporation.
Innovation is key no matter what your industry, and in areas that go beyond your focal product or service. For example, you could follow the lead of businesses like Betway, an online casino that has thrived since 2006 in a very competitive market – through innovation. While continually enhancing the player experience and introducing new games, they have also worked to strengthen their customer service and security to provide an all-round service. Over in the leisure sector, one only has to look at a company like Peloton. Their base product is the means to a cycle workout in the home – but they have enhanced that, making it immersive and data-driven, and providing accompanying strength and conditioning classes. By always looking at new products or services to offer and taking innovative approaches to the business, you could enjoy similar success.
Act like a big business
There are certain behaviours that we have come to expect from large organisations, and there’s no harm in emulating them yourself. For example, in recent times, businesses have come under closer and closer scrutiny for their ethical and environmental standards. This is why huge businesses like Coca-Cola have made some major commitments. Obviously, small businesses don’t have to do anything quite on this scale but showing a concern for the world we all have to live in is important, whatever your size.
Again, it might seem like the need for fixed and consistent ways of working are more important when there are many people involved. But, by instilling this kind of discipline from the very start, it will ensure greater efficiency in any business as well as setting a firm blueprint for the future. It can also be tempting to spread your efforts to generate business widely. But the sort of cost analysis that big companies carry out is vital. They’re looking to identify the Return on Investment – and you should be too if you don’t want to be squandering precious resources of cash.
Focus on finances
A similar level of discipline is also important for your business finances. This may not seem like a pressing matter when you’re just starting out and the sums are relatively small. In fact, with margins that are likely to be tight and relatively little capital to fall back on, keeping a tight hold on the purse strings will be essential. Closely linked to that idea are the numerous ways you can make your accounting easier. In the case of accounting software, this is an investment that can soon pay for itself in terms of the time, and money, that it can potentially save. There are even free tools available like an online calculator to help work out taxes accurately and which can give added peace of mind that the figures will be accurate.
Finally, regard your staff as your most valuable asset
Any business really is only as good as the people who work there. So, while you might not be able to offer perks quite like Google does, make sure that everyone you employ, even on a part-time or contractor basis, feels appreciated and valued.
Naturally, there are many other tips that you can take from big business to turn your own enterprise into a success. But these will put you in a strong starting position – and the rest is up to you.
