In a modern day era of information overload and increased competition, delegation becomes a more important aspect of any entrepreneurs skill set. It is however, by no means an internal concept.
With the rate of technology and information growing exponentially, sometimes the tasks we now need to do, even just well enough to compete, cannot always be delegated to internal staff due to it being beyond their ability to complete.
Sometimes what we require is an expert skill set, but sometimes business owners think they can and should take newly required tasks in such an era on themselves, whether this be learning SEO, Marketing or PR.
Sometimes the learning curve is just too steep and additionally, even if it was possible for this information to become acquired, how would it affect the other areas of your business you have neglected as a result?
Local search marketing is hotting up and businesses are being left behind as more people abandon The Yellow Pages and take their search online.
It is however a very steep learning curve and one that with all the good intent one may have, can seriously damage a business through the opportunity cost of applying yourself elsewhere,resulting in everyday tasks being neglected.
If you are learning an extra 2 hours a night then this is unlikely to damage your business, the problem however and possibly the catch 22, is it is unlikely to have the effects required to bring the money being left on the table – onto your balance sheet.
With today’s economy being as it is, the first thing many business owners do to help cash flow is cut their marketing budget.
This is one of the biggest mistakes made and many of those who do this, realise what a negative decision this was a few months later when nobody is calling them.
While many without hindsight continue to do this and subsequently give up their market share so readily, the recession and the global economy can be an extraordinary opportunity to become a lot more competitive with the bigger companies.
Establishing yourself now with astute marketing can set you up as the authority in your local market now and for many years in the future.
Marketing is an integral aspect of any business. People like Steve Jobs, Bill Gates, Donald Trump – they are all masters of marketing which means they can sell to the same customer over and over.
They make a sale to find a customer rather than find a customer to make a sale. How many Apple products have been launched this year alone? Most of their sales are from repeat business.
The most successful companies in the world, Mcdonalds, Starbucks or Microsoft spent 80% of their marketing on people who are already customers!
If you are a local business you need so much more than just good staff and a good product or service. How many businesses do you see survive who have to constantly look for new business?
That’s why branding in a national market is so important or a reputation in a local market! If you want to take advantage of this current global economic climate as a local business you need to ask yourself these questions;
What is the current state of your customer retention program?
What is your company doing with any lost prospects? How do you market to these people?
What is your online marketing strategy – can people find you all over the internet or is your competition there instead?
How are you tracking your current marketing?
How are you building your consumer database to resell to?
How are you staying at the forefront of your customers mind so if they need a plumber, dentist etc – it is you they call?
These are just some of the things any business owner needs to address and it is imperative it is done well.
Business gain understands as a local business owner – you are an expert at running your business.
We know most don’t want their current operations to suffer by working extra to learn marketing principles, or by executing the opportunity cost to re proportion their current time-scales to accommodate new learning.
We also know many of you realise there is money being left on the table and that you can capture it if you just knew how.
Perhaps we can help?