All business owners will stop being business owners at some point. So, there is no better time to begin planning for the inevitable than the present. The earlier you begin planning, the more options you will have for a successful exit.
However, like any strategic plan, it can be difficult to know how and where to begin. With the start of the new year it’s also an ideal time for us to publish a basic “To-Do List” that will serve you in considering that most significant event as a business owner…your future exit.
DECIDE WHERE YOU WANT TO GO. Establish Clear Goals and Objectives for Exit and Your Life After Exit.
When do you want to leave the business? Whom do you wish to transfer/sell the business to?
What are your values-based and legacy exit goals?
What is your post-exit “life-plan”? Business owners can often regret leaving when lacking a plan for life that replaces the sense of purpose and meaning they experienced in building their business.
Update your Personal Financial Plan. Find out how much $$$$ you will need post-exit to do all you want to do. Is there a gap?
ASSESS WHERE YOU ARE. Without Accurate Data All Planning Becomes Meaningless.
Get an accurate Business Valuation. If the business is your largest asset shouldn’t you know what it really is worth to potential buyers?
Assess your business Value-Drivers and areas of Risk.
Review your Business Continuity Plan for life transitions and unexpected death or disability. Co-Owners would include a review of their Buy-Sell Agreement to ensure alignment with the current goals of all owners.
Review Estate Plan to ensure alignment with exit goals.
DESIGN AND IMPLEMENT A PLAN. Build Transferable Value and Enjoy a Future Exit On Your Own Terms and Conditions.
Which Exit Route will best accomplish your goals? Sale to Third-Party | Sale to Insiders | Transfer to Family Members | Sale to ESOP | Absentee Owner.
Focus on growth and profitability today. At the core of tomorrow’s successful exit plan is today’s profitability and plan for growth.
Strengthen business value drivers. An owner with a sellable business will have more freedom in life and options for exit.
Do you have the right Team of Experienced Advisors for plan design and implementation?
Who will Manage the Exit Planning Project?
The most important thing you could do in 2020 would be to GET STARTED AND GET HELP if you have yet to do so. If you wait until you’re ready to exit to begin planning, you won’t be ready and neither will your business. Keep in mind, that “You don’t know what you don’t know” and, like in all other areas of life, that could end up being disastrous.
There is much at stake during this most significant event in your life as a business owner. Take steps in 2020 to be as responsible and successful in planning your eventual exit as you have been in running your business.
About the Author
Pat Ennis is the President of ENNIS Legacy Partners (ennislp.com). The mission of ELP is to help business owners build value and exit on their own terms and conditions. With decades of experience in financial services, for-profit and non-profit leadership and management, along with the founding of ELP in 2010, Pat has extensive knowledge and understanding of the many challenges faced by business owners. His knowledge base, experience, and training results in a goals-based, comprehensive approach for business owners’ who are intent on building transferable business value and exiting their business responsibly and successfully.
“A successful business owner with a thriving business has tremendous impact on many people, including: their family, employees, customers, suppliers, vendors, the community in which they do business and both the local and national economies. All of this impact… all that they’ve built… is at stake when and how they exit their business. We want to help them be as impactful in how they exit their business as they have been in building it.”
There are things in our lives that seem big, but they are really temporary or minor problems. The small things get big when we focus too much attention on them. When we make small things big, we can overlook the big things that become the elephant in the room that we are not seeing. If we take care of the small things as they come up, we are better able to cope with the big stuff.
Traffic moving slowly, someone not lending a hand when we think they should, children too distracted to listen; these are the small temporary problems. We can chew these things in our minds over and over until they are always/never pronouncements in our minds. The small things mull around in our minds until they seem overwhelming. Take the magnifying glass off of the problem, see it as smaller and farther away, and see the change in your perspective as the starting place for solving the problem. The words we use to describe the problem in our minds often magnify the problem. Look at the examples and see if you can change the sentence to something you would have control over.
“He never takes out the trash.”
“She always complains.”
“The kids never pick up their toys.”
“He never helps in the kitchen.”
“She’s always busy.”
“He never wants to do his homework.”
Problem statements can easily get cemented in our minds. They roll around over and over. They are a constant problem. When our minds are full of these small things, we don’t have room for the big things that are really important, so we make the big things small and ignore them. The big things are a) building sustainable relationships and b) creating healthy habits. Make a list of things you can do to begin focusing on the big things that have a long-lasting impact on your life and the lives of the important people around you.
Spend family time together.
Exercise or take a walk.
Take time to relax and have fun.
Listen attentively and notice when problems arise.
Have fun cooking a healthy meal with a friend.
I enjoy spending family time with my daughter, who is my good friend, while we are sharing recipes and cooking a favorite meal together. She lives 2700 miles from me, but our homes come together through Facetime. We enjoy our cooking time together so much that we both got an Alexa Show for Christmas. These are precious moments – the big stuff – where we each share our family moments. There are times when I realize I just spent two hours on the phone with my daughter, but we are building important relationships and as a bonus creating delicious nutritious meals.
We can flip the switch on our perceptions, pay attention to the things we have control over, and understand that others will see things differently. Pay attention to statements that include, “always” or “never.” Most things are not that absolute. More often we are speaking from our own perceptions magnifying the situation with absolutes. We can’t control other people, but we do have control over our perceptions and reactions.
Get help if the big or small things feel overwhelming. Don’t wait until a crisis takes over your life. Reach out to a professional counselor or Certified Life Coach if you need help to flip the switch on your perspective, so you can see the small things for what they are, and manage the big things in your life.
As a Creative Entrepreneur, you want to focus on the big stuff, being healthy and creating sustainable relationships. You need relationships to build your customer base, and you need to be vibrant and healthy so you will have the energy to provide your product or service.
About the Author
Nancy J. Miller, M.S., Career Counselor/Certified Life Coach bringing joyful perspectives and life changing attitudes to the lives I touch.
https://www.strategydriven.com/wp-content/uploads/olav-ahrens-rotne-jvBXiynINGE-unsplash-scaled.jpg17072560StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-01-09 21:00:522020-01-11 13:16:08When Small Things Get Big and Big Things Get Small
By traveling at an untraceable speed, the face of technology has witnessed several transformations over time. As everything around us has flipped over into the screens, there is no more turning back into the age of physicality. Gone is the era of tangibility and undeniably that phase did have a fair share of advantages, many of which cannot be easily replaced by technology. But the future lies in those screens, and in this decade as even the concept of money has taken the digital form, equipping yourself with the right devices and technology is imperative. As cryptocurrency started becoming prevalent, various innovations took birth to tweak the digital currency into the most efficient form.
Automated Trading
The roots of crypto trading robots extend to the concept of automated trading. The US has adopted this method of trading and has successfully gained profits out of it. This technology has already proven to be beneficial and is now a widely accepted one. Many of its potentials are still being discovered. Automated trading helps users to create a book of accounts where details regarding the trade are recorded, which can be later employed by a computer to run the system for specific functions of trading. It stands as a good option for those users who lack time to analyze the working of their accounts and market trends.
Cryptocurrency Trading Bots
One of the major driving forces behind the invention of trading bots was the volatile nature of cryptocurrencies. The function of such bots is wholly based on the nature of digital money, which is unpredictable to a large extent. Controlling the accounts all through the day would be an impossible task; the trading bots came as an antidote to this issue. Since humans cannot control the volatility of cryptocurrency, untimely dips and surges are equally probable. When users are in a state where they are unable to control their trade, the bots are assigned to do the job. Apart from the task of running errands for the users, the bots also make the trades more efficient and profitable. The system that operates the bots can receive relevant data and make the best results out of it, by improving on the skills of human traders. The benefits of using bots have attracted more users to the idea of equipping themselves with this technology to enhance their trade. As the demand for trading bots hiked, so did its production. With several bots in the market now, users might fall into a dilemma over selecting the best one. Many of them offer free service whereas some have to be bought at prices fixed by the developers. You can now relax, as Immediate Edge Bot is here to help you manage your crypto trading account and take more than half the burden off your shoulders.
Working of trading bots
You gaze on the screens as you read this; this activity demands your presence. In the case of trading, that place of yours is being replaced by the robots. These bots function efficiently in making decisions for the trader while they are not available or also when a complex issue arises. The bots will work based on the programmed criteria to generate an appropriate reaction to the problem encountered (price drops). Indeed, an arbitrage crypto bot can help you enjoy significant profits by taking advantage of price differences across multiple exchanges. These bots track the prices of assets from several markets. If, for example, the Ethereum price is higher on one exchange and slightly lower on another, the bot can rapidly acquire the lower-priced coin and sell it later for a decent profit. Price differences are quite common, but they often don’t last long. Therefore, it is beneficial to have a bot on your side that can work round the clock to find and exploit the most profitable trading opportunities in real-time. The two significant drawbacks of the traditional crypto bots are the high cost and low accessibility, which can be reduced to a considerable extent by providing direct access through cryptocurrency exchanges.
Things to consider before choosing a particular trading bot
The reliability of the company should be of prime concern. Since the purchase is made online, the issue with the genuineness of the product could arise, so pay extra attention to this factor.
Companies with murky content clouding their reputation are best removed off your list. It would help if you always looked for the transparency in the details on the company’s website.
Since technology has developed towards an age where online frauds and hacks are prevalent, the security factor of the bot that you are planning to buy should also be checked properly.
Conclusion
As the world is moving into the era of AI, everything around us is bound to change and take the intangible form. Various iterations to cryptocurrency trading platforms have frequently been entering the market for a few years now, and the bot technology has been the most widely accepted one among these. With numerous companies offering bot trading services, it would be quite strenuous to pick the best one out of it. Before clicking on that option of yours, make sure it provides the best service and that the bot trading platform is reliable.
https://www.strategydriven.com/wp-content/uploads/c-users-admin-desktop-gaby8-1-2020-photos-photo-1.jpeg333500StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-01-09 20:00:042022-05-09 01:29:17Crypto Trading Bots – Next Step to an Epic Future
As a business, there are certain services that you are going to need to ensure that the day-to-day operations of your company are running smoothly. As well as this, you are going to need help bringing in more customers and keeping everything going, which is why we have written this article. Down below, you are going to find some of the services that your business is going to need to soar!
Marketing
The first thing that we are going to look at is marketing. Marketing lets people know who you are, what you are about, and why they should choose you over the other companies on the market right now. Marketing is something that you can do yourself, but if you don’t have experience in this field, then you are better off hiring someone to help you out here. The reason that we say this is because marketing has to be done right, or it is not going to have the desired effect. For example, if you have a bad advertising campaign, then people aren’t going to want to use your business.
Professionals know what the average consumer is looking for. They have designed marketing campaigns before, so they know what to do. The experience that they bring to the table is going to be invaluable.
Accounting
The next thing that you are going to need is help with your accounting. Now, you might not have to hire someone to do this for you if you don’t want to. There is plenty of accounting software such as QuickBooks Online that are available for you to use to make things run smoother. Alternatively, you can hire a qualified accountant to deal with this for you, and you might find this is a good idea, especially if you aren’t great with numbers. They will be able to give you a good idea about where you can save money, and what areas of the business need more money put into them. This on top of managing your money to make sure that you are on track!
Human Resources
Finally, human resources are going to be a big help to you. A lot of business owners will say that this is a waste of money, but they won’t be saying that when they are dealing with an issue with an employee, and they don’t know how to handle it correctly. A human resources team make sure that all issues with employees are handled well according to the law and the situation at hand. It is far easier to run your company when there is someone else handling this, freeing up your time to deal with other matters.
We hope that you have found this article helpful, and now know what services your business needs to soar! If you take our advice, you are going to have all of the services that you need, and while it might seem like a big investment in the first place, you are going to be thankful that you made it further along down the line.
https://www.strategydriven.com/wp-content/uploads/pasted-image-0-15.png10661600StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-01-09 17:00:422020-01-09 17:51:00What Services Does Your Business Need To Soar?
Starting a digital marketing agency is one thing, making it a successful entity is quite another. There are many such agencies that have reached the pinnacle of success with their own formula. They have worked hard and made all the right decisions at the right time. Their stories are inspirational and offer food for thought for all those people who are striving to succeed in this field. If you are in Australia then look for the digital marketing Brisbane has to offer.
Let’s discuss in brief how you can profit from the footprints of these successful entities, and reach the heights that you have always dreamed of.
1. The Essentiality of Networking
There is a saying in the business world: If you are easily able to count on your fingers the number of business connections that you possess at any given time, you better start working overtime.
In order to grow in any line of business, you must be out in the field connecting with relevant people. These connections will provide you with the referrals that you need for building your client base. In order to build a great network, you need to:
Begin locally: If you are in the same area as the business entities that you are targeting, nothing can be much better. You can introduce yourself and your digital marketing agency with great ease and comfort
Remain focused on your niche: You may find yourself compelled to offer your services to everyone, but you must first find out a target or a niche market. This is because you are an expert in a niche, and it would be best to not lose your focus by attesting to win over everyone.
2. Focus on Your Own Branding
Some digital marketing agencies are so busy working on the branding of others that they simply forget to work on their own brand management. However, the truth is that no one can grow their own business unless they are known well by their own clients and customers. This makes it imperative for digital marketers to keep aside a hefty amount from their budgets to be spent on their own marketing.
3. The Pricing Factor
Pricing is a factor that is very important whether you are making a million-dollar sale, or simply offering a T-shirt. Price is the thing that decides whether the customer will make a purchase or begin looking at other venues. Some of the promising digital marketing agencies have failed because – due to high competition – they wouldn’t charge enough for their clients. On the other hand, some failed simply because they were charging too much.
The pricing may differ for every agency. One of the best ways of arriving at the right pricing is to observe what your main competitors are charging for similar services. You can calculate their average prices, and see if the same price will provide you with a profit after you deduct all the expenses to be incurred on providing the required service. It is never advisable to set your price low in order to satisfy a few customers. You should never sell yourself cheap. Your price should always reflect the value being offered to the clients.
4. Develop Comprehensive Procedures
You should have comprehensive procedures for everything that you are doing, or plan to do. In fact, briefly defined procedures or SOPs are the cornerstones of any good business. These procedures serve as the blueprint for effectively managing the daily operations of the business in an efficient manner.
The reporting procedure should also be completely automated. Rather than typing big proposals every time all over again, there should be templates readily available that can be customized for clients, and sent to them a.s.a.p.
Appalments with clients should also be streamlined with the help of scheduling software. The team should have all the procedures and guidelines readily available so that they are able to carry out their tasks effectively and steadily.
5. Hire Professionals
One of the drawbacks faced by digital marketers and especially the newcomers is that they are unable to handle all the work coming towards them. Of course, it is your duty to deliver all the required work to the customers on time, but it is not essential that you do everything by yourself.
If you are busy doing all the work, how will you plan further growth? This means that you need a team of likeminded professionals who possess the set of necessary skills to assist you in delivering. You can also outsource some of your work to others. This becomes relevant when third parties have the required expertise in a certain field that you do not possess. This could be SEO marketing, Management of social media accounts, and other aspects of digital marketing. Your best option is either to hire people who can carry out the functions for you, or outsource them to third parties
The Final Word
Like in every other thing in life, there is no set formula for success in digital marketing. This is because the situations and circumstances differ from one business to the other. What is relevant for one company, maybe completely irrelevant to another.
However, the tips shared in the above article provide a general overview for digital marketers to follows. Of course, they will need to be taken into account and the unique circumstances in which they are operating, but still, the general rules will apply to each and every company. At the end how you are able to use these tips for your own success is entirely up to you.
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Business Programs
2020 Exit Planning Checklist
/in Entrepreneurship/by Pat EnnisHowever, like any strategic plan, it can be difficult to know how and where to begin. With the start of the new year it’s also an ideal time for us to publish a basic “To-Do List” that will serve you in considering that most significant event as a business owner…your future exit.
DECIDE WHERE YOU WANT TO GO. Establish Clear Goals and Objectives for Exit and Your Life After Exit.
ASSESS WHERE YOU ARE. Without Accurate Data All Planning Becomes Meaningless.
DESIGN AND IMPLEMENT A PLAN. Build Transferable Value and Enjoy a Future Exit On Your Own Terms and Conditions.
The most important thing you could do in 2020 would be to GET STARTED AND GET HELP if you have yet to do so. If you wait until you’re ready to exit to begin planning, you won’t be ready and neither will your business. Keep in mind, that “You don’t know what you don’t know” and, like in all other areas of life, that could end up being disastrous.
There is much at stake during this most significant event in your life as a business owner. Take steps in 2020 to be as responsible and successful in planning your eventual exit as you have been in running your business.
About the Author
When Small Things Get Big and Big Things Get Small
/in Practices for Professionals/by Nancy J. MillerTraffic moving slowly, someone not lending a hand when we think they should, children too distracted to listen; these are the small temporary problems. We can chew these things in our minds over and over until they are always/never pronouncements in our minds. The small things mull around in our minds until they seem overwhelming. Take the magnifying glass off of the problem, see it as smaller and farther away, and see the change in your perspective as the starting place for solving the problem. The words we use to describe the problem in our minds often magnify the problem. Look at the examples and see if you can change the sentence to something you would have control over.
“He never takes out the trash.”
“She always complains.”
“The kids never pick up their toys.”
“He never helps in the kitchen.”
“She’s always busy.”
“He never wants to do his homework.”
Problem statements can easily get cemented in our minds. They roll around over and over. They are a constant problem. When our minds are full of these small things, we don’t have room for the big things that are really important, so we make the big things small and ignore them. The big things are a) building sustainable relationships and b) creating healthy habits. Make a list of things you can do to begin focusing on the big things that have a long-lasting impact on your life and the lives of the important people around you.
I enjoy spending family time with my daughter, who is my good friend, while we are sharing recipes and cooking a favorite meal together. She lives 2700 miles from me, but our homes come together through Facetime. We enjoy our cooking time together so much that we both got an Alexa Show for Christmas. These are precious moments – the big stuff – where we each share our family moments. There are times when I realize I just spent two hours on the phone with my daughter, but we are building important relationships and as a bonus creating delicious nutritious meals.
We can flip the switch on our perceptions, pay attention to the things we have control over, and understand that others will see things differently. Pay attention to statements that include, “always” or “never.” Most things are not that absolute. More often we are speaking from our own perceptions magnifying the situation with absolutes. We can’t control other people, but we do have control over our perceptions and reactions.
Get help if the big or small things feel overwhelming. Don’t wait until a crisis takes over your life. Reach out to a professional counselor or Certified Life Coach if you need help to flip the switch on your perspective, so you can see the small things for what they are, and manage the big things in your life.
As a Creative Entrepreneur, you want to focus on the big stuff, being healthy and creating sustainable relationships. You need relationships to build your customer base, and you need to be vibrant and healthy so you will have the energy to provide your product or service.
About the Author
Contact Nancy to learn more about her Coaching Package, Find Success as a Creative Entrepreneur.
Crypto Trading Bots – Next Step to an Epic Future
/in StrategyDriven Editorial Perspective/by StrategyDrivenBy traveling at an untraceable speed, the face of technology has witnessed several transformations over time. As everything around us has flipped over into the screens, there is no more turning back into the age of physicality. Gone is the era of tangibility and undeniably that phase did have a fair share of advantages, many of which cannot be easily replaced by technology. But the future lies in those screens, and in this decade as even the concept of money has taken the digital form, equipping yourself with the right devices and technology is imperative. As cryptocurrency started becoming prevalent, various innovations took birth to tweak the digital currency into the most efficient form.
Automated Trading
The roots of crypto trading robots extend to the concept of automated trading. The US has adopted this method of trading and has successfully gained profits out of it. This technology has already proven to be beneficial and is now a widely accepted one. Many of its potentials are still being discovered. Automated trading helps users to create a book of accounts where details regarding the trade are recorded, which can be later employed by a computer to run the system for specific functions of trading. It stands as a good option for those users who lack time to analyze the working of their accounts and market trends.
Cryptocurrency Trading Bots
One of the major driving forces behind the invention of trading bots was the volatile nature of cryptocurrencies. The function of such bots is wholly based on the nature of digital money, which is unpredictable to a large extent. Controlling the accounts all through the day would be an impossible task; the trading bots came as an antidote to this issue. Since humans cannot control the volatility of cryptocurrency, untimely dips and surges are equally probable. When users are in a state where they are unable to control their trade, the bots are assigned to do the job. Apart from the task of running errands for the users, the bots also make the trades more efficient and profitable. The system that operates the bots can receive relevant data and make the best results out of it, by improving on the skills of human traders. The benefits of using bots have attracted more users to the idea of equipping themselves with this technology to enhance their trade. As the demand for trading bots hiked, so did its production. With several bots in the market now, users might fall into a dilemma over selecting the best one. Many of them offer free service whereas some have to be bought at prices fixed by the developers. You can now relax, as Immediate Edge Bot is here to help you manage your crypto trading account and take more than half the burden off your shoulders.
Working of trading bots
You gaze on the screens as you read this; this activity demands your presence. In the case of trading, that place of yours is being replaced by the robots. These bots function efficiently in making decisions for the trader while they are not available or also when a complex issue arises. The bots will work based on the programmed criteria to generate an appropriate reaction to the problem encountered (price drops). Indeed, an arbitrage crypto bot can help you enjoy significant profits by taking advantage of price differences across multiple exchanges. These bots track the prices of assets from several markets. If, for example, the Ethereum price is higher on one exchange and slightly lower on another, the bot can rapidly acquire the lower-priced coin and sell it later for a decent profit. Price differences are quite common, but they often don’t last long. Therefore, it is beneficial to have a bot on your side that can work round the clock to find and exploit the most profitable trading opportunities in real-time. The two significant drawbacks of the traditional crypto bots are the high cost and low accessibility, which can be reduced to a considerable extent by providing direct access through cryptocurrency exchanges.
Things to consider before choosing a particular trading bot
Conclusion
As the world is moving into the era of AI, everything around us is bound to change and take the intangible form. Various iterations to cryptocurrency trading platforms have frequently been entering the market for a few years now, and the bot technology has been the most widely accepted one among these. With numerous companies offering bot trading services, it would be quite strenuous to pick the best one out of it. Before clicking on that option of yours, make sure it provides the best service and that the bot trading platform is reliable.
What Services Does Your Business Need To Soar?
/in Entrepreneurship/by StrategyDrivenAs a business, there are certain services that you are going to need to ensure that the day-to-day operations of your company are running smoothly. As well as this, you are going to need help bringing in more customers and keeping everything going, which is why we have written this article. Down below, you are going to find some of the services that your business is going to need to soar!
Marketing
The first thing that we are going to look at is marketing. Marketing lets people know who you are, what you are about, and why they should choose you over the other companies on the market right now. Marketing is something that you can do yourself, but if you don’t have experience in this field, then you are better off hiring someone to help you out here. The reason that we say this is because marketing has to be done right, or it is not going to have the desired effect. For example, if you have a bad advertising campaign, then people aren’t going to want to use your business.
Professionals know what the average consumer is looking for. They have designed marketing campaigns before, so they know what to do. The experience that they bring to the table is going to be invaluable.
Accounting
The next thing that you are going to need is help with your accounting. Now, you might not have to hire someone to do this for you if you don’t want to. There is plenty of accounting software such as QuickBooks Online that are available for you to use to make things run smoother. Alternatively, you can hire a qualified accountant to deal with this for you, and you might find this is a good idea, especially if you aren’t great with numbers. They will be able to give you a good idea about where you can save money, and what areas of the business need more money put into them. This on top of managing your money to make sure that you are on track!
Human Resources
Finally, human resources are going to be a big help to you. A lot of business owners will say that this is a waste of money, but they won’t be saying that when they are dealing with an issue with an employee, and they don’t know how to handle it correctly. A human resources team make sure that all issues with employees are handled well according to the law and the situation at hand. It is far easier to run your company when there is someone else handling this, freeing up your time to deal with other matters.
We hope that you have found this article helpful, and now know what services your business needs to soar! If you take our advice, you are going to have all of the services that you need, and while it might seem like a big investment in the first place, you are going to be thankful that you made it further along down the line.
Tips to Make Your Digital Marketing Agency a Success
/in Online Marketing and Website Development/by StrategyDrivenImage courtesy of Launchpresso
Starting a digital marketing agency is one thing, making it a successful entity is quite another. There are many such agencies that have reached the pinnacle of success with their own formula. They have worked hard and made all the right decisions at the right time. Their stories are inspirational and offer food for thought for all those people who are striving to succeed in this field. If you are in Australia then look for the digital marketing Brisbane has to offer.
Let’s discuss in brief how you can profit from the footprints of these successful entities, and reach the heights that you have always dreamed of.
1. The Essentiality of Networking
There is a saying in the business world: If you are easily able to count on your fingers the number of business connections that you possess at any given time, you better start working overtime.
In order to grow in any line of business, you must be out in the field connecting with relevant people. These connections will provide you with the referrals that you need for building your client base. In order to build a great network, you need to:
Begin locally: If you are in the same area as the business entities that you are targeting, nothing can be much better. You can introduce yourself and your digital marketing agency with great ease and comfort
Remain focused on your niche: You may find yourself compelled to offer your services to everyone, but you must first find out a target or a niche market. This is because you are an expert in a niche, and it would be best to not lose your focus by attesting to win over everyone.
2. Focus on Your Own Branding
Some digital marketing agencies are so busy working on the branding of others that they simply forget to work on their own brand management. However, the truth is that no one can grow their own business unless they are known well by their own clients and customers. This makes it imperative for digital marketers to keep aside a hefty amount from their budgets to be spent on their own marketing.
3. The Pricing Factor
Pricing is a factor that is very important whether you are making a million-dollar sale, or simply offering a T-shirt. Price is the thing that decides whether the customer will make a purchase or begin looking at other venues. Some of the promising digital marketing agencies have failed because – due to high competition – they wouldn’t charge enough for their clients. On the other hand, some failed simply because they were charging too much.
The pricing may differ for every agency. One of the best ways of arriving at the right pricing is to observe what your main competitors are charging for similar services. You can calculate their average prices, and see if the same price will provide you with a profit after you deduct all the expenses to be incurred on providing the required service. It is never advisable to set your price low in order to satisfy a few customers. You should never sell yourself cheap. Your price should always reflect the value being offered to the clients.
4. Develop Comprehensive Procedures
You should have comprehensive procedures for everything that you are doing, or plan to do. In fact, briefly defined procedures or SOPs are the cornerstones of any good business. These procedures serve as the blueprint for effectively managing the daily operations of the business in an efficient manner.
The reporting procedure should also be completely automated. Rather than typing big proposals every time all over again, there should be templates readily available that can be customized for clients, and sent to them a.s.a.p.
Appalments with clients should also be streamlined with the help of scheduling software. The team should have all the procedures and guidelines readily available so that they are able to carry out their tasks effectively and steadily.
5. Hire Professionals
One of the drawbacks faced by digital marketers and especially the newcomers is that they are unable to handle all the work coming towards them. Of course, it is your duty to deliver all the required work to the customers on time, but it is not essential that you do everything by yourself.
If you are busy doing all the work, how will you plan further growth? This means that you need a team of likeminded professionals who possess the set of necessary skills to assist you in delivering. You can also outsource some of your work to others. This becomes relevant when third parties have the required expertise in a certain field that you do not possess. This could be SEO marketing, Management of social media accounts, and other aspects of digital marketing. Your best option is either to hire people who can carry out the functions for you, or outsource them to third parties
The Final Word
Like in every other thing in life, there is no set formula for success in digital marketing. This is because the situations and circumstances differ from one business to the other. What is relevant for one company, maybe completely irrelevant to another.
However, the tips shared in the above article provide a general overview for digital marketers to follows. Of course, they will need to be taken into account and the unique circumstances in which they are operating, but still, the general rules will apply to each and every company. At the end how you are able to use these tips for your own success is entirely up to you.