Welcome to 2018! The New Year is the perfect time to start fresh and plan the year ahead. To set you up for success, this blog breaks down what sets successful and innovative businesses apart from the rest. Dr. George Day from the University of Pennsylvania recognises these as the biggest areas shaping business success at the moment.
Invest In Talent
Leading companies put talent at the top of their list and invest time and money into scouting and attracting expertise to lead transformative initiatives. Continued success will foster success which is why companies like Apple and Samsung have stayed on top for so long. Everyone wants to be part of a winning formula so it’s much easier for these top-performing companies to attract and retain the best talent in the market. But on a smaller scale, businesses will confirm that exceptional talent can exponentially enhance a company and attract new clientele.
Look Outwards For Ideas
The most successful companies look outside for ideas – turning to customers, data, industry, and experts. Top businesses invest heavily in customer experience maps, a map of every touchpoint a consumer will experience from lead to customer. Consider investment into analysis and research to continually adjust, adapt and reshape your business. Collect the customer data you already have and analyse it to make strategic business decisions. If you don’t yet have data, start collecting – targeting social media campaigns, competitions and newsletters are places you can start.
You can’t get ahead without taking calculated risks. Research suggests that many companies are following the lead of start-ups and venture capitalists – encouraging risk-taking in their businesses through rapid prototyping and implementation of lead start-up methodologies. Companies like General Electric in the US encourage employees to think up concepts and develop the most standout ideas. It’s a catalyst to encourage creativity, freethinking, and innovation, develop talent and enhance employee engagement.
Automate Where You Can
Automation is a critical aspect of a successful business in 2018. Automate as many tasks as you can so you don’t have to do them manually, opening up time and space to focus on taking your business to new levels. Tools like MailChimp for automated newsletters, Buffer for scheduling social media posts and Quickbooks for keeping track of your expenses, can make your processes cheaper, more efficient and effective. Marketing is at the core of every successful business and the marketing automation space is full of tools. There are platforms that can manage your leads and build campaigns in a few simple steps, triggering when they are sent at every step of the customer journey from the first point of contact. They can also track activity from the first visit to the latest purchase and capture and calculate user metrics so you can refine and adjust based on what works and what doesn’t.
Growth and innovation need to be nurtured, encouraged and sustained.
Growth and innovation don’t just happen in an organisation. They have to be nurtured, encourage and sustained. Embracing change is an important habit for anyone who leads a business. At Bartercard, we provide businesses with a platform to enable growth and increase profit with our business growth strategies.
If you’re not sure how to approach switching things up, our free eBook “The 7 Habits of Highly Effective Small Business Owners” is filled with ideas and proactive behaviours to help you move forward.