Few companies will admit to it, but if you look at some of the largest markets out there, there is one name that claims the lion share of the sales and profits. Take Google for instance. They don’t claim to be the biggest, baddest fish in the pond. They are too smart to frame themselves as having a monopoly over the search engine market, but every year, they make billions of dollars from this one branch of their company. In fact, according to a recent report by eMarketer, Google is set to take almost 80 percent of the total US search advertising profits this year.
So, how do you carve your brand name up there where no other company can touch it? Here are five tips that can make your business an indomitable force in its respective niche:
Eliminate Any Bottlenecks
For a business to function properly, multiple processes run in the background. Yet while you are busy executing these processes and practices, it’s important to take a step back and look at the flow of these said processes and if they are running smoothly. Some of the most common bottlenecks that slip past the attention of business owners include confusing tasks, rigid technologies, too many processes, and employees failing to meet deadlines.
Communications is at the backbone of every successful commercial enterprise. Without clear and effective lines of communication governing how tasks are carried out and how projects are completed, your business is bound to suffer major setbacks including costly project delays, workplace injuries, etc. To inspire better communication within teams and employees, change has to start with the head honcho. Sharpen your listening skills and learn how to collaborate with your employees, rather than dictate to them. Although you are trying to build an empire, you should not be perceived as a tyrant by your employees.
Hire the Right People
The most successful business owners and founders aren’t the most book-smart or necessarily the hardest workers, but they are the wisest when it comes to hiring and working with the right people. Be smart when picking the right co-founder. You want to partner with someone who can nurture your business ideas, complement your strengths and weaknesses, and has the same drive and passion as you do. Finding and hiring the right talent starts with your human resource department. Your HR department serves as the gateway to your business. If you don’t pay enough attention or invest enough money towards an HR software to vet your candidates and headhunt great talent, you will likely be stuck with mediocre, under-encouraged drones for employees.
Build a Brand
Building a brand should precede any other goals or priorities. Don’t just think about how you can make money, but think about how you can make a long-lasting impression towards your target audience. Look at companies, like Apple or Coca-Cola. When you think of computers or smartphones or cold beverages, these brands usually come to mind. How? This is made possible through the power of a strong and well-known brand behind it. Start by being active in social media, using different marketing channels including billboards and email campaigns, and integrating creative elements that can separate yourself from the rest of the competition.
Invest in Growth Tools
Technology can give back more than what you invest in it. Having a website, for instance, can cost you out-of-pocket, but it’s a smart long-term investment that yields results. Having a site helps take your brand to more audiences than you would normally reach using traditional marketing methods. Communication and collaboration tools, like Slack, on the other hand, can help your workforce manage its workload more efficiently.
Invincible businesses take time to grow but are definitely worth the risk and effort. Remember that, once you achieve such feat and status, the next step is to actually maintain it. Keep your edge sharp by adopting newer and better technologies, bringing in more talent, and expanding your keep to new reaches.