Key ingredients for a successful start-up “Simplicity is the ultimate form of sophistication.” Sounds familiar? Capitec Bank recently started using this slogan as part of their marketing campaign. While no two businesses or entrepreneurs are identical, there are undoubtedly some overlapping principles which influence the successful launch of any brand. Although appearing simple, it is often an oversight of the basics which result in the failure of innumerable small businesses in South Africa. In fact, the DTI records that currently only 2 out of 7 new businesses survive year one of trading! With this in mind it’s worthwhile to explore five key principles to maximise your chances of a successful start-up. 1. Offer a product or service that is clearly distinguished While yours may not necessarily be a “brand-new” service or product, it’s important that you differentiate your offering, particularly from your direct competitors. Ultimately, the passion, energy, service-delivery and quality associated with your enterprise must enable you to capture and retain your primary target market. Your aim is to build a sustainable and credible business model. 2. Develop your brand image Never underestimate the power of effective branding! A professionally designed and not necessarily expensive logo, business card, website and portfolio should form an integral part of your basic marketing strategy. A thought provoking logo for instance can become an iconic symbol that captures the attention of your prospects and entices them to investigate further into the different dimensions of your product or service. 3. Focus on your core competencies Understanding your key skills and strengths while ensuring that you continually excel at them is critical. This is directly linked to your productivity, hence turnovers and profitability too! Remaining at the forefront of your industry in this way may require ongoing training as reflected in professional spheres built on “continuous professional development” (CPD) - such as the engineering and accounting fields. In the same token do not hesitate to enlist the services of experts in projects requiring you to bring in specialised synergy partners. Alternatively, some facets of your operation may be critical, but non-core. Outsourcing a specialist here will be advantageous as opposed to creating a full-time in-house division. A classic example includes financial administration or IT support. 4. Create a harmonious office structure Fostering a productive and healthy work environment comes with a number of natural benefits. A workforce that’s built on teamwork, performance incentives, high morale, mutual respect and a solid customer-oriented focus, will certainly engender a creative and open-minded workspace. 5. Understand your customer Continuous learning and improvement is a fundamental “Kaizen” principle popularised by its phenomenal success with the Toyota production system. One critical facet includes managing key relationships with suppliers, staff and of-course your customers. All are vital, but the latter represents the lifeblood of your revenue- stream! Ensure you understand your customers’ dynamic and often evolving needs. Remain adaptive to relevant trends and be sensitive to the prevailing benefits that your niche` market seeks when interacting with your business. These five focus areas are linked to sustainable business development and are essential ingredients in the formative years of your business. Investing in a solid foundation at the onset serves as a platform for building a successful and growing business! Article written by: Genesis Articles National Small Business Chamber
Posted on: Fri, 19 Jul 2013 09:47:35 +0000
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