Building a business these days is both easier than ever before and a whole lot harder at the same time.
On the one hand, more tools and technology for building a business exist today than ever before (and many of them are flat out free or with unbelievably low price tags). This opens up plenty of opportunity for anyone and everyone looking to build a business to do exactly that, often with little more than a laptop, internet connection, and an idea.
On the other hand, all of this opportunity has increased competition more than anyone could have ever expected. Because everyone can build a business these days so inexpensively and so easily more operations are up and running, fighting over the same amount of customers and the same amount of sales.
That’s why you have to be smart, savvy, and strategic about how you grow your business in 2019 and beyond.
That’s why we’re sharing the inside information below.
Build out sophisticated marketing campaigns
A lot of first-time entrepreneurs try and create “hit and run” success in their marketing and advertising, chasing down complete and total strangers and trying to convince them to purchase something – anything – in the brief few moments that they have their attention.
Smart and savvy entrepreneurs understand that it can take quite a bit of time and quite a bit of persuasion to get today’s customers to feel comfortable enough to purchase whatever it is you have to offer.
Sophisticated marketing campaigns aim to first get the contact information of these people (the ultimate initial conversion) so that they can then market and advertise to these individuals on a continuous basis and slowly turned strangers into paying customers.
Build better relationships in your market
The most successful entrepreneurs out there today understand that customers are so flooded with opportunities to buy that they are always going to shop with competitors at the same time they are purchasing from their own businesses.
The smartest thing you can do is build out better relationships in your market with your direct competitors, looking for ways that you can combine forces in a friendly way that helps both businesses grow.
Come up with joint venture opportunities, work on projects together, sell each other unconverted leads – the sky is the limit. But as soon as you start thinking of your competitors as one of your greatest business assets you’re able to set your marketing and advertising on fire and grow your business faster than you would have ever been able to before.
Build up your war chest
It’s impossible to have any real measure of success in business these days without a steady and reliable flow cash and capital coming into your operation.
At the same time, you’d be shocked and just how many businesses are operating deep in the red with absolutely no plans whatsoever – aside from blind hope – of turning around the ship and becoming profitable later down the line.
Even if you’re looking to bootstrap your business, avoiding small business loans or only taking out tiny loans when you absolutely need to, it’s critical that you focus on building up your own war chest or financing options so that you have funds to draw on when new opportunities arise.
Flexibility is the name of the game these days and you have to stay light on your feet if you’re going to compete and dominate in today’s ultra competitive business environment. Without cash and capital (or access to business loans that can give you cash and capital quickly) you might have to watch as lucrative opportunities slide right by into the laps of your competitors that built up a war chest that they could deploy when the timing was perfect.
Stay on top of your financials at all costs. Plenty of successful entrepreneurs aren’t just checking their key business metrics on a daily basis, but going so far as to check their key business metrics and cash flow situation on an hour by hour basis.
That might be a little bit overkill for your specific set up or your specific business situation, but it’s not a bad idea to closely watch your cash flow situation and it’s always a good idea to build out your war chest or your financing options early so that you don’t have to scramble when the clock is ticking.