Businesses make purchases every day, but making those purchases from your company is a different story. Marketing to businesses is a function of the use of a variety of tools and techniques to set your company apart from others. B2B marketing requires you to employ a variety of techniques to position your product or service above your competition.
Figuring out the right pricing for your startup is a challenging, yet crucial, part of building a successful company. The way you price your product or service can make or break your startup. So, it’s important to understand the pricing landscape of your market and how your company fits into it to get your startup’s pricing right. Pricing is a balancing act that involves psychology, art and science. You must price high enough to make a profit and low enough to attract customers. Understanding the different pricing strategies and best practices can help you find the approach, and ultimately the prices, right for your business.
Since we believe that what we're doing is so unique, everyone will have the same perspective and want our product. And since it hasn't been done before, we think it's just a matter of time before we get into the market that our product will be at the top of everyone's mind. Wishful thinking.
Social media has become less of an optional marketing opportunity and more of a priority. In fact, platforms like Facebook and Twitter have become integral parts of brand awareness, content distribution, lead generation, and customer acquisition strategies for businesses. This is especially true for startups working with smaller budgets and grassroots campaigns.
Starting a business involves lots of decision-making and a laundry list of to-dos, so many owners don’t spend enough time looking for right insurance for startup businesses. Regardless of what industry you are in, you need to protect your business, your employees and your bottom line. In many cases small business insurance can be surprisingly affordable.
The name of your company will be etched into your daily life as an entrepreneur. You must pick a name that not only is compelling and that serves your vision, but that does not infringe on the names or intellectual property of others. When picking a company name, it’s important to do some research to help you avoid trademark infringement or domain name problems. You may be infringing someone’s trademark if your use of a mark is likely to cause confusion among customers as to the source of the goods or services
Michael Dermer is honored to be the Keynote speaker at CEED's 2017 Global Conference. Hundreds of entrepreneurs through the CEED network will come together in Slovenia for the annual gathering of CEED entrepreneurs and alumni.
Cash and equity compensation are certainly the foundation of a compensation plan to attract great employees. That being said, coming up with creative perks can be a significant factor in attracting talent. Here are some ideas for perks that can supplement your more traditional compensation structure for employees. You don't need to do all of these, and some may cost too much, but others may make sense for your company.
I know what you are thinking. The last thing I am thinking about is our company culture. If it doesn’t bring in revenue or cut our burn, should we be focusing on it? Our culture right now has to be to work our asses off. In an early stage venture, you lack defined parameters for company behavior—including your own behavior. It is like driving on a road without a speed limit, stop lights or lane lines. Left to its own devices, or lacking the appropriate attention, you are actually enabling a corporate culture with negative undertones and a tolerance for unacceptable behavior. If you fail to set down your core values, you not only bear that risk but you are not taking advantage of something that can create a competitive advantage.
In the constant chaos of becoming an entrepreneur, founders and leaders are always thinking of how to drive their employees to perform at a higher level. Sometimes while in the process of starting your business you may forget that this environment is unique. Employees are generally working hard, have multiple job roles, are sleep deprived and feeling pressure on a daily basis. You may find yourself wondering how to set the tone for employees that are most likely already stretched to their limit. Well, believe it or not, it starts with you, the leader. As a leader, it us up to you to train employees and set the tone of the workplace culture.
The financial performance of a business is reflected in a series of what they call "financial statements." While every entrepreneur does not need to be a financial expert, we all need to have at least a basic understanding of these statements and how they show us the financial performance of your business. A complete set of financial statements is used to give an overview of the financial results and condition of a business. These statements are the common language used by everyone to gain an understanding of the financial status of a business.
It's common to assume that everyone who is part of your team is on the same page and is equally aligned to the business. You very quickly come to realize that everyone wants what's in their best interest - employees want, customers want, investors want, board members want, friends and family want. With so many competing priorities, you assume that when you're making decisions left and right, it's in the company's best interest. However, unless you have made that very clear with all constituents of the company, you will be constantly battling the wants and needs of everyone else except the interests of the business.
In addition to the functions you must perform, you also must be three things: unemotional, deliberate and thoughtful—all while in the midst of the chaos that comes with entrepreneurial ventures. The ability to keep your head when things around you are going wrong or not making sense is a true skill, but one you must master.
Maximizing your scarce resources is a key function of the entrepreneur. Using independent contractors is one way to manage your people costs without the commitment and cost of a full time employee. Independent contractors give you the flexibility to respond quickly and not to make the more significant commitment required for a full-time employee. But with these benefits come some risks. Here are some of the advantages and disadvantages of employees versus independent contractors.
There are certain behaviors that are indicative of well-run organizations and teams. Certain of these core behaviors - trust, candor, accountability and teamwork - are fundamental to success, especially in the dynamic environment of an entrepreneurial venture. Companies talk about instilling these behaviors but don't know how.
Keeping track of the activities of a company seems impossible. You feel disorganized every day but you aren’t really sure how to change that. Many entrepreneurs are unaware of the available tools to manage this issue. I was sitting next to an entrepreneur who was keeping track of her many to-dos in a notebook. I asked her how long that took each day and she said about an hour. She was completely unaware of the numerous new tools, applications, and software designs that automate your to-do list and track agendas in an economy of time. These tools are mostly free and are designed for both larger companies and the one-woman show.
It doesn't necessarily take a lot of money to make a lot of money, but it does take some. To beat the odds and avoid running out of money, successful entrepreneurs prepare by developing rigorous financial plans that forecast essential information such as how much money it'll take to get off the ground and what to expect in the first few years so they can best allocate resources. Smart financial planning is crucial, but actually developing a reliable plan can feel impossible.
I started working with a first-time entrepreneur who felt she was drowning. I told her she need some structure and process to run the business. I told her she could benefit from regular meetings, set schedules and standard operating procedures that didn't require scrambling every time the company had an issue or met with investors, customers, vendors and other resources. Basic stuff. The stuff that mature businesses use as the foundation for running their business. Her reaction? She looked at me like I was crazy. She believed that her latest issue was simply a "personnel issue" that had to be handled and not indicative of a lack of process. The next day it was the product. The next it was investors. The next it was the marketing plan.
Your problems are not unique. The first time someone told me this I thought they were insane, but it’s true! Every startup shares the same problems. First and foremost, we all suffer from the issues endemic to new and developing businesses- lack of capital, lack of qualified team members and lack of time to execute across all parts of the company. You are faced with creating the building blocks of a business, building a business model, gaining market acceptance, creating operational capacity and to build the functional areas of a company- sales, marketing, finance, operations, technology, human resources, and the list goes on. This is true whether you are opening a pizza store, launching a clothing line, building an online store or selling jewelry. The same problems exist in virtually every newly launched venture.
If you’re thinking ahead to the day when you’ll no longer run your business, think about these five exit strategies now so you’ll be prepared for your future. Entrepreneurs live for the struggle of launching their business. But one thing they often forget is that decisions made on day one can have huge implications down the road. You see, it’s not enough to build a business worth a fortune; you have to make sure you have an exit strategy, a way to get the money back out. Here are five primary exit strategies for those of you who like to plan ahead and for those of you who don’t, but should.
Failure to understand your cash position, as well as your current and future cash needs, will result in disaster. The sad truth is that cash-flow surprises kill many startups. According to Dunn & Bradstreet, 90 percent of small-business failures are caused by poor cash flow. To prevent becoming part of that 90percent, you’ll need to maintain a focus on cash. When it comes to the financial management of a growing company, always remember that cash is KING.
The importance of prospecting in sales - how to define who your real customer is, and why targeting fewer, better prospects converts more than casting wide.
Crowdfunding websites, or platforms, allows individuals and business owners to raise funds for any kind of project by accessing a large number of potential backers. Many people are compelled to use well-known crowdfunding platforms, such as Kickstarter and GoFundMe. While these sites may have a loyal base of backers, the competition for views is fierce. Those seeking support should consider the differences between platforms so they can choose the site that will connect them with interested backers that will provide a strong level of support.
It’s in our blood to strive for perfection. We want to create the perfect product, the perfect service, the perfect business. But more often that not, we don’t have the resources or capital to deliver the perfect product or service. What if I told you that even if you did, no one would notice? Well, it’s true. The specifics or features aren’t the things that stand out- it’s the positioning of the product or service in the mind of the customer.
When asked whether their goal was to be the CEO of a company, many entrepreneurs would say no. Instead, they will say that what motivated them was their passion, their niche, their product, their idea. In fact, many may not have thoroughly considered the “company” part of being an entrepreneur. Think of the doctor, the jewelry maker, or the fashion designer. They see a way for their unique product or service to come to life but they rarely think about offices, finances, organizational structure, team management, and so on.
