There are some businesses that you just have to look up to. Entrepreneurial giants that have taken the business world by storm.
Whether that be recently, or whether they’ve made their way through the ranks over a period of time. The likes of Ebay, Facebook, or Starbucks are so immensely popular and needed, it’s unlikely that they’ll ever go out of business. Like all of you, they’ve had to go through their own struggles such as lawsuits, bad media, and a loss in profits. So how can you get to the level they’re at today? Take a leaf out of their books with a few pointers.
Being frugal is one of the main things you need to learn to be. Whilst you may eventually get to the stage where you’re on top and your business is booming. You still need to find ways to save money and do things as cost effectively as you possibly can. Starbucks order their coffee packaging on a huge bulk scale in an attempt to bring down the cost. Facebook uses their own social media platforms to advertise. They’re so huge they don’t really need to do much marketing, people grow up and want to be on their social media sites. However, for smaller companies like yours, marketing is key.
Ebay has to do a considerably larger amount of marketing compared to companies as large as theirs. They’re having to compete with the likes of gumtree, Etsy, Depop, and many more. Finding out what technique works for your company is crucial from the beginning. Whether it be tactics such as social media marketing, Tv, billboard or Adwords. You need to find the most cost effective, yet actually effective method.
Selling what your consumer wants. This might be an obvious one, but some people just don’t meet the mark. How many of you out there have ordered an item of clothing, only for it to be nothing like it was on the picture? Huge online retail companies like Boohoo have this exact issue. It leads people to look to competitors and in turn, they lose profit. Not only because a sale wasn’t made, but the time it took your employee’s to sort and package it, the delivery time, it all has to be paid for. Make sure you’re selling good quality products that do exactly what they say on the tin.
The way you treat your employees is a bigger part of your company’s success than you may realise. Having people that want to work for you, and enjoy what they do boosts sales massively. If you have people who aren’t working to their full potential, chances are half the amount of what should be getting done is being done. Take McDonald’s for example. People at a London branch went on strike for the first time in McDonald’s history. They complained of poor working conditions, and the pay was around £3 cheaper than the living costs of London. Think about how you’d like to be treated, and what you’d like to be paid, and treat them fairly.