Every business owner aims to translate its vision into reality. The end goal is to fulfill the business’ purpose to its constituents. But getting there isn’t an easy road, especially when the company is just starting. There are risks to be assessed, contingency plans to be made, and culture to be built. To help start-up businesses move forward, they must learn to maximise opportunities strategically to boost business profitability. Here are three related strategies to follow by bearing in mind the triple As – activate, attend, and accelerate.
Activate website and social media accounts
The 21st century is defined as the age of media. Data shows that the number of internet users globally increased from 413 million in 2000 to over 3.4 billion in 2016, with China and India claiming the top two spots. Since it is the most utilised platform by the majority, it is only right that start-up businesses establish a stark online media presence. For example, if a business based in Melbourne is concerned with providing rooftop restoration services, its branding should immediately capture why consumers should avail of its services. The company should also highlight its competitive advantage compared to other businesses, which can be its affordability, excellent customer service, or the use of high-quality materials.
The dashboard of a website should already allow consumers to learn vital information. Alongside this, a business needs social media accounts as well to expand its marketing reach. The larger the media presence, the higher the potential consumers.
Attend business expos
The Queensland Government of Australia laid down the benefits and risks of attending business expos. On the one hand, it is a great avenue to advertise and create brand awareness since they are usually open to the general public. It is also a chance for business owners to further promote in detail the products or services they offer. On the other hand, preparations can be costly, which includes travel expenses, publication materials, and marketing services. While weighing the pros and cons should be regularly done in any decision-making process, it is still best for start-up businesses to attend expos, considering how they can gain better exposure. Business expos are not just for expanding the customer base, but also for building partnerships with other businesses.
Accelerate staff productivity
A valuable factor that highly influences the growth of businesses is the staff. Staff members are the backbone of any business. Without competent human resources, companies would fail to operate. To sustain or even further accelerate productivity, staff members have to be well-taken care of.
One way is to incentivise them properly, may it be monetary or through a rewards and recognition system. Another means is providing training workshops on improving sales skills. Adding a feedback response would also be beneficial as the management needs to hear out suggestions from its people. In effect, they will be more motivated to enhance their performance, which can directly contribute to increasing business profit.
Boosting profitability is a common problem among businesses, especially for start-ups. Linear growth in them is not be guaranteed at all times, but being equipped with strategically-oriented plans will align start-up businesses on the right track. The triple As will surely boost profitability — activate, attend, and accelerate.