Building your Business Empire: 4 Essential Elements you need for your business to thrive

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Building your Business Empire: 4 Essential Elements you need for your business to thrive

20 March

Building your Business Empire: 4 Essential Elements you need for your business to thrive

Posted at 02:58 by Aminata B. Sow . 0 Comments

Your business can be related to a garden. The water, sunlight, space, and care you provide to the garden allows for it to thrive. Just like a garden, there are essential elements that are needed for your business to thrive. No matter how long you’ve been in operation, your business needs a strategic plan. A well-executed strategic plan can help you secure funding for your startup, or expand the operation of your business. The elements you implement will force you to look at your business and evaluate what’s working — and what isn’t. It can help you focus on the right things and give you a roadmap to future success. Listed below are 4 essential elements we have identified that will help your business thrive.

Manage your business mindsets

Your mindset has a huge influence on your team that directly effects business operations. Adjusting your mindset to confront the different problems that may arise within your team and your business is an essential element to possess. Listed below are a few mindsets that tackle different issues.

  • A “Serving” Mindset:
    • Take the time to get to know your team. Understand each person’s strengths and weaknesses.
  • A “Growth” Mindset:
    • Give yourself and your team new tasks that in turn allows for them to develop new skills.
    • If you consistently demonstrate your belief in your team and they will show you loyalty
  • A “Multiplier” Mindset:
    • Like in any arcade video game, perform efforts that can increase the output of your team and yourself. These efforts include but are not limited to:
      • Helping employees that may be struggling with a task
      • Showing gratitude
      • Assessing any drama within the team

Implement an effective Marketing Strategy

Another essential element in a thriving business is an effective marketing strategy. There are a number of strategies that you can execute however the key is to implement a strategy that works for your company. Some marketing strategies include:

  • Internet Marketing: The use of online advertisements, Twitter, Facebook, LinkedIn and other platforms to market your business to an online audience.
  • Earned Media/ PR: Customer reviews, online comments, word-of-mouth, testimonials can be leveraged to win potential customers.
  • Search Engine Optimization: Raise your maximum level of visitors to your brand`s website by making sure your business appears high on the list of results returned by a search engine.

Understand End-to-End Product Development

Understanding how your business performs from start to finish of the consumer decision-making process is essential for your business to thrive. Below is a 5 step process along with a series of questions that you should consistently use to assess your business.

  • Step 1: Problem Recognition
    • How well does your business fit the ideal state of the consumers’ desire?
  • Step 2: Information Search
    • Does your business pop up high on the list when consumers look for solutions to their problems?
  • Step 3: Evaluation of Alternatives
    • How does your business stand against its competitors?
  • Step 4: Product Choice
    • Do you believe your brand should be chosen over the competition? Why or why not?
  • Step 5: Post purchase Evaluation
    • Are consumers satisfied with your brand? What are some reasons they may regret the purchase they made? Is it possible to have customers that are 100% satisfied with your brand?

Customer Loyalty

A critical component of establishing customer loyalty is managing personal relationships with the customer. Twitter, Facebook, and other social media platforms have enabled interaction with customers easier.

 Checking in with customers on points listed below can assist in establishing personal relationships:

  • Ask how your business effects your customers’ life.
  • Follow-up whenever customers interact with you over social media.
  • Ask how your business can improve to better fit the customers’ needs.

Implementing strategy within your business will not only maximize your ROI, but it will also position you to take an analysis of how you are currently operating and to brainstorm ways on how you can perform most efficiently. Enhance your business by implementing the essential elements it needs!

 

Join the White Rose Marketing team and three other phenomenal experts as we present this topic at our event in London, England on March 24th! Be sure to share with your friends abroad. Click on the link for details! https://www.eventbrite.co.uk/e/build-your-business-empire-the-essential-elements-you-need-to-thrive-tickets-32528935923

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