Start-ups and smaller companies can benefit from following some of the strategies being utilised by large businesses, which includes lean practices, marketing seriously, and adopting a service mentality.
Both insights from the success strategies and failures of bigger companies can guide you towards achieving better results. Here are some valuable strategies that will put you right on track:
Leveraging on lean practices. While manufacturing is where we first learn about the philosophy of lean business, it’s now being applied and adopted by many industries and businesses who are looking for success in their fields. Health care companies, in particular, are adopting strategies to reduce costs, eliminate waste, and improve quality.
Adopting lean practices in your company will save money and resources as you grow. This is crucial to your quality growth and survival.
Market seriously. Companies like Coca-Cola, Dell, Microsoft, and Apple work so hard and spend a lot of capital to understand and market to their audiences. Sweat equity can purchase a lot for small businesses these days. Affordable technology and communication options like blogs, Facebook, LinkedIn can connect your business with customers and a multitude of prospects fast and efficiently. All the corporations above are utilising new media for this reason and you should follow suit.
Adopt a service mentality. Many entrepreneurs cringe when talking about “service economy,” believing that means working in the fast-food industry. However, big corporations provide advanced services around their products to create value and you should too. The right value-added services you provide for your customers can distinguish your business from your competition.
Always focus. General Motors for instance in the last decade began shedding brands to focus on rebuilding. Risk-taking is an important aspect of any business. However, avoid adding too many products, services, or brands. As GM found, the cost of this can be severe and the solutions difficult.
Of course, the differences between your small business and bigger ones can be significant. But using large companies as standards for some of your tactics and campaigns can give you valuable insight and a clear roadmap for your business’ future.
Be careful about HR. Majority of big companies have entire HR departments that manage hiring, onboarding and other steps in the HR world. Big companies understand that they can’t take their chances when hiring people and making the most out of them.
The margin of error for start-ups is even smaller and this will be very noticeable in HR. You must hire the right person for any job and you will give your start up an early advantage that can turn it into a winner. Getting the wrong person will leave you with lost weeks or even months of inefficiency because he or she won’t be able to contribute and only wastes valuable resources. The worst mistake here is when you take hiring lightly. In a start-up or small business, it is all about the people who do the work.
Hiring outside help
Sometimes you will need the assistance of field experts and consultants to assist with business management challenges. You can use human capital solutions provider to address tough leadership team challenges such as getting the executive team to perform at its peak capability, planning for leadership succession, or motivating your staff to perform at a level your business needs to be successful.
That’s it. By adopting some of these strategies, you can increase your chances of making it in the very harsh and challenging startup/small business arena.