5 Ways To Be More Business Savvy
What does it mean to be “business savvy?” The short answer is that it’s about having an intuitive feel for how to nurture and grow a company. In reality, much like being a “natural athlete,” talent only gets you so far. The rest comes from gaining the experience to make the right choices when it matters. Here are five ways that new entrepreneurs can get savvier about business.
1. Gain Computer Literacy
Cybercrime constitutes a major threat to modern companies. Small and mid-sized businesses are targets because it’s assumed by criminals that entrepreneurs lack comprehensive online protection and knowledge of the latest threats. They’re often right on both fronts. Learn how the machines that keep your company running actually work. Keep up-to-date with the most common intrusion tactics, such as ransomware and phishing attacks. It also pays to acquaint yourself with new tools that can help your company thrive in an age of big data. Finding DBT alternatives, using sales force automation tools and leveraging analytical algorithms are only a few of the data-crunching techniques that can help put your business in the fast lane.
2. Try Digital Advertising Hacks
So much of our social and professional lives take place on the internet that this is where your advertising efforts should be focused. Digital marketing starts with your landing page, so use color psychology and science-based text patterns to make it memorable. Consider the power of influencer marketing, and start building relationships with the big names in your industry. Another good tactic is investing in SEO marketing. Search engines don’t treat all businesses equally! If you’re looking for court reporters in Washington, for example, typing “court reporters Seattle” into Google gives a list of options that is anything but random. They’re using specific keywords to optimize their position in the search engine’s algorithm. Learning these tricks is crucial to keeping you one step ahead of the competition online.
3. Research Your Market
Too many business owners jump into selling without knowing the people they’re selling to. Market research can take many forms, but there are two common avenues. Qualitative research focuses on the subjective experiences of customers. This often takes the form of informal surveys and focus group interviews or social media comments. Quantitative research involves doing a deep dive into statistics and conducting more scientifically sound research. Both are indispensable in giving you the knowledge you need to decide what the next steps in expansion should be as well as helping you anticipate the demands of your customers.
4. Learn to Delegate
The urge to micromanage things is a common trait in owners and managers alike. The truth is that if you have employees or helpers, delegating responsibility for certain tasks to them is worthwhile even if you can do them better yourself. One rule of thumb is known as the 70 percent rule. This states that if someone can do something even 70% as efficiently as you can, it’s worth giving the job to them so that you can focus your attention elsewhere. Instead of trying to do everything at once, stay organized by finding your focus.
5. Optimize Yourself
The best way to stay on top might be to take care of yourself first. Eating right and exercising may sound like generic “good advice,” but the benefits to productivity are backed by medical science. A UK study found that people who ate five portions of fruit and vegetables every day on most days were 25% more productive than those who didn’t. Having a good work/life balance is vital to mental health as well. When you’re an entrepreneur, self-care and care for your company are inseparable.
Let these tips guide you in your drive to get better at the art of business. Remember: The most important part of growing your business is evolving yourself.
