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When you start a business, there’s a hustle and bustle and a general sense of getting everything established, putting all your ducks in a row, and getting things off the ground. I think most of us have the expectation that after the initial chaos, things will settle down; we’ll figure out what works for us, establish a routine, and everything will start to run smoothly.
But in order to be a successful business, you have to be autonomous. You have to be willing to change with the times, and you must be open to new strategies. Routines and patterns aren’t bad, but they can be detrimental if you’re not willing to analyze them and consider other options.
This is true in every aspect of business, but especially marketing. How people consume content is constantly changing with technology, hence the recent rush of businesses to social media. You want to be where the people are, where they will see you.
But will all the work you do on twitter be useful in two years? If there’s a new social media monster that everyone flocks to, will your time be wasted? Or are you building your business in a way that it can adapt to changes without losing ground? Below are some ways that you can set your business up for the long term, in both marketing and finances.
Consistent Social Media
Now, when I say consistent, I’m not talking about the frequency of your posts, I’m talking about the content. Your social media presence should communicate your business personality. Maybe you use twitter, facebook, pinterest, or all three. Though you might target different audiences with each platform, all profiles should be consistent with your brand. This way, people know what to expect from you. If you leave one platform for another, you’ll likely take some followers with you, and the ones you lose will be the ones who weren’t active.
Becoming an Thought Leader
It’s not enough to offer a great product or service. You need to be a source of knowledge as well. After all, if you’re a metal detector supplier, and a new technology comes out that renders your product useless or inferior, then you’re out of luck. Unless you’ve established yourself as an expert in all things to do with object detection, treasure hunting, and other related fields. Then you might be set up to bounce back with a new product or service.
Luckily, the main challenge with becoming a thought leader is simply having the intention to put time into it. It can work with a lot of existing strategies, and often accomplishes multiple functions. Efficient thought leadership strategies include:
- Creating a Knowledge Center for your website
- Keeping your blog up-to-date with industry news, trends, and advice
- Hosting Webinars
- Answering questions on social media
Any situation where you can publicly provide useful knowledge is an opportunity to expand your audience and establish yourself as a go-to information source.
Protecting your Finances
All the reputation in the world won’t protect you If your business isn’t financially viable. The economy is an unpredictable thing, but there are measures you can take to protect your finances:
- Hire an accountant- whether you have an in-house accountant or decide to outsource, it is important to have one person who is completely dedicated to your finances. It may be tempting to do payroll, taxes, and account management yourself, but you’ll be so busy with so many other aspects of the business that you won’t have time to do everything well. Tax code alone is enough to stress out the most competent person, and messing up on taxes can really come back to haunt you in the future. Having a dedicated finance expert also increases the likelihood of being able to take advantage of saving opportunities such as tax deductions and business grants.
- Be insured-depending on your field, you will need different types of insurance coverage. You’ll of course want the property and any automobiles insured, but product liability insurance might also be necessary for your industry. If you have business partners, you’ll also want everyone to get a life insurance quote and have adequate coverage in the case of an emergency. This will allow the remaining partners to keep the business going if one of them becomes terminally ill or passes away.
These are only a few of the ways you can protect your business against the unknown future. Do you have any other strategies and suggestions?
This is a guest post by Chris Jensen. Christ advises families and small businesses alike on financial matters such as investments, insurance, and savings. He believes in the importance of being informed and always tries to make it so that his clients don’t need him (but choose to use him anyway!)
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