7 Business Tips From The 3 Way Marketing Group Founders

7 Business Tips From The 3 Way Marketing Group Founders

SHARE

1. Even the most tech and system-based businesses can be bootstrapped

“We’re not IT guys. We couldn’t build our systems ourselves. We started out with a script, that’s it. Every extra cent we made went into system development. Today we have an extremely sophisticated IT system that’s the base of our business, but it took time and patience to build.”

2. Pivot to achieve greatness

“Our first business was an SEO business for SMEs. We still use those skills, but only internally. Our business model adjusted as the business grew, to accommodate a larger vision. Never be afraid to pivot. It’s often the only way to grow.”

Related: Less Than 10 Years Got 3 Way Marketing Crashing Through Glass Ceilings

3. Risk models work

“We work on risk, and we’ve built a R200 million+ business in under ten years. If you have enough faith in your own abilities, this is a really great way to show your clients that you mean business.”

4. Measure everything

“One of the reasons why we’re able to follow a risk model is that we measure everything. We understand the business environment we operate within and its returns. We know the importance of giving measurable value to our clients. We never do anything we can’t measure.”

5. Growing businesses need structures

“As we grow up, we’ve had to put more internal measurements in place. We come from a lenient start-up environment, but growing teams need checks and balances. Don’t be scared to create a structured environment. It protects the business, but it also protects your employees and lets them know what’s expected of them.”

6. Always have the right people on board

“We’ve never needed to borrow a cent to grow this business because we didn’t have high asset needs. Our core advantage is people. We’ve been able to create capacity as clients have come on board. But here’s the secret: We’ve focused on hiring the best people we could, because we know that this is what drives further growth. In our early years we couldn’t afford high salaries, and so we needed to find other ways to incentivise the right people, and take chances on young talent that we believed would grow with the role.”

 

Entrepreneur-Newsletters
Entrepreneur’s daily tips & insights delivered direct to your inbox.

Related: How Majozi Bros Construction Built Their Business, One Brick At A Time

7. Internalise core needs rather than outsourcing

“We’ve embraced the Bidvest philosophy that it’s better to internalise your core needs than outsource them. You need to have reached a certain size before you can do this, otherwise you’re just diluting your skills and assets, but once you’re able to embrace this strategy it’s not only a good way to scale, it gives you additional revenue streams as well, as you can offer these services to clients.”

Nadine Todd
Nadine Todd is the Managing Editor of Entrepreneur Magazine, the How-To guide for growing businesses. Find her on Google+.