- Players: Gareth Leck and Pepe Marais
- Main shareholders: Pepe Marais, Gareth Leck, Laurent Marty and Xolisa Dyeshana
- Company: Joe Public United, an integrated brand and communications agency
- Launched: 1998
- Turnover: R700 million
- Gross Profit: R218 million
- Visit: joepublic.co.za
It was a July morning like any other. Little did Pepe Marais and Gareth Leck know they were about to get a call that would shake the company to its foundations, and result in 35 people being retrenched overnight.
In 2006, eight years after launching their business, and five years after selling it, Pepe and Gareth’s biggest client fired them. The account brought in 40% of their revenue, and the company needed to retrench 50% of its employees as a result.
It was the single worst day of Pepe and Gareth’s careers. They no longer owned Joe Public, but it was theirs in name and brand.
Three years later, the business almost went bankrupt — but it was theirs again. How were these two drastic events related, and why did losing their biggest client allow Gareth and Pepe to not only buy back their business, but find their purpose and change the course of the company as well?
The art of zigging when others zag
To understand how losing their biggest client could actually be the best thing that happened to Joe Public, we need to rewind to 2001, when three business partners at the cusp of their thirties decided to sell their start-up to a multinational.
Joe Public was launched in 1998 as a rebellious, young agency that wanted to do things differently from the rest of the advertising world. Pepe and Noel Cottrell were creatives, and Gareth was a young hotshot account manager. Together, they believed they covered all the angles to run a new, disruptive business.
“I’d had this idea for a business, which I wanted to call Fresh Advertising, after a night of red wine and brainstorming,” recalls Pepe. “My dad had a café, and I liked the idea of doing ‘fresh’ ideas and an office with a fridge door as the front door. Our third partner at the time, Noel, took the idea further, and we developed the concept into a café-style menu. We were the creatives, and we needed a business guy to make it work. Noel knew Gareth, and so we approached him to join us.”
Gareth loved the idea — he was in his mid-20s, and didn’t have anything to lose. There was another power at play as well. During their initial meeting, Gareth learnt Pepe was a boat man, and recounted a story of how he’d rescued a drowning paddleskier and placed him on a raft of piping until the NSRI could pick him up. A chill came over Pepe as he realised Gareth was talking about him. He’d been knocked unconscious paddleskiing during the first storm of the season in April 1995, and to that day hadn’t known how he’d come to be lying on the piping. They saw the business and the partnership as fate and dived in, head first.
The sleepless nights of starting a business
It was nothing like they’d imagined — particularly for Gareth. “It’s a massive jump from account management to running a business,” he says. “VAT, PAYE, salaries, traffic control, production. Suddenly these were all my problem. I was getting up at 3am so that I could get to the office and do cost estimates before going to see clients. I didn’t sleep for a year. When I did manage to get into bed, I woke up in the middle of the night wanting to throw up because we didn’t have cash in the bank and I had no idea how we were going to pay salaries.”
The partners had hit on something special though: They were selling Rare, Medium and Well-Done ideas, not time, and because they were delivering quality work ‘done well’, they were turning a decent profit. The first few months were extremely tight while they built up a client base, but by their second year they’d netted R1,5 million in profit.
“We were a small, dynamic team. We could take a concept to market within two weeks, so we were fast, and we were also very good. In 2000 we won five Loeries with a staff of five people,” says Pepe.
“We offered quality,” agrees Gareth. “We were quick and slick, and well-priced by the time you reached the end product. The menu concept also offered clients real transparency in an industry known for smoke and mirrors.”
The idea was based on the fact that as youngsters who hadn’t yet made a name for themselves, they needed to be disruptive and innovative out the gate, with a solid business model that would make great returns. “We wanted to zig while others zagged,” says Pepe.
When a buyer comes knocking
All that zigging and zagging had the desired effect, and business soon picked up, but it also had another, unintended consequence — a potential buyer came knocking. “We’d already realised there was a scalability issue with our business model,” says Gareth. “How could we replicate it without people as creative and driven as ourselves? You hit a ceiling when growth requires people of the same calibre as yourself. Anyone in our business will tell you that you can’t have a company full of creative directors. It doesn’t work.”
But there was a second option. A multi-national was offering to buy the business, and part of the deal was that they would roll out the menu option to their subsidiaries and offices around the world.
“Noel was spearheading the deal — he really wanted to move to the US, and the deal gave him the opportunity to join the international network’s New York office,” says Gareth. “From our side, the idea of spreading our model, having an international office, and of course making money from the business all sounded great.”
Why selling was the worst decision they ever made
In a nutshell, they were young, the offer was appealing — and it was the worst decision they ever made.
“We sold completely prematurely and got shafted,” says Pepe. “But more than that, we ended up in a corporate environment that was the exact opposite of everything we’d built our business on.”
The local multinational sold to a larger US-based holding company, and before they knew it, they were just another subsidiary of an international giant. Everything became about the bottom line, and Pepe and Gareth soon found they were compromising great work in the pursuit of greater margins.
And then the worst — and as it turned out, best — thing happened. Their single biggest client fired them.
A blessing in disguise
Pepe had made the decision to fire a senior executive. “We couldn’t work with him. He was toxic to our business. We fired him on good intention, with a full view of how his attitude was harming our business and staff morale,” he explains.
The problem was that the executive in question was very close to the company’s biggest client. So close in fact that once he was fired he was offered the position of marketing director at their company. His first order of business? To fire Joe Public.
“We were devastated. We hadn’t fully comprehended the danger that such a big client posed — and how drastically our business would be affected if we lost them,” says Gareth.
But there was another unexpected consequence of the loss — the value of the business depreciated. “We realised that for the first time in five years, we had an opportunity to buy our business back. We immediately started negotiating with the holding company. The problem was that they wanted an astronominical amount for the business, which was nowhere near what we’d been paid for it. We didn’t have that kind of money. We fought for three years, and eventually resigned. We just said to them, ‘Take it all. We don’t want this.’ That’s when they came back with a reasonable number that we could manage.”
Buying the business back
On the 26th of January 2009, the business partners bought their company back. The day is memorialised in their offices by a plaque that reads ‘Never, ever sell your soul, Joe Public Independence’.
On their way back to the office, they received a call: A media mistake had been made that would cost the company R800 000. Gareth and Pepe had put all of their eggs in one basket. They’d leveraged themselves to the hilt to be able to buy back their business. They’d also kept profits and cash flow low since 2006.
“We didn’t have R1 million in our bank account. We’d basically been breaking even for the last three years,” says Gareth. “Our revenue was R13 million, but that left very little positive cash flow after salaries and expenses were paid each month, and we had no cash reserves. It had been part of our strategy to keep our PE ratio low so that we would be able to buy back the business. We were doing well, winning Loeries and keeping momentum behind the brand, but we weren’t chasing profits. We’d never envisioned such a disaster was possible.”
Failure is not an option, even in the face of bankruptcy
By March, the business was on the brink of bankruptcy. To add to Joe Public’s precarious position, a client who had been spending R380 000 per month put a halt on all marketing spend — also overnight.
“I remember thinking to myself, if this all went pear-shaped, my family and I wouldn’t even have a roof over our heads,” says Gareth. Although more careful than Pepe by nature, the business partners realised they needed to find a solution. Failure was not an option. “We went out and got business,” says Pepe.
“We brought in six new accounts that year. One of those accounts was Anglo American. It was a small job that no one wanted because of its size. We went all out to get it. We understood the value that having a blue-chip client on our books would bring to the business. We also continued doing work for free for the client who had halted all spending. They were in the process of listing, and we believed they’d come back to us once they had, and we were right. We just needed to show them value and loyalty.”
Step by step, Pepe and Gareth brought their business back from the brink. From 2009 to 2010 the company’s revenue grew from R13 million to R20 million, and the partners started building a solid cash reserve. Today, their reserves can carry the business for six months.
Finding a purpose
In 2007, Pepe began a journey of self-discovery. His focus was not only on the business and its needs, but on himself as an entrepreneur and leader. Gareth began his own personal journey two years later.
“We haven’t only worked on the business but ourselves,” says Gareth. “All business owners need coaching, mentorship and counselling,” agrees Pepe. “We’ve both done a lot of personal work and we still do. We hit blocks and work through them. Personal development and self-reflection are incredibly important to the business’s overall success.”
Through this journey of self-reflection and development, Pepe and Gareth found their purpose, both for themselves and the business. By the time they were able to buy the company back in 2009, they had a clear vision of where they wanted the company to go, and how they wanted to change course, and it all started with not putting the bottom line first.
Creating a good formula
“When we started, our whole focus was on the quality of the product,” says Gareth. “We had a good business model and we were creative and driven. A good product led to a good brand, which resulted in revenue. It was a good formula.”
“The year we made our first million, we weren’t focused on the bottom line,” adds Pepe. “We were focused on delivering the best product and service possible, and the natural result was a big, fat bottom line.”
After they sold, the partners soon found themselves in a very different situation. “When you become too focused on the bottom line, you reach a point where you start compromising your product in order to save on costs,” explains Pepe.
“The problem is that you can’t put bottom line at the top. Revenue is a lag factor. If you become too focused on it, you lose sight of the rest of the business. You can’t measure the health of a business on the bottom line.”
Pepe and Gareth are the first to admit that they’d completely lost their way. Losing their biggest client, gaining the opportunity to buy their business back — only to almost lose it again — and finding a way to power through the setbacks gave them a chance to do things differently. They grabbed that chance with both hands.
Making mistakes to create a better business
“You need to make mistakes to get the lesson,” says Pepe. “We needed to re-forge the business based on the right culture.
“We needed to bring the power of purpose into the business. We feel it on a deep level, and it’s now the framework of everything we do. We exist to exponentially grow our clients, our people, and our country — in that order. If we focus on clients, we will grow our people, and we will have a good organisation that can positively impact and help the people of South Africa. We call it growth to the power of ‘n.’”
Revenue growth has naturally followed, but the deeper sense of purpose is helping Pepe and Gareth make a much more meaningful impact. Joe Public registered One School at a Time, a non-profit organisation in 2008. Through the organisation, they have taken their chosen school in Soweto from one of the poorest performing township schools in Gauteng to in the top three. They raise R1,2 million a year for the project, of which R250 000 comes directly from Joe Public.
This same drive and dedication is given to clients. “Purpose is just strategy. We do strategy for businesses,” says Pepe. In 2005, Laurent Marty and Xolisa Dyeshana joined the business as shareholders. Today, Xolisa is Joe Public’s chief creative officer and Laurent its chief strategist.
Pepe, who is technically a creative, now also does purpose workshops with the executive teams of their clients. “We bring a creative edge to board-level strategies. Our purpose is to help our clients grow, and that starts at the top. McKinsey has released a report stating that high calibre work in the marketing space will give you a seven times higher return than other work. In other words, high calibre creative counts, and should be part of your strategy. And nothing inspires better work than purpose. It’s our role to help our clients achieve just that.”
Over time, Joe Public has found its mission, which aligns with the business’s purpose. “We now need to develop the metrics that prove the purpose. Every business should be able to quantify the ROI it gives to its clients.”
The ability to course-correct
From 2009, Joe Public refocused on product over the bottom line. Meteoric growth followed. The problem with growth is that you need people to manage teams and business units — and those people were coming from traditional corporate environments, and they were bringing pre-conditioned ‘bottom line’ focus with them.
“Within three years we were back where we’d been, struggling with the wrong culture,” says Pepe. The trouble is that you don’t always spot a problem until it’s too late — particularly when your numbers are good. “The business results were excellent,” says Gareth. “We had found a way to win pitches, the company was growing, revenues and profits were great — but the culture was getting lost. We learnt that you can lose your way culturally and not financially.”
Except that culture feeds the bottom line. Lose it, and the business will eventually start to plummet. “We needed to radically adjust what we were doing,” says Pepe. “We hadn’t hit a problem yet, and our numbers were great, but we realised we were heading towards the top of our bell curve.
Changes for success, starting with culture
“We had already determined that the business must succeed if we want to do more — for our clients, our staff, and in education. Success is fundamental to achieving our purpose. If we didn’t want to go the way of so many companies that reach great heights, only to miss all the warning signs and plummet, we needed to make some serious changes, starting with culture.”
For Pepe and Gareth, a beautiful creative space filled with happy people is the foundation of a company that can do great things. “It’s all about triple profits,” explains Pepe. “Serve your clients and keep them happy, keep your staff happy, and your profits will be happy. A healthy business lets you do all these things. It’s the oxygen to deliver on all the rest. With strong revenue streams you can achieve so much more.”
There are industry jokes that Joe Public is like a cult. Pepe and Gareth are happy to agree. “We’ve built the ‘cult’ into culture,” says Pepe. To achieve a strong, client-focused culture, the partners needed to make some tough choices, and even exit some people who were not aligned to their purpose of serving clients through great work.
Remove toxic employees as fast as you can
“It’s never a nice part of business,” says Gareth. “We’re nice people, and in some cases we took far too long to act. We moved in on people in the organisation who weren’t a good cultural fit. It was damaging to our team and to them to remain here. A happy, healthy workplace is a team effort. You’re not doing anyone favours by keeping toxic individuals in your workspace. It’s been a tough lesson to learn, but we’re much faster to act when we realise we have the wrong people in the business now than we were before.”
Today, Pepe and Gareth follow a simple formula. “One of our clients once told us that all they wanted to do was serve the best possible product to customers, with the best service, at the right price to give value,” says Gareth. “It really resonated with us, reaffirming everything we believe as well. We all have a tendency to complicate business, when what we should be doing is serving our clients — and the best way to do that, is to do great work.”
Scaleup Learnings From Our Top Clients – What The Most Successful Entrepreneurs Do Right
So, how do our successful clients move through these constraints to scaling up? We see four key drivers of success, and they are: people, strategy, flawless execution and finance.
You’re out of your start-up boots, staff is increasing, your client base is growing, revenue is up and you’ve proven your case to the market. Now it’s time to scale up. The challenges of this vital growth phase are different and it’s a time that demands different mindsets and different actions. In a world littered with small business failures, it helps to be well-prepared for scaling up using a proven methodology. At Outsourced CFO, we get an inside look at the success factors of our clients who are mastering the transition.
On the one hand, scaling up is a really exciting phase; this is what moves you into real job creation and making an impactful contribution to economic growth. On the other hand, it is really hard to scale up successfully. We see three major constraints that limit companies’ transition from start-up to scale-up:
The business has to have the leadership that can take it to the next level. When you start scaling up, especially rapidly, the founders can no longer do everything themselves. The team must grow and include new leadership talent that can take charge and execute so that the founders are working on the business instead of in the business.
The processes, procedures, networks, systems and workflows of the business all need to be scalable. This is imperative when it comes to your infrastructure for the financial management of your business. You’re only ready for growth when your infrastructure can seamlessly keep pace.
Scaling up demands more innovative marketing and storytelling so that you can more easily connect and engage with the new employees, clients, network partners, investors and mentors that need to come along with you on your scale-up journey.
Businesses that build a market conversation and a compelling brand narrative during their start-up phase are better positioned to have this kind of market access when they need to scale up.
It is critical to have the right people on your team. Our successful entrepreneurs have what it takes to attract, inspire and retain top talent. A strong team of smart, ambitious and purpose-driven people who love the company and want to see it succeed contribute greatly to a world class company culture. They are adept at communicating a compelling vision and establishing core values that people can take on. These entrepreneurs are tuned into the aspirations of their people and focus on developing leaders in their teams who can in turn develop more leaders.
It is planning that ensures that the right things are happening at the right times. At successful scale-ups strategies and action plans are devised to ensure that the most important thing always remains the most important thing.
Strategy includes input from all team members and setting of good priorities for the short, medium and long term. Goals are clear and everyone always knows what they are working towards. The needle is continuously moved because 90-day action plans are implemented each quarter to achieve targets and goals that are over and above people doing their daily jobs.
Top entrepreneurs are not just focused on what operations need to achieve, but how the business operates. They have the right procedures, processes and tools in place so that everyone can deliver along the line on the company’s brand promise. Frequent, quick successive meetings ensure the rapid flow of effective communication. Problems are solved without drama. There is no chaos in the office environment. Everyone is empowered to execute flawlessly to an array of consistently happy clients.
Everyone knows that growth burns cash. A rapidly scaling business faces the challenge of needing a scalable financial infrastructure to keep the company healthy. Our successful entrepreneurs pay close attention to finance as the heartbeat of the business, ensuring that everything else functions. They look at the tech they are using for financial management and for the ways that their financial systems can be automated so that they can be brought rapidly to scale. The capital to grow is another vital finance issue.
The best way to finance a business is through paying clients on the shortest possible cash flow cycle. However, when you are scaling up and making heavier investments in the resources you need for growth, it is likely that you will need a workable plan for raising capital. Our scale-up clients know the value of accessing innovative financial management that provides high level services to drive their business growth.
Navigating the scale-up journey of a growing private company is one of the hardest but most rewarding of careers to pursue. Having people in your corner who have been through this journey before helps take a lot of pain out of the process. No growth journey looks the same, but there are tried and tested methods that will – if applied diligently – lead to definite success. Happy scaling!
That Time Jeff Bezos Was The Stupidest Person In The Room
Everyone can benefit from simple advice, no matter who they are.
When you think of Jeff Bezos, a lot of things probably come to your mind.
You likely think of Amazon.com, a company he founded more than twenty years ago, that’s completely disrupted retail and online commerce as we know it. You probably also think of his entrepreneurial genius. Or the immense wealth that he’s built for himself and others. You may also think of drones, Alexa and same-day delivery. Bezos is a visionary, an entrepreneur, a cutthroat competitor and a game changer. He’s unquestionably a very, very smart man. But sometimes, he can be…well…stupid, too.
Like that time back in 1995.
That was when Amazon was just a startup operating from a 2,000 square foot basement in Seattle. During that period, Bezos and most of the handful of employees working for him had other day jobs. They gathered in the office after hours to print and pack up the orders that their fast-growing bookselling site was receiving each day from around the world. It was tough, grueling work.
The company at the time, according to a speech Bezos gave, had no real organisation or distribution. Worse yet, the process of filling orders was physically demanding.
“We were packing on our hands and knees on a hard concrete floor,” Bezos recalled. “I said to the person next to me ‘this packing is killing me! My back hurts, it’s killing my knees’ and the person said ‘yeah, I know what you mean.'”
Bezos, our hero, the entrepreneurial genius, the CEO of a now 600,000-employee company that’s worth around a trillion dollars and one of the richest men in the world today then came up with what he thought was a brilliant idea. “You know what we need,” he said to the employee as they packed boxes together. “What we need is…kneepads!”
The employee (Nicholas Lovejoy, who worked at Amazon for three years before founding his own philanthropic organisation financed by the millions he made from the company’s stock) looked at Bezos like he was — in Bezos’ words — the “stupidest guy in the room.”
“What we need, Jeff,” Lovejoy said, “are a few packing tables.” Duh.
So the next day Bezos – after acknowledging Lovejoy’s brilliance – bought a few inexpensive packing tables. The result? An almost immediate doubling in productivity. In his speech, Bezos said that the story is just one of many examples how Amazon built its customer-centered service culture from the company’s very early days. Perhaps that’s true. Then again, it could mean something else.
It could mean that sometimes, just sometimes, those successful, smart, wealthy and powerful people may not be as brilliant as you may think. Nor do they always have the right answers. Sometimes, just sometimes, they may actually be the stupidest guy in the room. So keep that in mind the next time you’re doing business with an intimidating customer, supplier or partner who appears to know it all. You might be the one with the brilliant idea.
This article was originally posted here on Entrepreneur.com.
How Sureswipe Built Its Identity By Building A Strong Company Culture
Culture is unique to a business, it’s the reason why companies win or lose.
A company’s culture is its identity and personality. Since this is closely linked to its brand and how it wants to be viewed by its employees, customers, competitors and the outside world, culture is critical. The challenge is understanding that culture contains unwritten rules and that certain behaviours that align to the culture the company is nurturing should be valued and cherished more than others.
At Sureswipe, the core of our culture is that we value people and what they are capable of. We particularly value people who are engaged, get on with the job, take initiative, are happy to get stuck in beyond their formal job descriptions, and who sometimes have to suck up a bit of pain to get through a challenge.
We include culture in everything we do, so it’s a fundamental element in our recruitment process. In addition to a skills and experience interview, each candidate undergoes a culture fit in the form of a values interview. We look for top performers who echo our core values (collaboration, courage, taking initiative, fairness and personal responsibility) and have real conviction about making a difference in the lives of independent retailers. If we don’t believe a candidate will be a culture fit, we won’t hire them.
If we make a mistake in the recruitment process, we won’t retain culture killers, even if they are top performers. This is such a tough lesson to learn, but it liberates a company and often improves overall company performance.
Culture should be cultivated, constantly communicated and used when making decisions. At Sureswipe, we often talk about what it takes to win and have simplified winning into three key elements: A simple, yet inspirational vision; the right culture; and a clear and focused strategy. The first and third elements can be copied from organisation to organisation. Culture on the other hand is unique to every business and can be a great influencer in its success.
Catch phrases on the wall are not the definition of culture
A strong culture is purposeful and evolving. It’s what makes a company great, but also exposes its weakness. No company is perfect and it’s important to acknowledge the good and the bad. Without it, we cannot ensure that we are protecting and building on the good and reducing or eradicating the bad.
Mistakes happen. That’s okay. But we are very purposeful about how mistakes are handled. Culturally we’re allergic to things being covered up or deflected and have had great learning moments as individuals and as an organisation when bad news travels fast. It’s liberating to ‘tell it like it is’ and almost always, with a few more minds on the problem at hand, things can be rectified with minimal impact.
Culture should be built on values that resonate with you and that you want to excel at. In our case, some are lived daily and others are aspirational in that we’re still striving for them. In each case we genuinely believe in them and encourage each other to keep living them. This increases the level of trust within the team, as there is consistency in how people are treated and how we get things done.
We are always inspired when, after sitting in our reception area, nine out of ten visitors will comment on the friendliness of staff. We hear their remarks about how friendly the Sureswipe team is or a potential candidate will talk about the high level of energy and positivity they experience throughout the interview process.
These are indicators that our culture is alive and well. It’s these components of our culture — friendliness, helpfulness and positivity — that cascade into how we do business and how we treat our customers and people in general. Being able to describe your culture and support it with real life examples is a great way to communicate and promote the type of behaviour that is important and recognised within the organisation.
Culture doesn’t just happen
We are fortunate that culture has always been important to us, even if it wasn’t clearly defined in our early days. As we grew it became important to be more purposeful in the evolution of our culture. About four years ago, the senior leadership team and nominated cultural or values icons were mandated to relook all things cultural.
A facilitator said to us, “You really love it when people take the initiative, and get very frustrated when they don’t.” That accurate insight became core to our values. We love to see people proactively solve problems, take responsibility for their own growth, initiate spontaneous events, change their tactics or implement new ideas. It energises us and aligns to the way we do business.
We celebrate growth and love to see our staff getting promoted due to their hard work and perseverance. We recently had one of our earliest technicians get promoted to the Regional Manager of Limpopo. It was one of the best moments of 2018.
Be purposeful with culture, describe it, communicate it and use it in all aspects of business. Culture should change. Don’t allow phrases like ‘this is not how we do things,’ or, ‘the culture here is changing,’ to stifle the growth and development of your culture. When done correctly change is a good thing. Culture is driven from the top but at the end of the day it’s a company-wide initiative. Design it together with team members from different parts of the organisation to get the most from it. And then make sure everyone lives and breathes it.
The best ROI is achieved when you stop wasting money.
Peter Drucker once said that businesses have two main functions — marketing and innovation — that produce results. “All the rest are costs.”
If you agree, that means that the average business has a lot of fat to trim. Obviously you can go overboard trying to cut costs too. My philosophy has been to look at some of the general areas where you can add some efficiency but not at the expense of impairing your most valuable resource — your focus.
The following cost-cutting measures will do that. Think of these as adding value to your company, whether it’s time, creativity or a closer connection to your consumers.
Uncover inefficiencies in your process
This is where I begin. In fact, it was analysing the inefficiencies of legal communication and knowledge sharing that led me to create Foxwordy, the digital collaboration platform for lawyers. I noticed that attorneys in our clients’ legal departments were drafting new documents from scratch when they could pool their knowledge and save time by using language that a trusted colleague had employed in a similar document. Business is all about process. When you create a new process, or enhance an existing process, you will drive cost efficiency.
Refine your process, then automate
If existing processes are lacking, it is time to create process. If you have processes, but they are not driving efficiency, it’s time to redefine your process. Either way, a key second step is refining processes that are needed in your business. Only then can you go to automation, since automating without a process will result in chaos — and won’t save time or money. Similarly, automating a poor process is not going to give you the cost-saving results you are looking for.
Thanks to the Cloud, there are very accessible means of automating manual processes. For instance, you can automate bookkeeping functions with FreshBooks and use chatbots to interface with clients — for very basic information. If you’re a retailer, a chatbot on your site can explain your return policy or address other frequently asked questions. Automating such processes allows you to spend more time focusing on clients and customers. Technology alone isn’t a panacea for all business functions, but if you find something you’re doing manually that can be automated, take a look and consider how much time and process definition automation would save you.
Rethink your outreach
Marketing and outreach are usually big and important challenges for an organisation. In my experience, there are two main components to successful marketing — knowing your customers and using the most effective media to spread your message. For the first part, I recommend polling. There are various online survey services that offer an instant read on what your customers are thinking. You may think business is humming along, but a survey could reveal that while consumers like your product, a few tweaks would make it even better.
For the second part — marketing messaging — once you have a firm idea of your marketing messaging, Facebook is a great vehicle for outreach. The ability to granularly target customers and create Lookalike audiences (from around 1 000 consumers) can help grow your business.
Scrutinise your spend history
There are tools that can help you assess spend history and find cost-cutting opportunities. For example, you might be able to take advantage of rewards or loyalty programmes to reduce common business expenses, like travel, or consolidate vendors for a similar function. If you have a long-standing relationship with a vendor, negotiate better pricing.
The most important elements to keep in mind are resources that make your company special. Your company may be built on one person’s reputation and expertise. Guard against tarnishing that reputation with inappropriate messaging in advertising or social media. If your company’s special sauce is intellectual property, protect that too. But everything else — ranging from physical property to salary and benefits — are costs and should be considered negotiable. — Monica Zent
Company Posts2 weeks ago
Changing The Shape Of What’s Possible
Entrepreneur Today6 days ago
3 Stealthy Tax Hikes Payroll Managers And Employees Need To Take Note Of
Snapshots2 weeks ago
Alan Knott-Craig On Learning To Overcome Your Fears And Building Successful Businesses
Entrepreneur Today2 weeks ago
How SMEs Can Stand Out From The Crowd
Entrepreneur Today1 week ago
SMEs: Staying On The Right Side Of The Taxman
Entrepreneur Today1 week ago
4 Dangers Of Business Under-insurance
Entrepreneur Today2 weeks ago
Inspiring A New Generation Of Learning – Education As A Basic Human Right
Company Posts1 day ago
Executive Education Geared For Industry 4.0