Many new small businesses struggle to survive in today’s competitive commercial environment. In fact, almost all new businesses fall in their startup stages. Well, there should be a reason why some businesses fall out of the race while some dominate and become successful. One of the most common factors that separate the successful ones from those who fail is innovation.
Innovation plays an important role in the growth of any small business. Many small business owners have innovative ideas, but the reason why they still fail is that they don’t take the risk of taking the innovative changes that will have a positive impact on their business.
Innovative actions come from smart ideas. You need to brainstorm with your partners or team members to generate ideas internally that could improve your business. This might seem time-consuming activity but internal brainstorming sessions can actually help a lot.
Apart from that, internal brainstorming encourages your employees and people who are involved in your day-to-day business operations to contribute, hence boosting their morale as you treat them as part of your business; they feel valued and relevant. Often times, these individuals can offer practical ideas because of their hands-on involvement with the business.
You can also get innovative ideas from what people say about your products or services. Customer complaints are a landmine of ideas on how to innovate your brand. Think of solutions to your weaknesses and that’s one of the best ways to become innovative.
It is a known fact that innovation is one of the crucial factors that determine the success of a small business. However, there are some small businesses out there that are afraid to make certain changes or improvement as they are already content and accustomed to how their business performs.
Do you want to learn more about how to better innovate your business? Check this out: https://www.smartcompany.com.au/business-advice/innovation/better-innovate-business/
Even if you love what you do, any job can have stressful elements. Everyone who has ever held a job has, at some point, felt the pressure of work-related stress. You may experience pressure to meet a deadline or to fulfil a challenging obligation in the short term. But when work stress becomes chronic, it can be overwhelming. Work stress can also be harmful to both physical and emotional health.
There are times when you feel that your motivation is too high, and there are also some times that you feel that your motivation is too low. When you feel that your motivation is too high, you actually feel that that you are mentally scattered because there is so much you want to be doing. On the other hand when you feel that your motivation is too low, you feel that everything feels pointless or you feel hopeless about achieving anything meaningful. Either way, this is how we feel when we are overwhelmed by our work.
When your work overwhelms you, most people don’t usually think have taking some time to plan. For those people, planning is for novices and it will just waste away your precious time. But the truth is, setting aside some time to create a plan of action will make the rest of your time working much more efficient. By even just simply jotting down your plan of action, it can be a powerful move. Why? It takes all the things flying madly around your head and puts them into an actionable list. It makes you stop having to think about how you’re going to do your work, and lets you just think about doing it.
Stopping is not really wasting your time. Pausing or taking a break from work is actually a great way to refresh your mind and body. Take a walk or a nap to relax your self. Then, hydrate and clean so that you’ll feel better. You can also start with small things so that you’ll feel satisfied.
To learn more on what to do when overwhelmed by work, read this: https://www.flyingsolo.com.au/live-smarter/dealing-with-overwhelm
Perhaps, one of the main reasons why many are hesitant to start their own business in Perth is their fear of failure. Indeed, there is no certainty in business just like in sports and other fields of live. But if you take some time studying the reasons why businesses fail, you might increases the likeliness of your business’ success.
There are a number of reasons why small businesses fail – apart from financial reasons; there are also many sales and marketing factors. Luckily, there is a positive step that can be taken for each one that will greatly increase your chances for success.
Like we’ve said, failure can happen to anyone so in order to prevent failure, you should not be afraid of your weaknesses. You need to face them. Failure to face up to your weaknesses and a lack of effort to take advantage of your strengths can keep your business in a no-growth mode.
As a business person, you should list down the things where your company is weak at. Note the ways you can make your staff, customers, prospects, and other business associates aware of each of your strengths. Then, identify the steps on how you can correct those weaknesses.
Keep in mind that no startup business is destined to fail, unless it did something wrong. So in order not fail, you need to do something — listen to the best business advice, learn from your mistakes, and work hard and smart.
To learn how to do this, read this article: http://www.smartcompany.com.au/people-human-resources/ten-ways-ensure-new-business-doesnt-fail
As a new business man, you probably have heard about trademark name. But why do you need to register a trademark name? Registering a trademark name is basically for legal protection against infringement on your reputation and product. When it comes to the process of applying and being granted a trademark, a name is the easiest of all to do.
Registering a trademark name is important because other companies can have similarities to your trademark which could cause confusion. When your trademark is registered, the words, names symbols, sounds or colours that distinguish your product are protected.
Any sign that is capable of being represented graphically and is able to distinguish the goods and services of one person from those of another can be registered. You can continue renewing your trademark forever as long as it is being utilised in business.
You are the only one who has the exclusive right to use it and others cannot use it. In addition no one can make use of one that is indistinguishable from yours or a trade mark that is very similar to yours in that it might mislead or cause confusion in the process of trade.
Trade mark names registered in Perth, Western Australia the business operations may only be able to obtain protection within the country. For more on registering a trademark, read this article: http://guides.wsj.com/small-business/starting-a-business/how-to-trademark-a-company-name/?blog_id=93&post_id=7&imw=Y
Advertising through television, radio, billboards, and printed media are the traditional approaches of marketing a product or service to potential clients. Technology is constantly evolving and people rely on their phone, tablet and mobile devices for everything. Our society has grown in to a digital generation, and businesses are experiencing the adverse effects on how they can get a message across to consumers.
Many businesses are already used to their traditional methods of promoting their product or service. Change may be scary to business owners, especially if they have been performing the same strategies year after year, but there are customers who are on social media and they are ready to buy. So if you are a business owner who have been used to traditional marketing, and are not seeing much result, then social media marketing could be the game changer that you are looking for.
Facebook is the biggest social networking site when it comes to number of active users. You can utilise this social media platform by creating a business page that is unique to what your company offers. This will allow you to develop an ongoing relationship with both new and current customers. Think of it as the new word of mouth marketing; friends and families will see the picture or post that your customer liked from your page.
Read this article for more on social media marketing: http://www.smartcompany.com.au/marketing/social-media/81440-three-social-media-marketing-techniques-try-year
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Protecting intellectual property for Perth businesses of all sizes is crucial for both those who are just beginning and those who are already considered household names. The leadership element has a responsibility to the share and stake holders to ensure that all the necessary steps have been taken to protect the intellectual property within the business.
The term Intellectual Property or the acronym IP means (and provides) protection for creations of the mind. More specifically, they grant the creators/owners exclusive rights to these creations. Intellectual property is divided into two categories – Artistic Intellectual Property rights, which is protected by Copyrights; and Industrial Intellectual Property rights, which are protected by Patents and Trademarks.
A big mistake about intellectual property is that it is only associated by many to scientific patents, artistic works, song composition and similar. Your Intellectual Property are all information, resorts you have used and products of your work. We are talking about customer lists, business processes, publications, trademarks, etc during and after your employment with the company. These items are considered Intellectual Property and proprietary information.
The main purpose of having intellectual property is to protect your company’s assets and prevent exploitation of others. The licensing of intellectual property has become a multi-billion dollar industry. As a result, entrepreneurs and individuals are finding ways to preserve and maximise the value of their ideas, inventions, artistic creations and other forms of intellectual property.
For more on intellectual property rights, click this link: https://www.smallbusiness.wa.gov.au/business-topics/starting-a-business/intellectual-property/intellectual-property1
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Among the few important things that entrepreneurs need to consider when starting and carrying out a business is managing finances. Financial management is all about efficiently and effectively utilising available funds in order to achieve the objectives of the business. It is aimed at planning, observing, organising and managing the monetary resources of a business.
Small business finance management is the process that is mostly concerned with procurement, allocation and control of financial resources. Having a good finance management is important so that a regular and adequate supply of funds is maintained to run a business. Once the funds are in hand, they should be utilised in maximum possible ways at low costs and should be invested intelligently in safe ventures.
For a staring and growing business, it is important to estimate how much money you need for a decent living and pull out that money from your business income. Now invest the remaining money back into your business for its growth.
Every business involves a number of tasks and operations and each of them needs proper amount of time and money of course. One must prioritise their task first so that they could give enough of time and for the most important task first. This will itself manage your finance as resource will be utilised in right direction. This is why financial management is important.
Visit this page to learn the fundamentals of finance management: https://www.entrepreneur.com/article/159786
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The internet has changed the way people live. Since the advent of this technology, people have been using the internet in their daily lives. It is not just a place to access information but it has its horizon broadened to include eCommerce, marketing, communication and social networking.
As the number of people using the web when looking for products and services continues to increase, digital marketing has emerged as the most popular marketing strategy in the modern ages. Today, more and more businesses are using the internet to market and advertise their brand online. These companies love this marketing strategy because of the many benefits they get.
Digital marketing is also known as internet marketing or web marketing. Compared to other forms of traditional businesses, digital marketing, like a search engine and social media marketing, has proven to be cheaper while reaching a way larger scale of potential customers. Digital marketing does not only target a certain group of people but instead, it covers all your targeted clients all over the world.
However, marketing online is not as simple as it sounds. That is why you will need a digital marketing specialist to help you strategise your marketing campaigns. He or she can help you generate traffic to your business website which will eventually convert into sales.
So if you run a business in Perth, regardless of its size, you should take advantage of digital marketing. Plus according to an article published at WA Today, Australians shoppers are some of the most digitally influenced in the world, with a majority now going online to research the products they want to buy before visiting a store. Read more at http://www.watoday.com.au/business/retail/australian-shoppers-among-the-most-digitally-influenced-in-the-world-report-20150720-gig9rr.html