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Whether starting a business in 2021 or trying to inject some spark into a company that has struggled in the pandemic, education is the key. And one of the best ways to learn lessons is to take inspiration from others.
Valuable lessons can be gained from analyzing global giants and startup successes alike. Here are just four that you should appreciate and try to implement into your business journey.
Power of people
Everyone knows that a team of empowered employees will give the business a better chance of success. Even the likes of Richard Branson champion this with the “teach them so they can leave, treat them so they won’t” mantra. Disney, American Airlines, and a host of major companies get this right too.
So, when employees are allowed to show their initiative, it allows the brand to provide better client experiences. In an era where emotional feelings are an important ingredient in the consumer’s mind, the rewards are huge.
You can start small and not spend big
A lot of businesses fail because they overspend before the ventures can grow to a point where they turn a profit. When starting out, you do not need to worry about vanity projects. Instead, you should keep the operations as cheap as possible. Invest money into stock and building customer relations
The GymShark model is a great example. The UK-based startup grew from a bedroom to a proper HQ with dozens of staff via industrial units. No thrills on the manufacturing projects, but bigger risks on getting the brand out to the people. Perfect.
A distinct vibe is key
Virtually all industries are saturated with companies all competing for the same audience. There will be many ventures that offer perfectly good products and services. They say that marketing is the most valuable art form of the last 100 years. Building a clear brand is certainly one of the most significant steps.
Expert Dee Agarwal explains how a distinct personality played a big role for No More Rack. In truth, virtually any brand that has succeeded has done so due to smart marketing and a passionate client base. When people spread the word for you, success is assured.
Prevention is the best form of protection
Good lessons aren’t always learned from success stories. As Code Spaces discovered the hard way, security breaches can completely ruin a business. The combination of financial and reputational damage makes it very hard to bounce back, especially for an SME. Therefore, you must take the right precautions.
After all, 40% of all cyberattacks target SMEs. As such, you must react with the best digital protocols, physical security, and intellectual protection. Only then will you have a genuine shot at keeping the business on track.