26 Jul

Business is Evolving

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With terms such as agile and lean becoming the norm in boardrooms from FTSE 100 companies through to public benefit organisations the evolution of business is nowhere more apparent than within the current technologically savvy entrepreneurship ecosystem. 


The technological leaps that are continuing at a rapid rate have enabled entrepreneurs to be competitive from start-up. Increased access to the internet, the rise of the social web and the development of services that allow processes that used to take a month to be completed in seconds have forever altered the face of business. And one area which has seen a marked growth through this all is the business services sector, especially within the fields of accounting, marketing and sales.


The growth of this sector is by and large linked to the implementation of those agile and lean systems with outsourcing of various noncore elements of the business becoming more common. This growth has spurred entrepreneurs into action with the number of service provides to the SME sector continuing to increase rapidly.


An SME would, for example, require the services of a Chief Financial Officer but cannot afford to have this specialist full time. So, for a small retainer, one can have access to top accountants for advice and reporting as well as the day to day book keeping requirements. 


The same can be said about marketing. An entrepreneur wants the best from their marketing efforts but would not be able to afford a full time Chief Marketing Officer. Specialist firms are growing that provide good marketing support for a fraction of the cost of a full time CMO. The most common being digital marketing companies that handle social media marketing and digital advertising. 


Social media is becoming a must for any business with a social media manager becoming key for business success. Social media agencies are blossoming at a rapid pace as it is usually more beneficial to have an agency that specialises in this area than a full time employee. Besides being results driven, through an agency, you will have access to a number of professionals within that outsourced company. 


Penetrating markets is the second most difficult activity of any entrepreneurs. Having a large sales force can be expensive to maintain. A sales organisation that has a dedicated team of sales specialists can not only reduce the operational risk, but have a significant impact on your sales. Due to the fact that the survival of this type of business is purely results driven, a performance linked retainer would be a lower risk to the company.


The benefit of outsourcing is the fact that you reduce the number of employees. Furthermore, if you're not happy with the service provider you are using, you can just terminate the contract! With our prohibitive labour legislation, trying to dismiss a poor performing employee is generally a total nightmare. 


Corporate Advisors are becoming key to any business success. We all need business advice. Select a firm that have a mixture of new and mature mentors. Your spouse, friends, bankers etc are NO GO ZONES! Speak to people with experience and do not let ego get in the way of your success.


The more entrepreneurs work together in assisting each other's business, the more they will succeed. The entrepreneurship eco-system should be a collaboration of entrepreneurs. After all, we share the same problems!


So evolve by outsourcing, get proper advice and collaborate! Take your business to the next level.


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Read 2408 times Last modified on Tuesday, 26 July 2016 15:33
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