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Feinstein advises against big ad campaigns, billboards and radio ads unless you have the money.“Think smart: leaflets, SMS marketing, direct selling.To give you a simple example: Take a coffee shop business.
It’s all about getting the message to your prospects, not the entire population of the country.” On asking for constructive criticism and making necessary adjustments, Feinstein is unequivocal: “Yes, yes, yes.
A real entrepreneur will always be receptive to a better way of doing things.
“The high incidence of business failure within the first year points to a serious lack of financial knowledge among most budding entrepreneurs,” says Diederichs.
“Cash flow forecasts and financial planning are two key elements in business survival.
Don’t be afraid to copy (legally), there’s nothing really new under the sun.” Discuss your business plans with your family and friends and listen to their advice.
You don’t need to take it, but it’s always good to have a sounding board and a different perspective.
“From this you need to extrapolate, devise and fine-tune a practical business model that will work for you,” André Diederichs, SMME specialist at Old Mutual advises.
You can outsource your financials if you are not a numbers guru, but that doesn’t mean you can abdicate the responsibility you have to understand what they mean and to ensure that they are accurate and reflect a real, possible business path.
Marketing represents a client or customer’s holistic view of your business.
It is therefore of paramount importance not to ignore your marketing processes.