Business
owners and entrepreneurs are not always good at asking for help. Be
honest, when did you last reach out to someone? Perhaps this is the
reason why they are entrepreneurs in the first place. Business owners
are self motivated and self reliant. But if you're operating a business
in this way, it could be the one thing which stands in the way of
progress.
Entrepreneurs are hard workers too and will work hard in
areas which many people wouldn't consider. They look forward to the
long term effects of their actions rather than for immediate rewards.
Often business owners have built up their businesses over many years of
difficulties and sacrifice.
However, thinking into the cause and
effects of all this work there is one thing in common: you. As the
'owner' of a business it can be easy to become complacent. Perhaps
business growth isn't what it should be? You are always the limiting
factor in your life. Unless you are growing, your business isn't.
If
you keep operating from the belief that you know everything, you will
always keep getting the same results in your business, and in your life.
Growing in awareness and developing your self along with your business
is what smart entrepreneurs do.
Working Hard And Smart
It
can be easy to run things 'as you've always run things'. You can get
stuck in a mode of operation, especially if you're largely on your own.
But working hard and working smart are not the same things. You need to
get smart about working hard if you are to make any progress. Don't
become a 'busy fool' doing those things which you have always done, just
because it's always been that way.
Smart business owners know
this, and work hard at learning what the best activities are to move
their business forward. This 'trap' of working as a 'technician' in the
role of an entrepreneur is easy to fall into. This is especially true if
you have recently 'graduated' from a role as an employee to that of an
'owner'.
The role of an employee is to listen to your boss and do
the best for them. You are paid by the hour, or for work done. An owner
on the other hand isn't paid for their time. They get paid when the
business makes a profit. As such this is an entirely different role. Ask
yourself whether you are playing a 'technician' role in your business.
Should you be doing things differently? Can someone else be employed to
do what you are doing? If so the answer should seem obvious. Your role
should be the 'driving engine' of the business, the overseer and the
planner.
Smart Advertising
Advertising is
the 'engine' of your business. If cash is the 'life blood' of your
business, advertising is the heart beat. Without a successful and
progressive advertising campaign, your business will at best stand
still. If you're standing still while other competing businesses move
forward, you're effectively moving backwards.
Today we are lucky
to have the internet as a source of advertising. We can reach anyone
globally and target them down to their preferences, intent and
geographical location. Platforms like Google's AdWords and Facebook
advertising let us 'follow' our potential customers around the internet.
Should someone land on our website and not purchase, we can remind them
of our business later on. The advertising available to business owners
today is very clever, and we should definitely be capitalizing on it.
Pay Per Click Advertising
Pay
per click advertising is one of the best things to come out of the
internet for business owners. Many owners doubt the effectiveness of pay
per click advertising, but this is only because they don't understand
it properly, or it's potential to massively change their business.
Initially
pay per click should be tested and measured. Only by testing and
measuring each element of an advertising campaign can you effectively
'tweek' it and learn which elements work best for your customers. If you
run a campaign but don't measure it, how can you know if it brought you
any customers?
The ROI
Knowing the return
on investment (ROI) of any advertising campaign is a game changer. Many
owners get this wrong because they only look at the initial sale. But
once you can effectively determine the long term return on investment,
you will start to see why it is so important to use paid advertising.
Paid
advertising is effectively buying new customers. If your business model
lets you earn again and again from each customer, your long term gain
from a loyal customer is far more than you might spend to attain that
customer. By altering your paid for advertising to reduce your cost and
increase your ROI over time, you can find yourself in the nice position
of being able to scale up.
Working Against Yourself
We
are predisposed to think that spending is wasteful. In terms of 'smart'
advertising the opposite is true. Of course you don't start out by
spending huge amounts on your pay per click campaign. You start small
and only increase your budget when you see tangible results and
profitable ones at that.
But the main sticking point is the
contrasting viewpoint that we need to 'cut back' while at the same time
wanting to expand our businesses. This is a contradiction and although
this is based in safety and reasonableness, your long term goal should
be to be spending more and more on advertising as your business grows.
How
do you feel about that? Most likely you want to spend less and less
over the course of time. However, with pay per click advertising, once
you have developed your adverts to pay out double what you put in, the
only reasonable decision is to increase the budget.
So initially
you might tentatively spend some money on advertising, see some results
and then stop your adverts. This is especially true if you don't see any
tangible benefit of advertising. Most people will give up too early.
Start
small with a budget you can afford to lose. Test your adverts with
several different strategies, keywords, images and landing pages. By
cross testing adverts you can more effectively determine which ones work
the best.
Once you have done this for long enough, you will see
the power of pay per click. This puts you in charge of your business.
Once you have one profitable campaign set up, you can simply leave it
running. Then you can move on to another one and another one. This of
course takes time but this strategy puts you in the driving seat of your
business and eventually will mean you can grow your business more
effectively.
This is smart work. This should be the focus of your time if you intend to grow your business.
Relying
on free advertising methods or 'word of mouth' advertising doesn't put
you in control, however valuable those methods might be.
Being a
'technician' in your business should be the work of a manager or an
employee, not the business owner. As an owner, your job is to grow your
business.
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