Our Head of Business Support shares his wisdom with budding entrepreneurs
Updated: Dec 10, 2018
In this blog, Appco Australia’s Head of Business Support Demetrius Adgemis shares business advice with budding entrepreneurs.
There are many aspects of my role that I enjoy – one of them is passing on my knowledge and industry experience to others. Over the past 28 years of my career, I’ve gained a lot of my wisdom from a mix of roles, but more so from when I ran my own marketing company. These learnings have been invaluable to my career and they would have come in handy when I first started my business. So, here I’m going to share my three top tips to help budding entrepreneurs.
Inspect what you expect
No matter how long you’ve been in business, at some point you can guarantee one thing – change. Whether it’s a technological shift or a transformation in the market, change is inevitable, so it’s crucial that your business is prepared.
One way you can do this is by inspecting what you expect. It’s vital that companies thoroughly review their processes and operations regularly – this gives you an understanding of how your business is tracking and where you need to make improvements. You can then set expectations on standards and performance which will prepare your company for possible changes.
Have a point of difference
What’s your brand’s point of difference? Establishing what sets your company apart from your competition early on is imperative – it’s what drives people to your business. Your unique selling point needs to be different, relevant and add value to your audience, so they choose to remain loyal to your brand. Here are some things to consider:
Does your business specialise in a niche market?
Does your company represent a variety of industries?
Has your business received any awards?
How long has your company been established?
Are you a member of any exclusive groups or associations?
Is your brand well-known and trusted?
Businesses need to be proactive and look for ways to stay ahead of the pack – it’s crucial to their success. By looking at trends and researching what other similar brands are doing, you can start to identify what’s happening in the market. Look for subtle or significant changes and think about how those changes might impact your company – this is crucial as there might be dynamics in your industry that force you to diversify. By evolving you can create opportunities to expand, providing stability and growth for your business.
So, be prepared to review your business and set expectations around your findings, ensure your brand has a point of difference, and never forget the importance of evolution – it creates growth opportunities for your company!