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You should also naturally prepare for any surprises along the way, but most importantly, planning will help you to remain financially stable.

If you’ve just started an SME, then you probably feel you must get investment to keep going, and bring your business to the top of its game. Well, not exactly. You can get by just as well without early investors, and I’ve got some tips on how to do just that.

Competing in a crowded market with other startups in the same sector often means SMEs get off to a difficult start in terms of generating investment. After launching my company, Laundryheap, in 2014, we bootstrapped, and we then waited a further three years before any investment began to come in. This period was and is for many a tricky time, but thanks to some of the tips in this piece, we survived those early years, and went on to flourish.

1. Put things in order It sounds obvious, but it’s always best to start with a plan. Identify your goals, so you can figure out how you’re going to achieve them. You should also naturally prepare for any surprises along the way. But most importantly, planning will help you to remain financially stable. When scaling a business, money is at the forefront of everything you do, so having a well-thought-out plan will ensure you’re spending the right amount of money at the right times.

2. Pick the right talent Your workforce is invaluable to you and your business. Without them, you simply wouldn’t survive. But you can’t just hire anyone. You need the right people for the tasks at hand, so it’s useful to have a hiring strategy. Role delegation is a clear way to ensure everyone knows exactly what is expected of them. It involves scoping out people with the specific talents for the jobs you need to get done. In addition, hiring those with specialist skills will aid in the smoother running of your business. For instance, it’s handy to have a salesperson and someone good with numbers. And you can never go wrong with a tech person. Hiring people with specialisms will help streamline your workflow. Of course, smaller businesses may not have the budget to go on a hiring spree, but sharing resources with other businesses or delegating tasks to the most appropriate team member can work well as a first step. You just need to ensure you prioritize the roles most advantageous for your business.

3. Evolve and adapt to stay relevant The world is constantly evolving, and so are businesses. Whatever it is you offer now, changes will need to be made as you adapt to the markets around you, be it the way something is manufactured, or approaches to bringing in new customers. You’ll need to constantly evolve your thinking and processes to stay one step ahead. What works now may not work next year or even next month. Also, innovation should always be on your mind. But where do you start? Well, it’s a good idea to listen to those employees you’ve hired. They’re on the frontlines, so to speak, they know the ins and outs of daily operations and often experience direct customer feedback. The information they share could be the difference between your business moving with the times and stagnating.

4. Bide your time (if needs be) Whilst I’m sure it’s apparent that not scaling at the right time can be detrimental, I’m afraid to say there is such a thing as growing too quickly. Poor timing can be very harmful, but growing too quickly will leave you with more than you can pay for, while not scaling at the right time could leave you and your business underprepared when things do pick up. It’s best to choose your moments wisely and seek advice. Your planning will help this too.

5. Spread the word Thinking of running your own ad campaign? Go digital. Online advertising is the way to go these days. The rate at which technology is advancing is incredible and only getting faster. Social media platforms like TikTok, Twitter, Instagram, and Facebook all rack up consumers in the millions and billions. Tapping into these sources of exposure can do wonders for your business.

There are, of course, many other steps you can take to scale your SME, but these are some of the most important points. Keep these in mind, and good luck!

Feature Image Credit: Shutterstock.com

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Sourced from Entrepreneur

By Trevor Clawson

Suddenly, we’re all stars of the small screen.

OK, perhaps that’s over-egging the pudding but it’s certainly true that increasing numbers of us are having to get used to the sight of our pixelated faces staring back at us from laptop and tablet screens as we communicate with peers, talk to our bosses and pitch to clients via video conferencing tools.

And the rise of the Zoom/Teams/Skype meeting has come as something of a culture shock. Once upon a time, you either connected face-to-face or on the phone. Ahead of face-to-face situations you probably took time to prepare, if only by dressing for the occasion. On the phone, dress didn’t matter so much, if at all. You could talk to the CEO of a multinational corporation and potential customer while dressed only in jeans, t-shirt, and your favourite baseball cap. Only you would know. This is why, of course, employees in call-centres aren’t always noted for their sartorial elegance.

And here’s the thing. When video conferencing began to pick up traction at the beginning of the pandemic, it was essentially replacing meetings that would otherwise have taken place in person. Now – in some cases at least – it’s becoming a default. For instance, until fairly recently when I arranged to interview an entrepreneur, it was usually done on the phone. Today, more than 50 percent of my interviews are done via Zoom or Teams. Consequently, I get to see my interlocutors. I see how they are dressed, what their offices look like, and whether they look relaxed and confident when answering questions. As such, maybe I’m getting a better sense of their personal brand – and, worryingly, they of mine.

Upsides and Downsides

If you happen to run an entrepreneurial business, there are upsides and downsides to this new visibility. If your staff come across well, a video conference – say, with a customer –  can enhance the brand of the business. If on the other hand, members of your team look uncomfortable, haven’t dressed for the meeting and are shrouded in shadow due to poor lighting, an audio/visual encounter can have a negative impact.

The same is true on social media. If you use Facebook, Linkedin or Instagram to interact with stakeholders, then a lot depends on the perception that you and your team create. Get it right and social media pays dividends. Get it wrong and you, potentially at least,  have problems.

So maybe it’s time for relatively small businesses to pay attention to personal brands. Certainly, that’s the view of  Carlene Jackson, founder of Cloud9 Insight, a cloud CRM provider based in Brighton, England. Although the company is relatively small – around 35 staff – Jackson is encouraging everyone, regardless of role, to develop their own, visible, personal brands.

As Jackson explains it all started with an assessment of her own role as company CEO.  “A lot of organizations are headed by guru brands – people like Richard Branson and Elon Musk. I realized that as a business owner, I needed a personal brand.”

Everyone Has a Brand

A lot of company owners probably feel the same way. As leaders, they are the faces of their businesses, attending networking events, talking to major customers, and perhaps also doing some public speaking.

But owners and founders are by no means the only people who represent their companies. Sales staff certainly interact with customers on a daily basis, but even in the so-called back-office departments, individuals have a profile. “My lightbulb moment was that everyone has their own personal brand,” says  Jackson.

What does that mean in practice? As Jackson sees it, the brand of employees is manifest in their networks,  their presentation and how well (or badly) they are thought of by those who interact with them. Often, however, an individual’s brand has quite a limited reach – maybe only colleagues are aware of it and, to be honest, they probably don’t think of it as a brand.

But this is the age of social media. There is scope to build the brand of the company by leveraging the personal profiles of employees. “I thought it would be amazing if everyone had a voice. If they could tell stories,” says Jackson.

So Cloud9 Insight brought in consultants to teach staff how to develop their personal brands. Teams have been coached in using social media, how to present themselves on video, and how to dress. Equally important, they are encouraged to share stories. For instance, employees make videos. These are passed onto the marketing team, who in turn create blogs around them.

Social media is an important element – not just the usual suspects of Twitter and LinkedIn but also Instagram and personal Facebook accounts.

The latter is potentially tricky. We all have work and play personas. How we present ourselves to colleagues and stakeholders in a work situation is often fundamentally different from how we talk to friends about hobbies and(ahem) wild nights out. So isn’t there a risk that that work version of a personal brand will be at odds with the image an individual presents in a non-professional situation?

Jackson says some staff members could create separate Facebook accounts for work and play – but more generally she argues that anything posted on social media should be informed by the knowledge that future employers may well look at it and make hiring decisions accordingly. Thus, she says, there should be no inconsistency between the work and play brands. That’s possibly true but it has to be said that it could make Facebook a very dull place.

Why Invest? 

Personal branding coaches are familiar figures in big companies, but perhaps not so much in small organizations. Jackson says, there are good commercial reasons for investing in training.

“People buy from people,” she says. “On the delivery side of the business, people will always look up your employees, so it’s important that they have accurate profiles on LinkedIn. At the same time, there are opportunities to share thought leadership.” This creates opportunities to boost sales. Since June, the business – which serves more than 600 customers – has grown 70 percent, with referrals playing a major role in driving new business.

“It has also been fantastic in HR,” Jackson adds. “On the recruitment side of things, candidates are coming directly to HR.”

All of this begs a question. What is a good personal brand?. “It should be authentic and shouldn’t come across as too scripted. And the brand should be relatable” says Jackson. On the technical side photography (on social media) should be high quality as should the cameras and lighting used for video conferencing.

Jackson acknowledges that some employees were nervous at first and the training sessions (which have included a private Facebook group) have involved out of hours “homework.” With coaching, however, confidence has grown. And as Jackson sees it, marketing has become more crucial than ever during the lockdown. personal branding plays an important role.

Feature Image Credit: Carlene Jackson, 2019 ANDREW HASSON

By Trevor Clawson

Sourced from Forbes