A common question that often pops up while starting a new business is:‘How much value will we place in turning this business into a brand?”If you are looking for ways to appeal to and reach out to several customers, then you need to find out the answer for thiscritical question.
The first step towards understanding the value of an entrepreneur to convert your business into a brand, is to understand the importance of branding. This process helps business owners to brand their products or services so that customers will remember them, and be attracted to buy from them again. Businesses have to be careful with this process, as it is often do-or-die in terms of retaining or losing their customers.
Branding takes time to accomplish because it requires a lot thought, effort and time from business owners. There are a few key elements to increase the value of converting your business into a brand. Leading entrepreneur Lewis Schenk has a unique strategy that is unseen in the current industry, which is integrating publication relations into branding and marketing strategies.
Who is Lewis Schenk?
Formerly an elite amateur/aspiring professional golfer, Lewis’s golfing dreams became more difficult when the covid-19 pandemic hit in January. With his plans put on hold without being able to play golf, he quickly pivoted with the help of one of his mentors. “I moved super quick when I knew the pandemic was about to hit. My plans got put on hold but I was fast to adapt” Lewis explains. Having journalism experience with projects he did in college in the USA, Lewis used his network to build his own agency, Boost Media Agency. Since then, he’s served over 150 clients, helping themto get featured in leading digital publications and become the most, known, liked & trusted in their industries.
Integrating PR & Branding
As a business owner, it is your job to ensure that you stand out in the market.You have to ensure that you will not waste precious advertising money in the start-up phases, by buildinga brand that has a high value to your audience – meaning more money and profits in the future. “As business owners, we cannot just jump into this process. It requires a lot of time, effort, guidance and money for this to be successful, and we have to be sure of our strategy before starting this process” Lewis explains. This is where Lewis shines, as he specializes in coming up with unique public relations strategies and ideas to ensure maximum growth for his clients.
A new business is a risky investment. There are many risks involved in setting up and running a new business, and one of these risks is the loss of your customers and losing your market value. A lack of strategy and experience is the new entrepreneur’s biggest downfall, as they spend all their money on pointless hacks and courses. Investing in public relations is the best form of advertising, as for one, its permanent. Rather than spend $200 on advertising that will run out on a week, spending $200 on a published article to a leading news site will yield results long term, as it remains permanently, meaning increased chances of more eyeballs seeing it over time. As a business owner, you must learn all you can about this process or consult with someone like Lewis who does, so that you know the value public relations to convert your business into a brand. With this knowledge and understanding, you can control your strategy, your business and your success.
Also,as business owners, we must use a strategic approach in our decision making. This strategic plan will help you to overlook the strengths and weaknesses of your business and how they can be turned around.A strategic approach also involves finding out what the strengths and weaknesses of your business are and implementing the appropriate changes to make your business more profitable. Evaluating your current business model to identify the strengths and weaknesses of it, can greatly improvethe company by making some tweaks and adjustments.
Ensuring that we don’t invest money and time in the wrong areas of our business, by shifting the focus towards branding and public relations in marketing strategies, will ensure far greater business success.A business without publicity has no potential for expansion. If you have no courage and time to take these steps for your own business, then you realize the value of hiring a professional entrepreneur such as Lewis Schenk, to convert your business into a brand.
7 Signs Your Business Face Financial Trouble
Within the last few decades, many companies, from high-profile mainstays to small local businesses, have fallen by the wayside. While some of those closures, administrations, and liquidations come seemingly out of the blue, there are somewhere in actuality the warning signs for the business were there before the final nail was driven in.
Listed below are seven key signs your business is in financial trouble.
Your Cash Flow Is Imbalanced
As the word goes, running a business, “cash is king.” An easy cash flow, where enough arrives to cover your outgoings, is key to keeping your organization operating. However, this flow could be sensitive, especially in small businesses. A supplier or customer perhaps not spending punctually may impact your cash flow, as may premature expansion or overspending in times wherever in actuality the going is good.
Negative cash flow is appropriate in the temporary while a fledgling company sees its legs or in the aftermath of an important expansion. But without positive cash flow, in the future, a small business cannot pay its costs and thus cannot survive. If your fund office is postponing spending its costs or team, it may indicate imbalanced cash flow.
Creditor Pressure Is Growing
The best way to help keep your creditors happy and minimize the pressure on your own company’s shoulders is to cover them on time. If your outgoings outnumber your income, it’s tempting to delay spending invoices. But doing this is just a sure-fire treatment for sour relationships along with your creditors, who may start chasing you for payment.
This may start the slippery slope into further trouble, as they’re likely to carry on chasing you until your debts are paid off. Creditors could even resort to legal action in an endeavor to retrieve their money, and you might wind up facing bailiff action.
You’re Always Refinancing
Refinancing alone isn’t an indication of financial trouble; it is a legitimate way of freeing up cash tied up in company assets by borrowing money secured against an assets’value. It can be used to lessen rates. While refinancing once isn’t abnormal, the business must manage to afford the repayments. If it occurs usually, it could be a sign of higher financial problems, and lenders may become cautious of companies continually refinancing, which may lead to more economic troubles later.
Until you are the main trader, staff are one of the very most vital the different parts of your organization, and employee morale often correlates along with your company’s health. One of the very obvious signs of financial trouble linked to staffing is layoffs and cutbacks in employee benefits, bonuses, or even a pay freeze.
The business could also change its contracts with staff, reduce hours, introduce zero-hour contracts or make staff work more for the same money. Doing so risks souring relationships along with your personnel and could cause to another location point.
Bad Company Atmosphere
Reducing advantages while increasing objectives on personnel will likely result in a bad environment and a drop in work satisfaction. Work can become less of a place of work and more of a place for fighting fires, constantly coping with problems instead of being productive. Team may lock onto that downturn and modify the atmosphere and start causing higher figures, too, taking people back to the last position about staffing issues.
Counting on Individual Contracts or Projects to ‘Sort It Out.’
Whenever a small business is operating healthily, it will have many clients or customers on the books with consistent income. Businesses in a less healthy position might put more weight on the agreements they do have. If one improvements company or stops being fully a regular source of business, the consequences will have an even more detrimental impact.
You could notice the company is relying more on fewer clients or focusing all of its efforts on acquiring new ones to the detriment of those they already have. This could sour relationships with existing customers and be described as a sign the directors are desperate for income.
Your Customers Have Noticed
Clients are very good at spotting when things change, and if they feel they’re getting less while paying the same money, they’re unlikely to stay quiet. If your employees are unhappy, prices suddenly rise, or benefits such as loyalty programs are scale back, rumors may start circulating, customers may start asking whether you’re closing, and in the worst-case scenario, it could get found by local or national media.