Philip Martin, Managing Partner at DMA Partners, examines how young business leaders can leap the hurdles in front of them and thrive long-term
With Millennials and Generation Z leading parts of the workforce today – we are at an exciting period as this tech-savvy generation collides with the more traditional workers that proceeded them. This unique blend of innovation and fresh hunger with the long-established workforce makes for the tastiest of cocktails for SMEs.
But what of Millennials and Generation Z who are leading their own business? Do they fully appreciate the importance of doing the simple things right?
For instance, marketing, the greatest artform in the world. Yet the landscape is rapidly evolving on a week by week basis. From augmented reality, to chatbots, IoT and then to the eagerly anticipated rollout of 5G, the marketing industry is fortunate enough to be regularly thrust upon with a host of new tools, techniques and technologies which can only serve young business leaders well. However, they must be open-minded and willing to experiment. Marketing matters, now more than ever.
It’s also important for young business leaders to create a network of outsourcing contacts who they can trust to hand over work to, it’s also a great mix of experience and knowledge. Skills such as business development and creative design are just two crucial areas which are often overlooked by business leaders. By outsourcing these services, this leaves you, the leader of the business, to help nurture your team and look after the day to day operations. Additionally, business development also puts you directly in front of key contacts allowing you to ‘sell’ your business and build up that all-important customer base.
If you want to grow your business and have a solid reputation from the outset the confidence amongst your workforce is key. Spend more time searching for what your employees have done well rather than looking for what they’ve done wrong – this will go a long way. It will be down to the leader of the business to assess where each employees’ strength lies and the areas where they can improve.
It really is a case of doing the simple things consistently and doing them well. Fine tune your processes and eliminate duplication and wastage. You don’t want to feel like there’s too much, if at all, of a hierarchy within the business. Work with your team, be part of the team, listen to them individually and collaboratively, delegate, and help them grow.
As business leaders attempt to steer their company towards greater promotional success, there is one simple rule they particularly ought to follow. That rule is to prioritise quality over quantity with your marketing. According to research cited by Forbes, the average consumer could see at least 5,000 ads in 590 minutes spent consuming media in just one day. However, the number of these ads which they note – let alone engage with – is much lower. The former number is 153, while the latter is just 12.
For any business leader, it remains vital that they go slow in order to grow fast. It isn’t all about velocity. It’s about laying the necessary groundwork for your company’s success — even if doing so takes longer than you’d like. It’s about going slowly at the start when it comes to your funding, your customer validation and your product-market fit, so you can go fast when it really counts.
Kizzi Nkwocha is the editor of Business Game Changer Magazine and publisher of The UK Newspaper, Money and Finance Magazine, the net’s fastest growing wealth creation publication. Kizzi Nkwocha is chair of The Ethical Publishers Association and co-chair of The Logistics Association. Kizzi made his mark in the UK as a publicist, journalist and social media pioneer. As a widely respected and successful media consultant he has represented a diverse range of clients including the King of Uganda, and Amnesty International. Nkwocha has also become a well-known personality on both radio and television. He has been the focus of a Channel 4 documentary on publicity and has hosted his own talk show, London Line, on Sky TV. He has also produced and presented both radio and TV shows in Cyprus and Spain.