Bizzalley's Business Q&A
Bizzalley's Answer-What a business plan does for you is help you explain your business, it is basically your company's CV. It defines what your business does, highlights your strengths and weaknesses, shows your goals, challenges and what future plans you have for the business. A business plan is a roadmap for both you and prospective business investors. All investors would want to see your business plan, so having not just one but a good one will give you more chances of getting invested in. In addition, it gives good information to your sales team and other employees on the direction of the company.
Q)Would a business partner increase my success chances?
Bizzalley's Answer-Having a business partner does not always mean your business will succeed. A
business partner could be the end of your business or the breath of fresh air your business needs. In deciding to go for a partnership, be sure that the person is bringing something which you do not have to the table. It could be capital, great managerial skills, connections, whatever it is, make sure it is something you need but do not have. Partnerships work best when the partners complement each other and work to cover up on their weaknesses. Also make sure that there's a legally binding agreement if you decide to go into a partnership.
Bizzalley's Answer-A financial advisor gives advice on how best to spend money, where to invest in, and generally manages your income and expenditure. Whether your business needs a financial advisor depends largely on the size of your business and if you can afford one. Having a financial advisor will save you a lot of stress down the road and help you focus more on other aspects of your business especially if you are not very good with finances. Take a look at your books, and the financial decisions you've taken so far, if you are not very pleased or you think you could have done better, then you probably need a financial advisor.
Bizzalley's Answer-This could be a great or terrible idea, depending on a couple of factors. Going into business with your family and friends can be quite rewarding especially when they actually have the skills or financial capacity to invest in the business. However, depending on the personality of the person, if things could go south, it'd be a lot harder to take certain decisions especially since the person is family.
Before going into business with friends and family, be sure that you can make business decisions without being emotionally attached, also sign clearly spelled out agreements and be sure to act on them if anything arises.
Bizzalley's Answer-Marketing is the backbone of any business. You could have the brightest idea, setup the biggest business but without marketing, you definitely won't have customers trooping in. Marketing helps you understand your customers. What's my target audience? What product do they want? At what price would they want it? What is the most accessible place for them to view my promotions? There really is no business without marketing, it is actually one of the most important aspect of a business; not the product or facility you put it in or your fancy packaging. Sure these things will make customers remain loyal but marketing is what brings them to you. So, take your marketing seriously.
Bizzalley's Answer-There is no clear-cut best business structure but depending on your plans for the business you can make a decision. Taxes paid, level of control, amount of paperwork are things affected by the business structure. A sole proprietorship gives one person sole control and responsibility for the business, a partnership divides the control and responsibilities amongst the partners, corporations make the business responsible for itself not the individuals behind the business. Corporations whether limited or not need more paperwork, pay more taxes, file compulsory annual reports, shareholders, directors while partnerships and sole proprietors don't need all of these with the exception of tax payment. However, there is no separation between the individuals and the business in sole proprietorship and partnership structures while for corporations, the business is treated as a different entity. It is important that you consider all these before deciding what business structure would work for you.
Q)What if I want to sell my business, how much is my business worth?
Bizzalley's Answer-Your business is worth how much you are willing to sell it for. Yes, there are methods and formulas and calculations to this from appraisals and valuations to appreciation on certain items, cost of an idea and all that runarounds and big words we business people like to throw around. Here's the thing, after all, valuations and appraisals are done, after all costing and back and forth arguments are over, the worth of your business is what you are willing to sell it for. It doesn't matter if it's your whole life's work or something you just started months ago, the truth is the price is you sell for, is what your business is actually worth.
Q)Who really is king? Customers or Employees?
Bizzalley's Answer-While this is subject to a number of factors, for you as a business owner, your employees are one of the most important part of the business to you. The way you treat them will reflect on the way they treat your customers and since they have more access to your customers than you do, it is important to keep them happy. For you as a business owner, your employee's happiness should be your priority, they, in turn, would treat your customers like royalty. Your employees are king to you and your customers are king to them. When your employees know you respect them, they would naturally understand you taking sides with a customer over them on occasions where you are put on the spot. However, your company policy should as much as possible, protect the employee while also emphasizing great customer service.
Bizzalley's Answer-There is no clear-cut way to know how effective your business ads are in not just bringing in viewers but in converting them to actual customers. However, a method I find helpful is to ask your customers how they heard about your business. This would help you know which of your advertising channel is working better. Also try running these ads individually on the different platforms instead of running them simultaneously, that way you can measure sales increase based on what social media you advertised on. You can also use metrics software, they certainly won’t be accurate all the time, but they will give you a good idea of how your social media ad campaigns are working.
Bizzalley's Answer-Branding is one of the most important tools of marketing and marketing is what transforms your idea into a profitable business, which means branding is key to the survival of your business. Branding involves so much more than just logos and strap lines. Everything/everyone your customer sees and talks to before paying for the actual product or service make up your brand. From the strategically placed billboard right to the impeccable customer service, everything about this is branding. Your brand is what introduces your business to the world, the first point of contact customers have before they actually see the product you are offering. Your brand shows you off and says a lot about what class and level your company belongs to. A properly designed branding strategy if executed well, is expected to translate prospective customers into actual customers. Investing in your business branding might take a bit of your funds but if executed properly, is worth every penny
The Bonus
Am I maximizing technology?
The world is digital now and almost every business has a website and mobile applications are popping up everywhere. Getting a website or app for your business is the easy part, getting prospective customers to actually get to the site or application is a bit tough but getting them to take the necessary action once they are on your webpage is the problem most business persons face. The attention span of customers is quite low so you have to put everything in place to not just catch their attention and get them on your webpage but also keep them scrolling till they take action. From ensuring you have top-notch web page designs to getting rid of irrelevant information and clutters, be sure that your web page is as attractive as possible. Remember there are over 650 million other websites your customers could be on, give them a reason to stick to yours. Also, ensure your websites are optimized for phones.
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