You are the boss of your company. You built it from scratch with your blood, sweat and tears. Everyday you work towards building it and see it grow, the same way a loving parent would do for their child. There are many intricacies with running a full-fledged company. In the beginning it may have been a start-up and you were able to manage the daily affairs efficiently. Then as it started to grow bigger, you invited friends and loved in to help you out. But then there came a time when you had to delegate responsibility to other individuals so you could concentrate on the business itself. All major entrepreneurs will tell you that in order to take your business to greater heights, you need to start handing out responsibility to others so that you can use all your energy on the important stuff – making your business grow exponentially. Here are some of the departments that you will need in your legitimate venture:
Finance Department: Everything works with money. Whether you are trying to run a house or full-fledged business, you need finances to get you going. The finance department is supposed to make this happen for you. From mundane things like paying bills to dispatching salaries to the employees, your finance team will do it on behalf of you.
Human Resources Department: To run a business, you need people. Right at the front door there may be security, you might need a personal assistant and other qualified personnel to help you turning your brainstorming sessions into reality, etc. It is the human resources department (popularly known as HR) that will handle this task for you. It is their job to find the right people to help expand your company. Human Resources is so important today that there are Masters and MBA degrees that specialize in HR!
Marketing & Advertising Departments: You might have a brilliant product that you are sure is going to sell like hot cakes and be a hit with potential customers. You have spent a lot of time building it and making it suitable for the public at large. But you do not know how to get word out there about it effectively. Enter the marketing and advertising departments. They will come up with strategies, campaigns and ways to make sure that your product is sold out there in the market in the best way possible. They are qualified to come up with unique and tried and tested ways to get your product from your boardroom onto the streets.
Information Technology Department: These days, everything runs on computers and machines. Whether it is the software or the hardware that your company uses, you cannot use your precious time cracking codes or huddling under the desk checking wires. This is where the IT department comes to use. They make sure that all your online stuff is working seamlessly because let’s face it – without the use of computer technology, you might as well get yourself a time machine and go back to the stone age. These brilliant employees need a significant place in your company.
These departments are the basic pillars of a company. Depending on what you are specializing in, there would be other departments that would help you carry forward your venture. Other departments include Legal, Planning, Projects, etc. Whatever decision you take, remember something that Sir Richard Branson advised: you need to employ people who will be the backbone of your company, dealing with its daily running so that you can concentrate on more important issues. Very sane advice, indeed!
Is there anything that you would like to let us know? Maybe you’ve got your personal stories that you would like to share? Comment below!
No matter what business you are building, you need to advertise it. Even big companies that already have a name in the market advertise on a regular basis to keep the public aware about the latest products available to them. When you switch on any channel, you are bombarded with ads that promote products. Websites, video sites like youtube, billboards, etc. all have advertisements that make an attempt to sell a product. These can be costly, but large companies feel that it is worth it, if it is ultimately going to lead to larger sales. Here are some smart and free ways to advertise a product you are putting on sale or even to create some buzz about your business:
You: The first and most important way to advertise your company is through YOU. You are the one who has started the firm, you have developed the mission statement and only truly know where your company is headed. Basically, you are the brand ambassador of your own company. The way you behave, market and promote yourself will ultimately lead to advertising your company. Some of the greatest entrepreneurs have their own image stamped on everyone’s brain that make people want to own the product sold. Take an example of Dr. Dre. He is a remarkable figure in the music industry and because of him, the Dr. Dre Beats are being sold faster than they can be manufactured. You should be what you sell.
Employees: These are the people that work for you and you may never know the places they go and the people they meet who can become potential customers. Encourage your employees to market your brand either directly or discreetly by the way you treat them. Google has been voted countless times as a company that is the Best Place To Work. Because of the goodwill from employees, outsiders automatically want to be patrons of such an awesome business.
Customers: Surely you have heard of Net Promoter Score (NPS) that many companies are starting to take on to determine what is the level of goodwill out there. NPS is basically a graph that determines how likely customers are going to promote the brand that they themselves endorse. Obviously brands know what they are doing by adopting this process. It is through customers that potential patrons are recruited. You an definitely recall at least one time when a friend gushed about a new product they tried and then you went out and purchased it yourself because of the good feedback.
Self-Promotion: Instead of paying huge fees to advertising companies to come up with a good promotion, why don’t you promote your brand and products yourself? There are so many social sites that you can take advantage of for free. Make short Youtube videos or ask people to share your posts on sites like Facebook and Twitter. With the network built through other people, your brand can reach further circles without you having to spend a penny.
Events: Another way that you can promote your brand is through events. It will do two things: advertise your product and create goodwill within and without the society. Go to your local church or school and hold a charitable fest where maybe you can give away your products in the form of prizes or goodies. Remember to attach a sticker or tag to remind people of your company and have banners set up during the event. People never forget a giving spirit, so if you hold an event for an orphanage or animal shelter, patrons will get magnetized towards your philanthropic nature.
This is just the tip of the iceberg. There are dozens of ways in which you can advertise for little or nothing. There have been businesses that have thrived simply by word of mouth. No advertising. No PR. No payment made to make a brand known. The fact of the matter is that if you have a product that will benefit others and is priced right, your sales will increase by and by.
Any other ways you know of to advertise your business? Maybe a personal story you want to share? Comment below!