Wednesday, 31st July 2019 | Management
The one element you need to achieve business success (it’s not what you think)
Michele Romanow, a TV star on Dragon’s Den and Co-founder of Clearbanc, was a keynote speaker at deBanked CONNECT Toronto on July 25th. Read about what she feels in the one element you need to achieve business success.
Have you ever looked at an enterprise and asked yourself, Why didn’t I think of that? Some business ideas seem perfect right out the gate. The truth is, any idea that connects with an audience is the result of planning, luck, and one other attribute—something Dragon’s Den panellist Michele Romanow characterizes as being “scrappy”, or the can-do attitude that makes things happen. Every business, no matter how big or small, goes through changes. The best not only take them in stride, but see them as part and parcel of their success. Read on to learn why iteration might just be the secret to your prosperity.
In its simplest form, iteration means repetition. It’s implementation, and then implementation again. Of course, the idea is not to simply plod away over and over but to harness each change in service of the next great idea. This involves weathering changes and making mistakes, and using their lessons to create the next iteration.
On the power of iteration, Romanow spoke from her experiences as an entrepreneur and a financier at the recent deBanked Connect gathering in Toronto, Ontario, and iCapital was in attendance. For her, “good unit economics” (a high enough profit margin) is the business base, and beyond that, 90% of a business person’s energy should be put into execution. Doing and making—and the lessons of what works and what doesn’t—is what makes a business succeed.
Let’s look at an example: You may not know the name Guy Laliberté, but you are definitely familiar with his work. As a young busker in Montreal, Laliberté was on the first iteration of his career in show business. In 1984, along with a small group of co-founders and with the help of a government grant, he created a modern circus. Right off the bat it was clear that he did not want to use live animals—among other things, a full 70% of circus production costs go to their training and minding. Laliberté’s work as a street entertainer was invaluable as he put together a team of human performers and got to work. Over time, he learned that the more performers the better the show, and that costumes and then music greatly enhanced the audience experience. Today, Laliberté is worth nearly half a billion dollars, and Cirque du Soleil is the largest theatrical producer in the world. The entire enterprise exists because of iteration.
In the world of sales, much is made of the power of failure. Each no, the saying goes, is one step closer to a yes. People who work in sales learn to welcome rejections, but the process can be difficult for those in the business world where success and failure are measured on a macro level. What we’ve learned is that successful business people can conceptualize their idea as flexible and mutable, and carry on with creative energy. Business owners should strive for the patience, flexibility, and drive to continue through iterations to reach an idea that works. That’s scrappy, and it’s just good business sense.
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Embracing AI: Small Business Marketing Success
Venturing into Artificial Intelligence (AI) may seem like treading uncharted waters, but it's an opportunity for small businesses to revolutionize marketing strategies and spark growth. Much like the buzz surrounding ChatGPT, AI tools offer myriad capabilities, ranging from task automation to personalized customer experiences. In fact, research shows that 39% of small businesses have already invested in AI tools to innovate their customer engagement and retention strategies, leveraging AI to save both time and money.
Unlocking the Power of AI Tools
AI tools span a wide spectrum of applications to streamline processes, analyze data, and optimize marketing campaigns. Let's explore some key AI tools commonly embraced in small business marketing:
Data analysis
AI-powered analytics programs sift through vast volumes of marketing data, distilling valuable insights and trends that inform strategic decisions and fuel campaign optimization. This enhances efficiency and facilitates cost savings, with 25% of businesses using these savings to increase wages and benefits.
Natural Language Processing (NLP)
NLP technology empowers chatbots and virtual assistants to engage customers in natural conversations, enriching customer service and sales interactions.
Automated decision-making
AI algorithms offer actionable recommendations, guiding marketing strategy decisions to ensure resource allocation aligns with business objectives and budget constraints.
Content generation
AI-driven tools churn out written content, such as blog posts and social media captions, at scale, freeing up time for creative endeavours while maintaining quality and consistency.
Real-time personalization
Leveraging customer data, AI enables personalized marketing experiences by delivering tailored recommendations and offers, thereby enhancing engagement and driving conversions.
Leveraging AI for Marketing Success
Incorporating AI tools into the marketing toolkit can yield substantial benefits for small businesses. Here's a roadmap to harnessing AI for marketing success:
Harness data insights
Utilize AI analytics platforms to extract actionable insights from marketing data, empowering informed decision-making and continuous optimization.
Elevate customer engagement
Deploy AI-powered chatbots and virtual assistants to provide personalized customer experiences, fostering satisfaction and loyalty.
Make informed choices
Rely on AI-driven recommendations to shape marketing strategy, ensuring alignment with business objectives and market dynamics.
Streamline content creation
Utilize AI content generation tools to produce high-quality written content efficiently, maintaining relevance and resonance with the audience.
Deliver tailored experiences
Leverage AI to deliver real-time personalized marketing messages and offers, nurturing deeper connections and driving conversions.
Designing an AI Marketing Strategy
Designing an effective AI marketing strategy requires careful planning and strategic execution. Here's how to do it:
Identify Business Requirements
Assess business needs and objectives to determine how AI can support marketing goals.
Decide AI Framework
Choose AI tools and technologies that align with business requirements and budget constraints.
The Right Approach
Adopt a strategic approach to implementing AI in the marketing strategy, focusing on areas where it can deliver the most significant impact.
Evolve
Continuously monitor and refine the AI marketing strategy to adapt to changing market dynamics and emerging trends.
By embracing the power of AI, small businesses can unlock new avenues for growth and competitiveness in the ever-evolving digital landscape. With careful planning and strategic implementation, AI can be a game-changer for small business marketing, driving engagement, loyalty, and business success. So, let's embark on this exciting journey together and seize the opportunities that AI has to offer.
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Cybersecurity Strategies for Small Businesses
As we embark on a new year, the ever-evolving digital landscape presents opportunities and challenges. In 2024, one of the paramount challenges demanding attention is the persistent threat of cyber attacks.
Safeguarding your business against these threats is not just advisable—it's imperative. Let's explore the crucial cybersecurity strategies every small business should adopt for a secure and prosperous journey throughout 2024.
Understanding the Landscape
The IBC’s 2023 Cyber Security Survey revealed a concerning trend among small businesses. Despite over 60% considering their size immune to cybercriminal attention, small businesses with 1,000 or fewer employees experienced a surprising 43% of yearly cyber attacks in 2023.
Crucial Cybersecurity Strategies for Small Businesses
Educate Your Team
Empowering your team with effective cyber threat identification skills is essential. Regular training sessions can equip them to recognize phishing emails, use strong passwords, and identify potential security risks. A well-informed team serves as the first line of defence against cyber adversaries.
Ensure your training addresses these common security issues:
1. Phishing attacks: Deceptive tactics to trick victims into sharing sensitive information or deploying harmful software.
2. Malware attacks: Cyber threats involving malicious software executing unauthorized actions.
3. Ransomware: Malicious software designed to deny access to files, demanding a ransom for decryption.
Employee Training and Awareness Programs
Acknowledge that your employees are not just integral to your business—they are the first line of defence against cyber threats. Regular training and awareness programs inform your team about the latest cyber threats and preventive measures. Cultivate a culture of cybersecurity awareness where every team member actively contributes to the protection of your business.
Strengthening Your Digital Shield
Crafting an impenetrable shield for your small business involves developing good cybersecurity habits through daily practices:
1. Regular Software Updates: Keep all software, including operating systems and security applications, up-to-date to patch vulnerabilities.
2. Security Audits: Conduct routine security audits to identify and rectify potential weaknesses in your systems.
3. Password Policies: Enforce strong password policies, promoting the use of complex, unique passwords.
4. Require long, varied passwords for sensitive accounts.
5. Enable two-factor authentication for added security.
Invest in Cybersecurity Technology
As cyber threats advance, upgrading defences is crucial. Invest in state-of-the-art cybersecurity tools like antivirus software, firewalls, and intrusion detection systems to serve as your digital guardians, actively monitoring and thwarting potential threats.
Proactive Preparedness
Craft a comprehensive incident response plan that includes:
1. Communication Protocols: Clearly define communication channels during a cyber incident.
2. Data Backup Strategies: Regularly back up critical data to minimize the impact of potential data loss.
3. Mitigation Steps: Establish procedures to mitigate potential damage during and after a cyberattack.
The Stakes Are High
In 2023, small businesses accounted for a significant portion of annual cyber attacks, emphasizing the need to view cybersecurity not as an expense but as an investment. Cybersecurity is not a luxury—it's a prerequisite for sustainable success. As you navigate the intricate web of business operations in 2024, remember that a secure foundation is key to achieving your goals. Despite the challenges in the digital realm, informed decisions and proactive measures can help your business emerge stronger and more resilient than ever.
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