Lessons Growing Companies Can Learn from Established Businesses

Are you a start-up or small business just starting? No doubt you have already learned a lot of lessons on your journey so far. One of the best things your growing company could do is to examine and learn from the successes as well as the failures of those who have gone before you to successfully build an established and profitable business. 

Imitate the best 

It is said that imitation is the sincerest form of flattery, so why not copy the best? It is worth doing considerable research to see what companies have achieved the ultimate success in your field or sector. For example, you could inspect some of the Fortune 500 Companies, the most prosperous and successful companies in the United States, which include household names such as Apple, Amazon, and Meta.

Of course, which company you choose to model will depend on your business sector, but don’t be afraid to aim high. Although these companies have achieved the utmost success in their field, they have undoubtedly had many highs and lows to arrive at where they are now and have valuable insights to be discovered.

Taking Apple as an example, the early days of now, the world’s most successful brand, were rocky, and many predicted the demise of the technology giant. But Apple reinvented itself in the 90s with a new vision, focusing on its core products and monopolizing the market thereafter. 

Strong Branding

Another thing that Apple has mastered is strong branding and image that is recognizable around the globe. Don’t underestimate well-thought-out branding, with a distinctive and recognizable color scheme, font, logo, and advertising style. Successful branding is often simple but aesthetically well thought out and pleasing. 

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Check out the Forbes list of the World’s Most Valuable Brands for some inspiration. Apple, Google, Microsoft, Amazon, and Facebook are top of this list. One element that these names all have in common is that you can instantly recognize them. They stand out from competitors. Brand trust and loyalty are also vital to evolving any business successfully.

Your brand needs to be more than skin deep, and customers need to trust in the quality of your service or product and outstanding customer service. Fostering brand loyalty can be a little more complicated, as it means making an emotional connection between your brand and your customers. One key factor is creating a high-quality digital experience that allows the customer to interact with your business through self-service channels. But above all, consistent and high-quality service builds loyalty in the long run. 

Technology Solutions 

Something else that all the biggest and most successful companies also have in common is how they have used and adopted the newest technology as they have grown exponentially. For example, Alibaba Cloud uses AI and Machine Learning to enhance exponential growth in Healthcare. Thanks to busyness metrics, you can now see how busy it will be on Google Maps’ location, just one of many impressive advanced features. You may not require such advanced technology as Google, but keeping track of all data processes will become challenging as your company grows. 

Anti-money laundering software is an essential technology that companies of all sizes need to implement, especially as your business grows and handles higher volumes of transactions. Staying on top of fraud becomes ever more demanding as a company expands.

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As advancements in technology power ahead, so do the tactics employed by scammers and hackers. Look at what competitors and other successful businesses do to tackle fraud detection and prevention. For example, one of the leading crypto exchanges via smart slack integration is currently using Seon’s help in aml fraud detection. Users’ activities are monitored on the their platform and thanks to automated predetermined rules, when a customer deposits a large amount of money, an automated message is sent to the team so they can inspect and review transactions if necessary.  

Avoid costly payroll errors with the latest cloud-based and AI-driven HR and payroll technology solutions. It has become increasingly important to can manage payroll remotely. Many are following the trend of companies like Airbnb, offering all employees the option to work remotely. And cloud-based payroll software is expected to become even more critical in the future. Choosing an advanced AI-driven payro

ll application that can easily integrate with your other systems, including HR and accounts, could be a wise investment for your company. 

Implementing effective technology solutions and systems for your growing company does not necessarily need to be massively expensive. Still, it depends on your immediate requirements, and your company may need to scale up as your business grows.

Social Media Presence

A well-thought-out social media presence has become a vital element of the most successful business strategies. Nowadays, most companies have dedicated social media marketing to manage campaigns, engage customers and build brand awareness. One of the most famous household names, Coca-Cola, recently announced that it would launch a virtual drink on the metaverse, a great example of how brands use social media as part of innovative marketing. Coca Colas investment into social media marketing seems to work, with increased revenue of 30% since the launch. 

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Smaller companies may not be ready to join the metaverse yet, but investing time and resources in building your own social media presence is well worth the investment. Many new up-and-coming social media platforms are each preferred by different demographics. Short videos and reels are the increasingly popular form of content. A solid social media presence is important to stay relevant and connect with potential customers and systems like Buffer and Hootsuite will help manage their social media presence by streamlining systems into one place. 

Invest in People

Elon Musk recently announced that he is looking to hire 10,000 people for his Giga factory in Texas in 2022, specifying that applicants do not need a college degree to apply. This trend has been seen in some of the biggest companies in the world, with a shift towards investing in quality people with passion. While recruiting employees with the right qualifications and experience is still vital for a growing business, it is important to remain open-minded when making hiring decisions.

If you don’t have the resources to hire your dream team just yet, consider engaging freelancers. Many great platforms, such as Fiverr and AnyTask, have talented and passionate freelancers to collaborate with. Once you are ready to hire your team, consider upskilling existing employees or less experienced candidates who are passionate and loyal. Often, this is far more valuable in the long run. 

Originally posted 2022-07-11 23:24:11.