In the digital age we increasingly hear about people being in the business of “consulting,” primarily in the fields of entrepreneurship and marketing. It’s even more common to hear about someone who practices “consulting” at the ripe old age of 25. I wouldn’t completely rule out the possibility that someone of that age has a level of experience and can offer legitimate advice on managing the operations, sales, or marketing of a business. However, to be truly proficient, to have a holistic understanding of the subject seeking consulting services one needs extensive experience across various business segments, identifying problems and providing appropriate solutions. Many entrepreneurs regard marketing as the ultimate solution to “all” problems, although most of the time, that’s not quite the case.
In 2015, with two associates, I commenced the production of wooden eyewear in Serbia. Over the next three years I learned how to handle imports, tackle paperwork, source the best materials on favorable terms and choose appropriate finance options. Along the way, I also picked up negotiation skills from a “small” business perspective, came to understand the quality control standards demanded by customers, learned how to conduct effective social media advertisements and negotiate with influencers. And finally, the most crucial aspect: how to sell the product!
Of course, had I known all this back then, I’d probably still be in the eyewear production! It took years and broad experiences in other domains (such as weapon manufacturing, where I worked in marketing and consulting) to recognize certain mistakes. Working with large companies from Serbia and abroad helped me understand why some businesses achieve success while others struggle.
Learn from my insights – here are three hot tips for you, free-of-charge:
YOU HAVE TO KNOW YOUR BUSINESS
Successful companies distinguish themselves from unsuccessful ones in one fundamental aspect: THEY KNOW THEIR BUSINESS. It’s so easy to say, “Of course I know my business, how could I not!” – but the truth is somewhat different. Over the past five years I’ve come to realize that people often don’t truly understand their own business. Even worse, they frequently lack awareness of the production costs of their specific products or services. This situation is more recurring in larger corporations compared to smaller businesses. Money is spent on expenses that yield no return. Whether it’s attending irrelevant trade fairs, pouring exorbitant funds into misguided marketing efforts, or conducting unusable research. The biggest issue? In most cases, results tracking and active participation are absent. The primary sales channel remains underfunded! If you’re involved in online sales, your website must be dynamite, a crackerjack outperforming the competition. Only then can you expect sales superior to theirs. A prime example of this is Merkur X Tip – with a team that knew their business they rapidly ascended to the pinnacle of the gambling industry in Serbia.
FIND THE BEST PEOPLE FOR EVERY SEGMENT OF YOUR BUSINESS
It seems to be the nature of our nation to support each other, and we love to lend a helping hand, we believe it’s a nice gesture. If you run a small company and need help from people you trust, I believe that it indeed is a lovely gesture. However, if you run a large company and install your relatives, friends, and chums in key positions simply because you trust them, it can be detrimental to the life of your business. I’ve witnessed brothers and friends in managing positions, not because of their knowledge and experience, but because of faith owners had in them. In 99% of the cases, these relatives eventually were replaced by other relatives after they proved inadequate for the job while causing significant losses for the company.
Hence, my advice: if expanding your team, seek out the best professionals in the field — within the budget you can afford. It’s always a better option than appointing your chum as the sales director, especially if they have a bachelor’s in geography.
YOUR BUSINESS DOESN’T HAVE TO BE ON EVERY SOCIAL NETWORK
During preliminary meetings with clients, I’ve heard countless times that they want to enhance brand awareness and sales by being “EVERYWHERE ON SOCIAL MEDIA!” Honestly, I was just waiting for someone to say “We want MySpace”. A few years ago, my buddy asked for advice on which social networks to use for his business (measuring vibrations in industrial machinery). He mentioned already having accounts on Facebook, Instagram, Twitter, and – brace yourselves – even considering LinkedIN. I immediately stopped him and asked what’s the point of all that, especially Twitter? I convinced him to focus solely on LinkedIN. He’s a “one-man band show.” He runs the company, does all the measuring himself, sends invoices, he’s always on the road — to cut the story short, he’s a busy guy and with all of that he’d manage all four networks? LinkedIN was a bullseye hit for his business. He connected with professionals from companies relevant to mechanical engineering and measuring. He started writing articles about his work, explaining processes and sharing photos of completed projects and satisfied clients. People who he followed saw this on his feed, and the calls started coming in, one after another. If you’re in defense industry like TRB, you already know that armored combat vehicles won’t sell through a web shop. Use your website and social networks to raise your brand awareness and let product sales happen at expos.
Our office@sinhronisiti.com mailbox is always waiting!
The members of the Sinhronisiti team have long gone beyond the age of 25, so you can reach out to us for business and marketing consulting with a peace of mind!
P.S. We’ll definitely write more about consulting — business stories never end! Until our next read, thank these 25-year-old consultants and ALWAYS learn about your business!
Istok Radovanov
