Four Ways to Fail in Your New Business. It’s understandable, even admirable, how startup founders, drunk on big dreams and dulled by the daily grind, can sometimes be blind to business risk.
New businesses based on established models—franchises, family business and tested ideas—already report an 85% risk of failure within their first few years. Startups innately intend to disrupt established business models, leveraging new technologies towards exponential gains in efficiency. So why do 95% of startups fail? Here’s a list of some obvious and some not so obvious reasons that new businesses fail. The good news is you can recover from many of these mistakes: Your company culture’s not right. You need to foster this inclusive culture every step of the way. You have the wrong team. You’re going to want your team members to have integrity, be smart, be passionate, and be a good cultural fit for the company. You don’t have a good market strategy.
Having a website is not enough. You don’t have a solid financial plan. 457 Visa Abolition: Skills Shortage, Increased Costs for Aussie Businesses. The government’s plan to overhaul Australia’s skilled migration program has alarmed many companies, including startups and those in IT, with fears of skills shortage and rising costs.
Adopting a more protectionist approach to skilled migration, Australian Prime Minister Malcolm Turnbull has announced that he will be abolishing the existing 457 Visa programme that is currently used by temporary foreign workers to gain employment in the country. According to government statistics, 95,758 people were living in Australia under the 457 Visa programme last year. The scheme will be replaced with a new temporary work visa, available for either two or four years. In relation to the two-year stream, Turnbull has said a broad list of occupations would be eligible but also that there would be a “substantial reduction,” removing more than 200 jobs from the list.
The immigration minister, Peter Dutton, has said the list of eligible jobs would be “even tighter” for the four-year visa. Harnessing Filipino Talent is Australian Business’s Competitive Edge. As the global war for talent rages, business people now look at employees as a source of competitive edge.
In the past, you could open shop and be sure you would get a deluge of job applicants. This is no longer the case however. Today, you have to go where the talent is if you want to be competitive. David Beats Goliath: How Your SME Can Compete with Big Business. Among the many things that modern business leaders seem to understand better is that the idea of an underdog beating a giant isn’t an exception.
Instead, it actually comes closer to the rule. So you don’t have the luxury of huge advertising budgets or an army of employees that the big dogs have. However, bigger isn’t always better, and as the world moves further into the digital age, more and more smaller companies are challenging giant conglomerates—and winning! This trend is very evident in Australia where small to medium businesses represent 97% of companies in the country, with an astounding 2 million total SMEs nationwide. Here are some of the ways in which these Aussie upstarts are beating their bigger counterparts at their own game: Get Personal Big businesses may get a lot of things right such as building a name brand and client base, but they often fail at personalisation, one of the most important factors to delighting customers.
Why A Website Redesign Doesn’t Always Work (INFOGRAPHIC) At a certain point, companies can feel stuck: traffic is increasing, but signups or sales are plateauing.
Does that sound familiar? Probably. These days, almost everyone is struggling to increase conversions. But here’s the deal: For many, the default solution after a while often ends up being a complete website overhaul. Unfortunately, website redesigns don’t always solve the problem…and can be astonishingly expensive! So if you’re currently in the middle of a website redesign, or planning one in the near future, have a quick look at the infographic below, which provides insight into why a website redesign for many of the world’s biggest businesses don’t provide a jump in sales and leads.
Top 20 Reasons Inbound Marketing Beats Outbound (INFOGRAPHIC) As consumers change the way they research and shop for products and services, so must businesses—eliminating ineffective traditional marketing tactics like cold calling and print advertising, and instead using tactics like SEO, social media, and content creation.
Studies conclusively prove outbound marketing techniques are getting less and less effective over time for two reasons. First, the average person today is inundated with over 2000 outbound marketing interruptions every day. Consequently, that person is figuring out more and more creative ways to block these marketing interruptions out, including caller ID, spam filtering, Tivo, etc.
Second, the cost of coordination around learning about something new or shopping for something new using the internet (search engines, blogs, and social media) is now much lower than going to a seminar or flying to a trade show. Top 10 Visual Content Stats to Know in 2017 (INFOGRAPHIC) Let’s take a look at some marketing statistics that demonstrate the impact visual content has on reach, engagement, and sales.
With every new year comes new trends. This year is no different. We’ve seen trends and practices such as long scrolling pages continuing to grow in popularity, while others will be phased out—I’m looking at you Flash. Visual content marketing has been on the rise since 2013 and shows no signs of slowing down in 2017. The surge of video and other new mediums that make it easier to communicate with people have played a major role in keeping this trend in the spotlight. EMAPTA can help you build your own dedicated visual content creation team. Offshoring to Oz: Doing What Comes Naturally Since 1788. On 18 January 1788, the first 736 convicts “offshored” from England to Australia land in Botany Bay.
Over the next 60 years, approximately 50,000 prisoners were transported from Great Britain to the “land down under,” in one of the strangest episodes in criminal-justice history. Many convicts were “offshored” for petty crimes, while a significant number were political prisoners. Once emancipated, most ex-convicts stayed on the continent and joined the free settlers, with some rising to prominent positions in society. However, convict origins would remain a source of shame for some later Australians.
Four Ways to Fail in Your New Business. Take the Startup Challenge! 2016 was a strange year for viral internet challenges.
Arguably, the most popular one was called “The Mannequin Challenge,” which had large groups of people—including Hillary Clinton—freezing in place while a camera panned around the room and “Black Beatles” played in the background. It’s now 2017 and netizens can expect even more bizarre trends like “The Water Bottle Flip Challenge” and “The Running Man Challenge” to keep them busy on social media. The year also promises exciting changes and new opportunities for entrepreneurs everywhere. But with the potential for success comes “Startup Challenges” that burgeoning businesses will need to overcome to make a name for themselves in the field. Fierce Competition One of the biggest challenges startups face is competition, with barriers to entry relatively low, and access to venture capital money relatively easy. Startups can also look for ways to enhance the products and services of other companies rather than compete with them.
The Startup Saga of the One-Man Wolfpack. Lone wolves versus teams—is it even possible today to create a successful startup alone?
The success of famous single-person startups excite the minds of many aspiring entrepreneurs who think they can take on the world all by themselves. While the idea of starting out on your own may be appealing to your inner lone wolf, you may want to take a more in-depth look at the pros and cons of doing it with a tough team of one.
PRO: You are the sole owner and decision-maker of the company. When you have a vision, it can be hard to communicate it to other people. You’ll probably encounter different opinions on the same issues. Mission Impossible: Surviving Without Social Media. “Your mission Business Owner, should you choose to accept it, is to grow your company without using social media. As always, should you or your business fail miserably, feel free to disavow any knowledge of your actions. Your company will self-destruct in five years…or less. Good luck!” How to Perform CPR for Your Dying Business. According to Gallup, 50% of new businesses in the U.S. fail within the first five years.
Half a decade of work, money, and hope—and it all just disappears, 5 times out of 10. Every business will experience a near-death experience during the course of its existence. Every entrepreneur will eventually face the daunting task of managing the recovery of a dying business. This period is characterized by low sales, low morale, low cash, low market share, and low innovation. Some recover from this and bounce back stronger than before, and some don’t. Jurassic Space: Have Offices Gone the Way of Dinosaurs?
Are office spaces obsolete? Is the traditional workplace in danger of becoming, like the T-Rex, a relic from some distant time? Thanks to free wi-fi, an increase in remote work arrangements, and the rise in alternatives to the usual 9-to-5 desk work, there’s been a surge in the debate over whether or not startups need office space at all. Of course, the arrangement that works best for your business depends on a number of variables deserving careful consideration. But for entrepreneurs fortunate enough to run a business that’s growing and adding people to its team, the idea of an organized work space with dependable infrastructure and room to fit a budding workforce shouldn’t be so easily dismissed.
Here are a few reasons entrepreneurs and startup founders should think carefully about providing an environment where their team—and their business—can thrive. Half of UK SME Struggling with Operational Inefficiency. Productivity problems plague UK firms as nearly 50% of small and medium enterprises (SMEs) admit to operational inefficiency, according to research by the British Standards Institution (BSI). A survey of 250 UK SMEs with between 1 and 250 employees highlighted that the biggest proportion of businesses concern about operating efficiently were based in East Anglia, Scotland and Yorkshire and the Humber. Around 60% of businesses in these regions emphasized this as a challenge for their company. A quarter of respondents to the survey stated there was room for improvement within their business and approximately 20% said they were involved in every aspect of their business, implying the need to step back and delegate more.
The research is supported by recent findings by RSA showing 55% of startups don’t survive more than five years. In the current business environment, companies are under increased pressure to improve operational efficiency. Building Your Very Own Offshore All Star Team. One of the biggest challenges any business owner faces is people—how do you build a world-class staff and get the cream of the crop? One of the best ways is to assemble an offshore team, enabling you to recruit worldwide instead of just in your country.
It surprises me to no end that so many people believe there’s a shortage of talent in today’s globalized business environment. The world has flattened and become hyper-connected. UK, Australia Included in List of World’s Most Expensive Office Space. Opening an office in London or Sydney carries a hefty price tag. Go Hollywood with Your Content Marketing. A compelling plot, fascinating characters, an overarching theme, intense emotions—these are the essential elements of a truly great movie. Content marketing is no different. Top 5 Business Lessons from Movie Entrepreneurs. With the 89th Academy Awards happening just a few days away, there’s no better time to take a look at five of the most memorable entrepreneurs from motion pictures.
How to Effectively Monitor Your Offshore Staff. Tracking the performance of your offshore employee is important, but you must tread carefully to get the best results. Whenever the topic of monitoring employees in the workplace is discussed, prudence is often advised. Expanding Your Business: Grow or Die, The Choice is Yours. Top 5 Qualities That Make a Great Business Leader.
Top 5 Inspirational Movie Quotes for Entrepreneurs. Movies can inspire. Why Australian Companies Prefer Offshoring to the Philippines. 5 Likely Reasons Your Content Marketing Isn’t Working. In my many years as a digital marketing professional, I’ve worked with several clients on developing and executing content marketing strategies for their business. How Small Businesses Can Afford Full-Time Legal Help. The Advantages of Offshore Outsourcing Your Company’s Legal Services. The Art of Letting Go: Successfully Transitioning from Founder to Leader. The Rise of Digital and its Effects on Recruiting for Small Businesses. Why Small Business Owners Must Think Big and Go Global in 2017. When to Hire an Accountant for Your Small Business. How to Scale Your Small Business with Offshore Outsourcing. Growing a Small Business with No (In-House) Employees. The Rise of Digital and its Effects on Recruiting for Small Businesses. Let’s Get Visual: Image is Everything in Content Marketing.
How Outsourcing Can Boost Your Content Marketing. The Characteristics of a Kickass Virtual Team. How Small Businesses Can Make a Big Impact with Content Marketing. Can You Be Too Critical to Your Small Business? The Better Way to Outsource Your Business. 4 Warning Signs Your SEO Agency Can’t Be Trusted. More Australian Accounting Firms Using Offshore Outsourcing. Is Offshore Outsourcing Too Good To Be True? Find More Time to Enjoy the Returns of Your Small Business. What’s The Cost of Not Outsourcing Your Small Business? Do You Suffer from The Small Business Superhero Complex? Aussie Company Boasts Nearly 80% Staff Savings via Offshore Outsourcing. Small Business Tasks You Need to Stop Doing ASAP. 5 Essential Strategies for Managing Your Virtual Staff. Offshoring & Outsourcing: What’s The Difference? 5 Surefire Signs of a Successful Startup Idea (INFOGRAPHIC) The 3 Trade-Offs When Outsourcing.
The Beginner’s Guide to Outsourcing (VIDEO) 5 Outsourcing Mistakes Made by SME Owners. How The Skills Gap Hurts Small Businesses. Top 3 Reasons Australian SMEs Struggle with Digital. Timely Tips for Small Business Owners (VIDEO) 5 Brexit Lessons for Businesses. Creating my Own Shift in the Space-Time Continuum. From Cloud to Bubble: Living the IT Dream.
Time Management Made Easy for Business Owners. From Cloud to Bubble: Living the IT Dream. Creating my Own Shift in the Space-Time Continuum. Effective Marketing on a Small Business Budget. Do You Suffer from The Small Business Superhero Complex? What’s The Cost of Not Outsourcing Your Small Business? Aussie Company Boasts Nearly 80% Staff Savings via Offshore Outsourcing. 5 Business Tasks You Should Outsource Immediately. Why the Philippines is the Offshoring Paradise of My Dreams. British Business Owners Losing a Lot of Sleep. Fast and Fun Team Building Activities for Your Virtual Team. Why UK Small Businesses Should Use Social Media for Customer Service. The Right Way to Outsource Your Social Media. British Business Owners Losing a Lot of Sleep. Why the Philippines is the Offshoring Paradise of My Dreams.
5 Business Tasks You Should Outsource Immediately. Aussie Company Boasts Nearly 80% Staff Savings via Offshore Outsourcing. The Right Way to Outsource Your Social Media. What’s The Cost of Not Outsourcing Your Small Business? The Best Collaboration Tools for Virtual Teams (INFOGRAPHIC) Take a Hint: How to Tell If Your Small Business Needs Outsourcing Help. Offshore Outsourcing Fueling Small Business Growth in Australia. Widening Skills Gap Adversely Affecting UK SME Growth. The Perils of Hiring a Freelancer. 7 Steps to Successfully Outsourcing Web Development. Top 5 Stats That Prove the Filipino Worker Rocks (INFOGRAPHIC) Productivity Hacks for Small Business Owners (INFOGRAPHIC) Signs You Need a Virtual Assistant. The Best Collaboration Tools for Virtual Teams (INFOGRAPHIC) Take a Hint: How to Tell If Your Small Business Needs Outsourcing Help. Outsourcing: More Fun in the Philippines (VIDEO) Take a Hint: How to Tell If Your Small Business Needs Outsourcing Help.
The Good, The Bad and The Final Word on Outsourcing (INFOGRAPHIC) Top 5 Tips from 5 Top Entrepreneurs. 5 Essential Strategies for Managing Your Virtual Staff. 7 Tips for Choosing the Best Offshore Outsourcing Partner (VIDEO) Top 10 Most Frequently Outsourced Business Tasks (INFOGRAPHIC) Overcoming Challenges That Prevent Small Business Growth in Australia. How Well Are Small Businesses Managing Their Finances? (INFOGRAPHIC) Top 5 Tips from 5 Top Entrepreneurs.