Starting a business can sometimes feel like a long, fruitless slog – until you reach your turning point and suddenly you can do no wrong. A breakthrough moment is sometimes a case of luck, but small business owners can encourage growth by networking, upping their social media, or simply finding a great mentor.
Our panel of experts share their advice about how to create that pivotal moment in your business history.
How can marketing help?
After spending money on set-up costs like web design and workspace, marketing can sometimes feel a little like an afterthought. But our panel of experts concurred that it is important to think hard about marketing strategy. Caroline Langron, the managing director of small business invoicing company Platform Black says, “I would clearly identify what you are trying to achieve from the marketing ahead of meeting with agencies. Ask your peers how they market and who your direct competitors are.”
Alex Mitchell is the partnership lead at the StartUp Loans scheme, and he recommends creating a ‘Love Mark’ – a business that creates passion for the customer. “Social media is a great way to engage but it is only part of the solution,” says Mitchell. “If you are B2C I would suggest creating a small group of loyal customers who are brand advocates and could help raise awareness.”
Another way to promote your business is by tapping into Facebook’s range of targeting capabilities, says Chris Barling, founder of mobile invoicing app Powered Now and chairman of Sellerdeck. “If you already have a reasonable number of customers, I would look into Facebook lookalike advertising. This enables ads to be placed in front of people who are similar to your current customers.”
How to go about finding a mentor
Mentors can help you to grow your business, and they’ve often experienced similar bumps in the road to you. They can also help to provide that “raw, unfiltered, feedback”. But finding a mentor who will be able to help, can often be quite challenging. Alex Mitchell, who also runs his own social enterprise called Causarma, says he’s been quite targeted in the mentors he’s chosen.
“I’ve been open in going to somebody I feel I could learn a lot from, and then asking them directly. The worst they can do is say no! I have done this by attending relevant events, research on LinkedIn. Targeting someone who has been through a similar journey to you – but it doesn’t have to be in same sector – is key.”
“Acquiring a mentor takes patience and some focus,” says John Williams, head of breakthrough at Santander. “It ought to be a relationship with a rapport, and preferably one that allows you to connect easily when you need it, as well as every now and then on a schedule, even if not face to face. Finding someone who is further down the journey than you is important – you don’t want to end up mentoring them.”
Dannie-Lu Carr is an actor and founder of The Five Gateways, a coaching company that helps women step up for their own business moment. She thinks that rather than seeking a mentor, businesses should instead focus on doing an excellent job, and then ideally, a mentor will notice them. “Self-belief that you are more than capable of getting to a good standard without a mentor is important.”
Tapping into the media
“Forget the idea that journalists are there to help you sell something for a start,” says Andy Turner, who has 30 years’ experience in helping companies solve marketing and communication issues. “Most will run a mile if you do that. Think about how you can help them with stories – read what they’ve already written and find a way to bring them something fresh that they haven’t heard or seen before. Human interest stories are universal in appeal.”
Once again, engaging with social media is recommended by our panel. Mitchell suggests getting in touch with journalists using social media, and to nail the angle on any story you’re trying to push out. He also suggests trying to find out which journalists are relevant to you. “Look at what they have written before, what they are passionate about and tailor your email to them directly.”
Taking a step back
Sometimes taking your foot off the accelerator can speed up the growth of your business. If you spend too long pushing, and not enough time enjoying your business, can it take longer to make your business successful?
Barling says that if you are ambitious, then you can never really step back. However, he does recommend pausing to review. “There is absolutely a need for a periodic review of what you’re doing, and sometimes when you’re growing fast there’s a time to take your foot off the accelerator and let cashflow, process or recruitment catch up.” Turner agrees: “I think it’s healthy to come up for a breath every so often; to pause, reflect and reassess what you’re doing and why.”
However, Mitchell believes that stepping back would hinder a small business. “As the founder and co-founder you will be the driving force ... taking a step back can result in the business losing its momentum.”