FOCUS chatted with Found X panellist and Findex’s Chief Financial Officer Matt Games ahead of the first-ever Hills Shire Found X Pitch Night about how small business owners can succeed in a dynamic marketplace.
This is what he had to say:
(Q) How can business owners break free from the pack and lead the way in their chosen industry?
(A) Having a point of difference from your competitors is key if you want to successfully disrupt a market. Be unique. Stand out. Having that point of difference makes you memorable, demonstrates you’ve gone beyond the rest of the field to know more about your customer and it sets you up for a greater chance at success at disturbing established players. Approaching an existing market with a new and, more importantly, unique approach has been one of the true pillars of success that for recent unicorns like Canva.
(Q) With so many different promotional platforms and/or ways to use social media and marketing technology, what are the key things business owners should be doing in this space?
(A) Technology has created huge efficiencies in communication with big audiences, but those same audiences are fragmented, siloed by the platforms they receive information from. It again comes back to really understanding your industry and your customers at a deeper level – learn where they derive information and which forms of communication they trust. Having a targeted approach to how you communicate with your customer is only going to become more important in the future.
(Q) With business owners being accountable for every minute of their day, how can they prioritise their time efficiently?
(A) Delegating and trusting your team. Make sure you are bringing people in that you envisage being able to hand end-to-end projects to. Also, look for people that are looking for that challenge. The right mindset towards the right team is going to give you more time to triage what is most important to your business.
(Q) How important is the customer experience and what should business owners be doing in this space?
(A) It’s everything. Businesses with no clear funnel of new customers is no more than a hobby.
Businesses need to fully understand their product or service from the customer’s perspective.
(Q) With technology and the way business is conducted changing every day, how important is it for business owners to stay informed on the latest technological trends? And how do you keep updated?
(A) It is important you take time out from your business to engage and understand your industry and the broader market. I like to ensure I attend things like FoundX where you can talk directly with people from a broad range of specialties.
(Q) What are the key cost saving tips that small business owners could be doing?
(A) Ensure you have a mindset against excess. If you can take a Greyhound bus to a meeting instead of a business class flight, you can use that money for something more vital to your business’ growth.
(Q) If you could only give one piece of business advice to entrepreneurs, what would it be?
(A) Stay informed. Network. You need to guarantee you are ahead of the news you read in the paper, in order to react effectively to shifting winds within an industry. Information is largely free and so powerful, so collect as much of it as you can.
*See Matt Games at the first-ever Hills Shire Found X Pitch Night at the Pioneer Theatre in Castle Hill on Thursday, February 28. To reserve your FREE place, visit: www.pioneertheatre.com.au.