One day you got the greatest idea ever. Then you had to convince someone else – a whole lot of people, actually, with OPM, to invest in your new business. You set up the concept, the manufacturing, the distribution, the fulfillment – everything but – the Name. Giving this fantastic, new enterprise a dynamite name was so important. So, you conjured that astounding name, and then what does a great entrepreneur like yourself need? A fantastic logo that communicates just how perfectly great your new company truly is. Something that grabs eyeballs by the eyelids and coerces the viewer to find out more and more about your great new company.
Okay, now you’ve got a company with a great logo. And you’ve got to stick that logo on everything you possibly can so that people see it. Feel it. Want it. It goes on your products, your official site, the company delivery trucks and, most importantly, your company’s stationary, because, let’s face it, most of the people who are going to see, care about, and study your company’s logo are the accounts receivable and payable folks who feed, or live off, your new business’ ample revenue streams. And these people will most likely encounter your logo on window envelopes that arrive at the desks in the accounting offices where the money gets made. This is where the first impressions are created – the mainstays of any business that going from Good to Great.
ONCE YOU HAVE AN IDENTITY; WHAT’S NEXT?
Customers have an idea of what your new company is all about from the logo. Now it’s time to deliver. Job number one is to make sure your new company’s equipped with the most modern technology to deliver flawless products, to the widest customer base, in the most efficient way possible.
There are lots of new concepts in quality control that can help automate the process of perfection in repeatability on your assembly line or manufacturing process. The approaches to measuring product tolerances are plentiful now that lasers and CAD programs have been interfaced so skillfully to the manufacturing environment. Of course, there’s the issue of costs of measuring devices. They’re not cheap and don’t really increase production output. But when you weigh these costs against the costs of product returns, and the resulting, impending customer disquiet from purchasing a faulty device, the potential for quality control mechanisms paying for themselves is greatly enhanced.
Once you’ve got quality control concerns sorted out, there’s the issue of increasing that customer base. There have been tremendous strides in advertising and marketing, particularly in the area of identifying new customers through research in buying patterns of consumers on social media and the Internet. There are so many new avenues for seeking out and finding customers and the database is growing by leaps and bounds every day. That’s why it is so important now to seek out the latest seminars about customer outreach and acquisition. The tools are out there for funneling more customers to your products than ever before. And it’s up to you to find them and use them.
GETTING THE MOST OUT OF YOUR ASSET BASE
Did you know that corporate buybacks, the process of a company buying back its own stock in order to strengthen that stock’s equity, is at the highest rate in history? The smart money is not just acquiring more outlets, or hiring more personnel, or devising new marketing campaigns with the windfall created by the recent corporate tax cuts. The wisest executives are spending more buying back their own stock than on any of the usual, traditional business outlays. So if your new company has gone public; try gathering assets together to buy back its stock. You could also borrow against the potentially increased profits you’ll reap from the corporate tax cuts and use those funds for buybacks. Several of the most successful tech brands are doing exactly that. Apple has allocated over $100-Billion towards buybacks of its stock. That’s more than the company will spend on research, development, and marketing combined this year.
Finally, always try to remember why you started this new company in the first place. It was to satisfy an itch, a need to compete in the marketplace with a unique idea. That’s what drove you and will continue propelling you as long as you keep open to new ideas and a framework that stimulates those free-market aspirations. Never lose that striving for perfection, for if you do, it is most difficult to get it back.