Collaboration between Start-ups and Corporates A Practical Guide for Mutual Understanding

| January 23, 2018

article image
Europe boasts successful businesses and multinational corporations. The European economy is growing faster than the US economy3 , and forecasts for the upcoming years are optimistic. The European innovation ecosystem is stronger than ever4 but still trails other markets in terms of available finance and collaboration. In view of the scope and pace of change brought by the Fourth Industrial Revolution5 , the European economy’s continued success requires a better connection between both worlds: the traditional businesses and new market players. Both benefit from collaboration to create markets they would struggle to create alone, and to ensure they remain at their competitive edge.

Spotlight

Retail Service Partner

Retail Service Partner (onderdeel Hamilton Bright Group) is specialist op het gebied van Service Merchandising, Project Management, Retail Support en Retail Auditing in de Benelux.

OTHER ARTICLES

8 Small Business Resolutions for the Fiscal Year - 2021-2022

Article | July 28, 2021

2020 was a year of unprecedented incidents to the world as well as businesses. Now when the year is winding down, it is a time to get back on track with a bang. It is time for reassessment, better preparations, new opportunities, intelligent business strategies, and reshaped small business resolutions for the year 2021 and beyond to fight against new business challenges. 2020 had been the toughest for business owners, and 2021 is more demanding and challenging, especially for small businesses. However, small business owners must consider external and internal factors when planning for the upcoming years with a new set of contemporary small business goals. You have come a long way despite the setbacks and challenges thrown at you by unforeseeable circumstances, and you have gained a new set of experiences. Are you ready to return to business with a bang and build a more substantial business in 2021? If so, here are a few small business resolutions for 2021 to help your company thrive in the fiscal year. Review your business goals and plan A good business plan acts as a roadmap for business success. Hence, it is vital to review your business plan and goals at the start of every financial year. Then, keep this as your primary fiscal year 2021 budget resolution. Evaluation of your business plan helps you assess your last year's progress, failures and helps you to focus on the areas that need your attention. With every passing year, small business goals keep changing as per the current situation and try to adapt to the new changing business trends. Therefore, your plan needs to reflect the latest goals that small business owners plan to accomplish. It is essential to review and update your business plan focusing on the latest financial goals and marketing ideas to grow and taste success in 2021. Reviewing and updating a business plan is one of the first considerations of small business resolutions. Make online presence As the world has become more digitalized, the need for a small business to have an online presence has become essential. Having a website proved to be an asset for small business owners during the COVID-19 crisis because it allowed them to connect and stay in touch with their customers. Establishing an online presence makes your business visible, reachable and allows businesses to engage with customers. Establishing an online presence is one of the most popular and requested small business resolutions. Having an online presence entails developing a website as well as posting and engaging on social media accounts. Once your small business has an online presence, create content about your products, services, and offerings through your blogs and social media platforms. Re-evaluate your financial situation Botched financial management can cost you a big deal; that is why it is necessary to re-evaluate your financial situation every year to plan your business finance according to the current situation. Re-evaluating your finances is one of the intrinsic small business resolutions for the systematic workflow of the business. Here are few financial resolutions: • You can identify areas for improvement by reviewing your spending each month. • Pay down high-interest credit card debt. • Securing a flexible source of financing that provides you with quick access to the funds you require to grow. • Invest more money in the future of your company (short-term and long-term goals). Tune up your customer service Exceptional customer service is critical for modern and digitalized businesses of the future. According to the report, customers are more likely to become repeat customers due to the company's excellent customer service. Small businesses may provide excellent customer service, but it is necessary to improve it constantly. Therefore, small business goals must consider 2020 mistakes and attempt to avoid them in the future. It is predicted that soon, customer service will be more important than price, product, or service in a customer's decision. Therefore, ensure that your customer does not have a negative experience; negative experiences leave a long-term imprint on the customer's memory. As a result, your business may suffer severe consequences. According to Harvard Business Review, investing in new customers is up to 25 times more expensive than investing in existing ones. Enhancing your customer service is an essential aspect of small business resolutions for the upcoming year and beyond. Refresh your marketing strategy Marketing happened to be the backbone of business strategies, especially for small businesses during the pandemic. However, every year, new marketing trends emerge, and small businesses should be aware of these business trends and adjust their marketing strategies accordingly. Therefore, refreshing your marketing strategy is one of the imperative small business resolutions. Be inventive in your marketing strategies. Analyze the success and failures of your marketing efforts over the previous year and update your current marketing plan aptly. However, make sure that your business objectives are specific, measurable, achievable, realistic, and time-bound. Email marketing is considered one of the best marketing tactics for small businesses. Besides, it is the primary channel for lead generation for 89% of marketers. It is consistently ranked as the single most effective tactic for meeting their awareness, acquisition, conversion, and retention goals. Expand your network It is vital to invest time to build your networks. Small business owners often ignore this aspect, but it is a pressing priority of 2021. Make connections with other entrepreneurs, meet your competitors, pay visits to your suppliers, and keep a record of everyone you know. It is propitious to expand your network because it allows you to form relationships with others and encourage them to refer customers to you via viva voce. In addition, networking can lead to the discovery of new clients, opportunities, vendors, collaborators, service providers, and even new friends. Below are few techniques that can help you to expand your business network: • Take your current network to the next level. • Locate networking events. • Set objectives for the event. • Maintain symbiotic relationships. • Look for new faces. Review your insurance coverage Even if cash is tight or revenues are down, small businesses should not ignore their insurance needs. Small business insurance is one of the most essential components of safeguarding your livelihood, yourself, employees, and even customers. Hence, small business owners must have comprehensive insurance coverage and regularly review and update their coverage as their circumstances change. Ascertain that you understand what is and is not covered. Furthermore, as your company grows, you should review your coverage regularly. Few insurance agents will review your current policy and make recommendations based on your company's specific needs, as well as identify any discounts you may be eligible for. Besides, once you have determined what type of policy or policies you require, you can compare prices from various insurance companies to find the best value. Prioritize and upgrade company culture The hallmark of any successful business lies in making the workplace great and healthy for work. So if your small business relies on the work of employees, focusing on prioritizing and upgrading your company culture as well as nurturing your employees, is an excellent resolution for 2021. The previous year was stressful for both employees and employers, which can harm workplace productivity. It is crucial to foster an inclusive and empowering work environment. Take a survey to find out what changes employees would like to see in terms of culture, and then create a company culture that reflects their needs. Employee satisfaction leads to productivity and innovation. In addition, employees are more motivated to take pride in their work and the company they work for when they feel safe, respected, and have a sense of ownership. FAQs: How to write resolutions for small businesses? Examine all aspects of your small business from the previous year to create a solid list of resolutions for the coming year. Consider your successes and failures and work to alleviate them. What is a resolution for a business? In business, a resolution is a proposal made during a meeting of the company's shareholders or directors. It is discussed, and its approval represents an official confirmation of any action that the company will take. Resolutions are classified into four types: elective, extraordinary, unique, and ordinary. Why should every business have a resolution? Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How to write resolutions for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Examine all aspects of your small business from the previous year to create a solid list of resolutions for the coming year. Consider your successes and failures and work to alleviate them." } },{ "@type": "Question", "name": "What is a resolution for a business?", "acceptedAnswer": { "@type": "Answer", "text": "In business, a resolution is a proposal made during a meeting of the company's shareholders or directors. It is discussed, and its approval represents an official confirmation of any action that the company will take. Resolutions are classified into four types: elective, extraordinary, unique, and ordinary." } },{ "@type": "Question", "name": "Why should every business have a resolution?", "acceptedAnswer": { "@type": "Answer", "text": "Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year." } }] }

Read More

Back to School for Small Businesses: Marketing, Finance and Legal Tips and Tools for New and Established Small Business Owners

Article | August 3, 2021

Finance: Make sure you are on top of bookkeeping from the beginning. Good bookkeeping and accounting are the foundation of a healthy and thriving financial future for your business. I would highly recommend meeting with some of the Start Small Think Big experts to hone these skills earlier than later. Lastly, be super clear about your business plan and how you look to make money from your business and make passive income, along with how to scale. Preparation is truly the key to success for thriving businesses. Marketing: You must do the work to discover your why. Building this foundation helps to develop your brand voice and messaging. Without this core, your business can crumble because it lacks the firm foundation on which it needs to stand. You will attract the right customers and team if you stand firm in your authenticity and why. Secondly, I would advise getting to know your customer to understand how to speak to that particular group. You want it to feel natural and not like you are selling to them. The more you truly learn about their passions and wishes, the more you will best be able to fulfill their needs. Legal: Protect your intellectual property as soon as you have the financial backing to do so. I would also highly recommend becoming a legal business entity of any sort. Doing so helps separate you from your business in any legal ramifications because becoming an LLC has made me feel protected and legitimized.

Read More

Checklist for a Healthy In-House Marketing Team

Article | July 20, 2021

As the pandemic hit nearly every industry hard in 2020 and early 2021, many businesses did whatever they could to reduce expenses. Considering the sting of government shut-downs, operational restrictions, and lagging sales numbers, it’s no wonder that companies cut their marketing budgets! In one study, 72 percent of marketers said their budgets were either reduced or cut entirely. With companies spending less on marketing, more responsibilities naturally have fallen on in-house teams. Now that the economy is starting to rebound and life (and work) are returning to some degree of “normal,” entrepreneurs may be wondering if they should continue to handle their marketing efforts.

Read More

How to Track Your Small Business Expenses

Article | June 2, 2021

Tracking your business expenses may seem tedious, but it’s a key part of effective money management. Small business expense tracking doesn’t just give you a better idea of your business’s overall financial health, it also helps you prepare for tax season. If you’re not sure where to start, here’s how to learn more about the importance of tracking your expenses—and how to do it right.

Read More

Spotlight

Retail Service Partner

Retail Service Partner (onderdeel Hamilton Bright Group) is specialist op het gebied van Service Merchandising, Project Management, Retail Support en Retail Auditing in de Benelux.

Events