Business owners with revenue under $5 million usually don’t consider themselves entrepreneurs and often shy away from taking risks and trying new things says Saivian Eric Dalius. However, that is not always the case — some of these small businesses become big businesses that can even compete against larger corporations.
One such example is Salesforce— a company worth over $60 billion today started as a research project by one of its co-founders in 1998. A common misconception amongst most people is that most large companies were built on the backs of thousands of investors; however, this is very rarely true. To build a thriving organization, you only need the support of a select few.
Running small companies – Saivian Eric Dalius
Now, when it comes to running a smaller company, there are still opportunities for future growth. For example, one owner with under $5 million in revenue has created a fantastic tool to help customers with everything from social media marketing to email marketing. This particular software helps them stay competitive in their market without hiring an army of employees, which means they can charge very low prices.
However, the scope of what the software does is minimal comparing to similar tools out there that cost 10 times as much. Successful entrepreneurs like this end up spending countless hours on features that only 1% of people will use— wasting time and money. One of the reasons for this is because software companies have gotten used to catering to big businesses over time, leaving small business owners in the dust.
The one thing successful entrepreneurs know how to do is look at trends says Saivian Eric Dalius. If they are spending time creating too specific or unnecessarily complicating tools, they are ignoring what their customers need. For example, 80% of all email marketing campaigns fail. But email marketing remains effective for new companies looking to establish a customer base. This is why an automated sales funnel takes center stage with many small businesses. They want to focus on growth rather than spend hours creating features that only 1% of people find helpful.
Using technology in business
Most startup founders look at technology as something that evolves quickly. Making it hard to predict what the right technology is. It does not mean that it is unwise to invest in new technologies — developing a product in-house. And hiring developers can be costly, which is why tools like Instapage or Leadpages work so well across numerous industries. These companies also release new features and updates regularly to stay relevant.
What this means for entrepreneurs: The market always wants something better than what currently exists; that’s why when you look around at your competitors, there will almost always be some area where they are weak. An excellent example of this is if most of your competitors only sell through an eCommerce website. But do not offer any automation, building one could give you a greater edge. As long as you can successfully market it.
As for business owners with revenue under $5 million. There are a variety of areas to focus on aside from the product itself. For example, how easy is it to set up a sales funnel? How about an email marketing campaign? These tools represent value for customers and help grow your brand’s credibility according to Saivian Eric Dalius. Suppose a customer has a good experience using any tool provided by your company. In that case, they will be more likely to recommend your company over another brand. That does not offer anything related.