Entrepreneurs: Collaboration is the Key to Profits
Today I would like to address an opportunity you may not realize that you have.
What do you do after you have a social media strategy in place to maximize profits and ROI?
What do you do when the strain of manpower-intensive execution is sapping your energy and resolve?
The answer is simple and elegant: you collaborate.
According to the Harvard Business Review:
“ The frontier of human productive capacity today is the power of extended collaboration — the ability to work together beyond the scope of small groups.
Today’s technologies have the potential to enable a very different level of business performance, but only when accompanied by a thoughtful redesign of the way your business is done.”
What does this mean exactly? There are many answers, but in terms of financial success it means accomplish more, while spending less.
It sounds obvious and it is, but the real value is in the details. How do you accomplish more while spending less?
Downsizing is counter-intuitive unless your company is bloated and under-capitalized. Slowing down your social media trajectory may cost less but it is also going to accomplish less.
As an entrepreneur, you have invested a great deal of time and energy in becoming social media aware and skilled at proper execution, but you can’t perform these important tasks alone indefinitely. You have important strategic tasks to complete. So what do you do?
Here is the answer:
- Use Your Expertise: You have learned the proper way to build a social media account that will generate future customers and bottom-line profit. That places you in a very small minority of business owners. Just because your other demands make it difficult to execute on this knowledge doesn’t mean it will go to waste. Here’s why: There are literally millions of self-professed social media experts out there looking for your business. They wear expensive suits and work from lavish offices, but do they know what they’re doing? Can they get the results you need? Your learning gives you the ability to separate the experts from the wannabees. You know exactly what to do, you just need inexpensive help to do it.
- Reduce Headcount While Increasing Accomplishment and Profits: The Harvard Business Review established convincingly that to take maximum advantage of today’s technologies you must thoughtfully redesign the way you work. How is this done? The traditional way has always been to hire top-level expertise. But adding to your headcount, benefits cost and employee-related taxes seems counter-productive, especially during a recession. To be clear, I am not suggesting outsourcing at the expense of current employees and their jobs. What I am suggesting, is that you may want to engage a growing number of highly skilled personal and virtual assistants who are specifically accomplished in social media. The cost differential vs. full time employees can be astonishing and the increase to profits is obvious. This would not be a viable alternative had you not become an expert yourself — but since you have, your knowledge can be a huge asset to your business.
In short, collaboration of this sort is one important key to profits. There are many others — and once you develop the habit of collaborating with others you will have jumped the last hurdle to social media success.