When Larry Page met Sergey Brin at Stanford University, they initiated the creation of online page-rank-algorithms with an aim of selling the product to Yahoo, the then leading search engine outfit in the world. Yahoo however flinched from the bold and risky initiative by turning down Page and Brin. Kleiner Perkins & Byers together with Sequoia Capital however took them in, leading to the birth of Google and the start of Yahoo’s quest for survival. Bold and risky investment moves can consequently bolster your creativity and revolutionarily push you from the bottom of the pile to the peak of any industry.
Venture into High-end Markets
Most entrepreneurs buy low and sell high to encounter risks and boost profit margins. The risk-free strategy however limits your ability to offer ultra-modern goods or services, eliminating you from high-end markets where the money is.
Invest in your Employees
Spend on your employees’ training and pay them competitive salaries. Though this increases your wage bill and eats into your profits, you get to have a more innovative workforce with the ability to traverse challenges presented by the 21 century business landscape.
Boost your Professional Tech Image
Get rid of HDMI projector cables and take on wearable display technology devices such as MIT’s Omnitouch. Bend Desk, 3D Holograms and 3D printing can as well improve your professionalism, attract more clients and grant you fast and sustainable growth to counter the cost of obtaining a cutting edge tech certified image.
Expand your Payment Channels
Online payment systems such as PayPal, PayPass and Google Wallet are safe and easy ways to pay your suppliers and receive payments from clients globally. It’s however easy to get skeptical and keep to traditional methods of payment with an aim of minimizing cyber crime related risks. In the same breath, you stand to lose potential clients who rely on these new ways of payment.
Become Bitcoin Compliant
Bitcoins are nearly impossible to steal, they aren’t subjected to any taxes and neither are they affected by interest rates and other economic dynamics. Many nonetheless find the crypto-currency risky because it isn’t well known. You can on the other hand follow in Richard Branson’s Virgin Atlantic’s footsteps and make your firm Bitcoin compliant to reap various benefits as well.
Going green may mean investing in paperless and solar energy technologies, retraining your staff and rebranding your products for people to note your new environmental friendly policies. While it may appear expensive and cumbersome to do all these, you eventually get to address environmental concerns and earn customer loyalty besides getting tax rebates and saving on overhead bills notes duport.co.uk.
Cut Back Staff and Embrace Outsourcing
The UK is the world’s second largest outsourcing market with annual revenues of GBP 1 billion and a growth rate of 3.6 percent per annum. These presents you a bold opportunity to streamline your staff’s operations, cutback overhead bills and increase efficiency by outsourcing most of your less sensitive business stints such as content creation, web design, marketing and maintenance.
Accept New Investors
You may have a brilliant idea on how to grow your business organically over the next 10 years. What you may not have factored are market dynamics which may reduce your products’ appeal in that span of time. Bringing in new investors, whether companies or individuals, gives you the impetus to move things fast enough to enable you change with the times and remain afloat for ages.
Take Business Startup Loans and Grants
UK tax laws favor businesses with bank loans or low interest business grants. It however takes time and resources to identify, apply and negotiate for appropriate loans and grants. Most successful business entities however took the bold and risky initiative at some point and so should you today if you want to join the big leagues tomorrow.
Insure your Business and Employees
It may appear tricky and strenuous to pay insurance premiums to guard against workplace incidents such as fire, injury or theft. Taking a bold move toward embracing insurance packages, however, secures your future and improves your credit ratings.
Note that, the bigger the risk and the bolder the move, the higher your originality and your ability to earn more by surpassing ordinary business norms gets. This brightens your entrepreneurial ambitions and fortifies your ability to become a global business magnet in any line of trade.
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