Welcome Everyone! Business Trends You Must Know to Survive!
Hey everyone, it’s Seyi here from LoveWeddingsNG
Welcome to 2019!
Dean has asked me to share a motivational message about trends for the year.
I have kept it to business trends within the SME (Small Medium Enterprises) wedding industry space as I believe this will be more relevant to a lot of us here so here goes;
1. No room for learners: If you had asked me 5 years ago to recommend a vendor for a particular service, I would have recommended 1 or 2 companies who really excel at what they do. Today if you ask the same question; I’ll probably provide a list of 10 – 50 companies depending on the service needed.
The market is getting saturated very quickly so it’s easy to tell who knows what they’re really doing from who doesn’t. Think about that and ensure you really know your craft. We all can be better at what we do but there are some basics you shouldn’t be learning while working on an event with a paying client.
2. Consumers are more knowledgeable than they’ve ever been: Thanks to the Internet, customers have expectations of companies already so when you’re offering/selling your brand to them; think of how you can reassure them that you really know about the product or service you’re offering and you also know the industry standards.
For example, as a bride; I would be surprised if my event planner doesn’t schedule a consultation session or a vendors meeting before my wedding. I would also be shocked if a makeup artist or hair stylist doesn’t mention a trial or if a dress maker doesn’t schedule a fitting. And if my photographer or videographer doesn’t have second shooters readily available, that’s a major red flag.
Not many customers knew about these industry terms before but they do now so remember that. Sometimes, customers even provide more valid and insightful points about our businesses that industry experts miss.
3. Embrace Digital: It’s truly a leveller. Think of ways to digitalise your processes – from design, marketing, accounting, HR, etc. There’s a digital tool out there for most things
If you embrace digital tools, you won’t have to struggle with the things small/medium scale businesses struggled with years ago. There are fantastic tools out there like the Google Suite of products, Canva, Wave, and more. These tools will meet your marketing, design, accounting needs more than most manual processes and a lot of them are FREE
4. Outsourcing is the Next Big Thing: We know we all struggle with budgets and can’t always invest what we want in all the different departments in your business.
When it comes to admin tasks; outsource your accounting, your marketing, social media management, etc. to a reputable, professional company that can handle this on your behalf for a fee. This allows you time to focus on moving your business strategically from where it is now to where it needs to be.
Sometimes you’re the only one who can translate the vision, that award winning business idea to investors; so why spend valuable time doing admin tasks when you can focus on the big picture.
Delegate! Ensure your brief is thorough and oversee what the outsourcing company is doing for your company by implementing Quality Assessment checkpoints and watch your business elevate.
Thank you Dean, The EVN Leadership Team & The Elite Vendors Network! I look forward to seeing you all in 2019!
Seyi Ayinla – Love Weddings NG