WHAT TO DO WITH COMPETITION? TRY BEING INSPIRED!

 Originally published on ltd365.com

Originally published on ltd365.com

 

Amelia Rose Posada is the CEO and head designer of Birch and Bone. We asked her for a little Expert Advice: 

What advice would you give to someone who feels overwhelmed by the competition? Set weekly, monthly, and yearly goals. Define three people or brands that your feel are your direct competition and do a case study on them. Who are they? Who are their clients and contacts? What are their strengths and weaknesses, and what are yours? Use them as inspiration to grow!

What top three tips would you like to pass along for those who have just started to use social media? Follow all of your competition, see who they follow, and follow them! Consistently engage with those who inspire you, and always engage with your fans. Set a clear brand strategy for yourself with your look, logo, aesthetic, and feel.

When you think of the best people to work with, what traits do they share? People who have different strengths than I do, who can look at the same scenario with a different perspective or worldview but then apply it my brand and help our team grow.

Give a budding entrepreneur your best hiring and firing business practices: Interview in depth. Get personal and try to really uncover someone’s true personality. Firing someone is never easy, but it’s a necessary part of being a boss. Be sure to have things clearly documented before you consider firing someone. Let your lawyer and manager know beforehand, and go in with the documents that will back up your decision. It’s standard for lawyers to ask exiting employees to sign a separation agreement or something similar, just to protect you and company. Don’t ever make it personal, because it’s not – it’s business.

Entrepreneurs often say that “you can’t do it all.” What three things do you always outsource? Business management/bookkeeping, heavy lifting and big deliveries, and PR through the use of an amazing publicist who can field emails and press inquires so I can focus on business growth.

What business book would you recommend to someone who is either about to launch or in the early growth stage? My dear friend Moj, the CEO of Beautycon, made me read Rich Dad, Poor Dad by Robert Kiyosaki, and boy was she right!

What are your thoughts on raising capital? Be sure to raise more than just operating costs for the first year – give yourself a healthy cushion of additional funds that can protect your business in the event of an emergency.

My best advice to a woman launching a venture is… To be your biggest cheerleader. Nobody will ever care about your success as much as you do, period. So be sure to take care of yourself mentally and physically and to be the best version of yourself, so that you can be commanding, inspiring, and a strong leader. If you don’t have the confidence, you’ve lost the battle.

What would your advice to your younger self be? Go to business school! I have a degree in journalism and Latin American Studies. Nobody wants to discuss FARC and ELN or other guerrilla movements while buying peonies!

Finally, please share your top five tips that would benefit an entrepreneurial woman launching or growing her business:

  1. Have a clear, concise business growth strategy for a year out, broken up by quarters. Set realistic, conservative goals.
  2. Take one class or workshop a year (or every six months) that teaches you something new to bring to the table and better inspire others.
  3. Define your competition and understand their company and growth strategies and be inspired by that!
  4. If you’re not a natural at social media – OUTSOURCE! Have a presence that people want to follow. Your brand is what draws clients in, so it should be concise and have clear messages that people look forward to following.
  5. Set boundaries with home life and work life. Burnout is real.

 

Image: [Courtesy of Birch and Bone]