Eduard Petrescu, CEO EKO Group, invited to Radio România Actualități: The Importance of Advertising for a Start-up
Eduard Petrescu on the Importance of Advertising
Eduard Petrescu, CEO of EKO Group, was recently invited to Radio România Actualități to discuss the importance of advertising in the success of a start-up. In a constantly changing world where competition is fierce and every detail matters, Petrescu emphasizes that advertising is one of the main pillars of developing a new business.
Visibility and the Marketing Plan
Investing in Marketing
"Visibility is essential for any start-up," says Eduard Petrescu. "Without a well-established marketing plan, a business cannot survive, let alone thrive. I recommend investing at least 30% of the projected revenue into marketing. This is not just an expense but an investment in the company’s future."
A solid marketing plan includes promotional strategies across various channels, including social media, online and offline advertising, and collaborations with influencers or other relevant industry entities. This helps create a strong brand image and attract a diverse target audience.
The Legal Department: An Essential Partnership
Legislative Challenges in Romania
Another essential aspect highlighted by Eduard Petrescu is the need for an internal or external legal department. "In Romania, laws are very volatile. They change frequently and can create significant challenges for start-ups. It is crucial to have a legal department to help navigate these turbulent waters."
Whether it’s compliance with tax regulations, data protection, or commercial litigation, a competent legal department can prevent major issues and ensure that the business develops within a stable legal framework.
Financial Management: The Key to Stability
The Importance of a Financial Department
"An internal or external financial department is just as important," Petrescu continues. "Without proper financial management, it is impossible to make informed decisions and plan for the future."
This department should handle everything from accounting, cash flow management, budget planning, and financing strategies. This way, the entrepreneur can focus on the essential aspects of the business, knowing that the financial side is in good hands.
Sales and Mentorship Department: The Growth Engine of the Company
Focusing on Growth
"The most important department in a start-up is the sales and mentorship department," states Eduard Petrescu. "Without this department, a company should not be established. Why? Because as an entrepreneur, you need to focus on growth, not on financial, legal, sales, and marketing aspects. You need to find strong development solutions and partnerships."
An efficient sales department ensures not only revenue generation but also the building of lasting relationships with customers. Mentors, on the other hand, provide strategic guidance and support, helping the entrepreneur navigate through the inevitable challenges of business development.
Eduard Petrescu: Advice for Entrepreneurs
Focus on Development and Partnerships
"Entrepreneurs need to focus their efforts on development and strategic partnerships. The rest of the team should handle marketing, sales, legal, and financial matters. This is the only way to sustainably grow your business and face market challenges," explains Petrescu.
He emphasizes that the success of a start-up largely depends on the entrepreneur’s ability to delegate tasks and focus on the long-term vision. "You can’t do everything yourself. You need to trust your team and dedicate your time and energy to finding growth opportunities and innovation."
In conclusion, Eduard Petrescu, CEO of EKO Group, highlighted the crucial importance of advertising and other essential elements for the success of a start-up. Investment in marketing for visibility, a strong legal department, solid financial management, and a sales and mentorship department are the pillars on which any new business should rely. Entrepreneurs must focus on growth and strategic partnerships, leaving the team to handle the operational aspects of the business.
Thus, with a balanced approach and a trustworthy team, any start-up can successfully navigate the initial challenges and thrive in today’s dynamic business landscape.
