As Entrepreneurs, weve all been there starting a business is HARD. Heres some personal advice on where to focus when youre starting out.
The most challenging aspect in any small business is turning your great idea into a success, and how to work out problems you encounter along the way, which no doubt will be new to most of you.
Success depends a lot on you personally, and how you handle these challenges. It helps at the start know what you might come up against. There are several areas you need to consider before your start, and managing your focus will help. Prioritise your list, and start with the most important ones.
Ive started a few businesses in my life so far, and each time theres been something new or different to work out. But there are a few things that have remained common practice for me on each path. Having solutions to these in place will help with other challenges that will no doubt arise along the way.
Here are my 8 top tips to help you focus.
- Build a Business Plan and look into the future
Before starting your business, write a Business Plan, and think ahead to how youll expand down the road. A Business Plan gives you a brief description on how to execute your business. Write down all the possibilities of your successes and failures, how much you are investing and how much staff you will require running your business. Create a Professional Business Plan document to show to bankers and potential investors.
- Diversify your products or services
By diversify your products and services it gives a wider selection of products to offer your customer. This strategy provides opportunity to grow the business by increasing sales to existing customers or entering a new market. Analyse whether you have the resources to develop new products in the future or modify existing ones.
- Customer satisfaction
Customer satisfaction is everything in business success. Treat your customer like you would your boss, as you are there for them not the other way around! Have a plan in place to deal with your customers and any issues that may arise, and keep improving it as you test and launch your product or service. Customer satisfaction is a great indicator of how well you are meeting your customers expectations.
- Future planning: open a new location
If you are thinking of business expansion quickly, open a new location. This is one of the best strategies to help grow your business. The location should be well researched and planned; research client and staff opportunities within different areas. Look for trends, both economic and consumer, as this will help decide if your business can flourish in that location.
- Go online
In todays world, the Internet is the best source for promoting your business. Digital marketing is the way to promote your products and services. Social media is the platform from where you can reach your customer, and interact on a daily basis. Great content on your website can attract the customer and also make your website stand out. Have you got a plan for digital marketing? Get one.
- Build great products and services
The products and services your company provides must be best, and fill a role in the consumers life they never knew they had. Your company service must always hit above the mark of excellence. Statistics shows that many companies service level or product quality declines over time, which in turn affects the companys overall success. Keep hitting for the best.
- The bottom line
Maybe this should be No.1, but everything youre focusing on so far will help you answer this can you make a profit? For any small business, you need to know when the profit will come and how much. If you launch and then find that your business is no longer making a profit, then it would be a good idea to seek advice from a financial adviser that can help improve your companies outlook. Hire an accountant to review your cash flow and provide some objective feedback.
- Reward a loyal Employee
Keeping your employees happy will reduce the risk of liability and encourage customer satisfaction. Keep supporting your employees, as it ensures loyalty towards you and your company. Always try to acknowledge your employees for their hard work, with a simple thank you or a bonus or gift. Find our what motivates your employees, and use it. Great employees grow sales.