Creating a business is one of the most exciting things anyone can do. The joys of finding a target niche, and using your skills and experience to turn a profit is one of the most exciting things possible. Business growth does not come out of thin air! To develop a flourishing business, certain things need to be considered.
1. Don’t Be Afraid of Outside Help
Identify weaknesses and strengths in your current business strategy. With the proper help, you are capable of creating the most effective plans to help gain a foothold in the market. Some may even suggest tweaks to product or service lines, in order to maximize efficiency, reduce costs, and improve customer satisfaction. Seek to collaborate with those that have been there before. Learn from their success and failures. Ask yourself “What will I do differently or the same?”
2. Keep Track of Every Cent
Working out taxes can be brutal, especially if there is not a clear understanding on where the money is going. Institute a comprehensive plan, where every expense is carefully cataloged. Hire a book keeper to create easily referenced databases of this information, and provide it to a quality accountant. This might cost a bit up front, but it will save more money over the long run. Learning about how money works is a cornerstone of successful business. I recommend the book Profit First by Mike Michalowicz, an excellent read to teach you how to not be a slave to your business and to love your business instead.
3. Hire a lawyer
Having a good lawyer can be important for contracts, patents and trademarks. In the highly competitive world of business legal eagles are required. Shop around and ask for recommendations from business associates. Building the relationship with your lawyer can help ensure some safety long term in your business. Remember to be as prepared as possible when talking with a lawyer, this can save you time which means saving money!
4. Ask for Feedback
A company does not exist in a vacuum. It takes a team effort, including the employees and customers, to make a company successful. Make sure to understand what their impressions of the current situation are, and figure out ways to correct any issues. Your customers will be your best source of information to modify or improve your product so always be talking to them! Think about running a pilot group, where you invite some of your top colleagues to a breakfast or lunch. You pay for the lunch and then brainstorm ideas for your business. Listen to what they think you’re doing well and what needs to be done better. If you’ve got new ideas or product for your business this is a great way to get a customer survey done. Would they purchase your product? How would they purchase it? Why do they need it?
5. Get clear on your vision and strategy
Vison and strategy are crucial elements in all start-ups. As you get going in your business your vision will be more than likely crystal clear but the longer you’re in the cloudy it can get! Staying clear on your core values and why you started the business in the first place will always lead you in the right direction in formulating strategies to effectively implement growth moving forward.
Setting time frameworks are important for milestones and making sure you’re on track. Often when I work with business owners that are not getting the results they want it’s because they’ve either lost their original vision, or it’s changed so much they are in a state of confusion and because of this they are not implementing.
Hiring a specialist accountant to help you work with the numbers and projections does a lot for keeping you accountable and on-track.
6. Work on your business not just in your business
Successful entrepreneurs know they need to be working ‘on their businesses constantly not just inside their business. What this means not wasting time on unnecessary meetings, phone calls and email. Whilst this makes you look ‘busy’ it can largely be non-productive. You need to spend your time where it counts most such as in making the right connections including mentors, looking outside the box for solutions. Remembering to ask for feedback from other people building the business with you. Often others can see you as you don’t see yourself. You want to ensure you either have the skills required or learn them, or better still, hire those with the expertise you need.