Actualising an idea into a running business is an up task for many people. You need a good foundation to keep the business operational and growing so as to attain both long-term and short-term goals. What is your next step after launching a product and identifying the target market? Growing a startup hard as most people tend to focus on the returns and forget that the business requires input.
The following are essential tips to keep your startup business growing in 2017.
Have realistic goals
You should involve the employees to set goals so as this makes them feel like they are a part of the organisation. Many startups tend to get into the comfort zone after they break even which leads to stagnation. Be on the lookout for untapped markets and offer sustainable products and solutions. Involving your team in planning keeps everyone on the lookout for new opportunities that will help the firm grow. You can also offer incentives and bonuses to the best performers which motivate all employees to go an extra mile.
Get a mentor
Many high growth startups, particularly those with a single founder, will use a mentor to sound out ideas and advise on important business decisions. You should too. A good mentor will walk with you and help you achieve your dreams without necessarily benefiting from the business. An ideal mentor should be a person who has run a similar business with a trail of success. You should interact physically with your coach and if it is not possible, borrow their ideas. Be careful as some people may pose as mentors, but have hidden agendas like influencing your business decisions to their benefit. You can select a friend, family member or a professional in your industry and develop a mutual relationship.
Identify your strengths and weaknesses
You need to understand your capabilities so as to seek help whenever necessary. You may be an excellent bookkeeper but poor at making sales calls. You can decide to hire an expert suited for business calls while you stick to accounting. You may also be good at designing your marketing materials, but when it comes to marketing, good is not enough.
In those cases, you should leverage the available services for helping your company overcome its shortcomings. For example, you should always seek professional advice on business risks from an established company such as AXA—and avoid putting something as critical as business insurance too far down your list of priorities. Another example, you should avoid sabotaging your marketing campaign by trying to DIY your marketing. It’s better to hire the pros like visual marketing from 4 site implementation so that you can focus on what’s important: To actually execute your marketing grand plan, instead of focus on the nitty gritty.
Don’t neglect your shortcomings. It’s something you might live to regret.
Set schedules and accommodate changes
Customers love consistency and efficiency in service delivery. Set your working schedules and stick to them without failure. You should clearly plan your time for the business, relaxation, and family to avoid neglect. Choose a simple workout routine that you can easily stick to on a daily basis. Learn to prioritise tasks in case of emergencies and tackle those that are more important.
Hard work and persistence are key inputs towards business growth. The entrepreneur also needs to set realistic targets to move from the startup stage to a sustainable business.