For anyone interested in starting or investing in a new business, it is imperative that your new startup focus on what will drive the business to achieve it’s goals, objectives and milestones within a specific time in order to survive. The best way to improve your odds of success is to focus on what is extremely important to your success and maximizing limited resources on a lean budget.
1. Even if you are starting your business on a kitchen table, you must have a vision of becoming a world leader in your field, or you will probably never be successful–Peter Drucker. The long-term goal of your business cannot be overemphasized.You need to constantly remind yourself of the biggest picture. Develop a mission and purpose that is valid, well thought out and constantly reflected upon.
2. Focus on attracting and retaining several good, repeated clients who could possibly refer your products to prospective clients or share a testimony about how your product has benefited them. Prospective clients tend to make decisions about products quicker when they have enough evidence on how your product is helping or solving friend’s needs or problem.
3. The greater clarity you have regarding –values, vision, mission, purpose and goals–the greater the probability that your startup will accomplish something meaningful. Your long and short-term goals must be clearly articulated to your new hires. Before you begin a thing remind yourself that difficulties and delays quite impossible to foresee are ahead. You can only see one thing clearly, and that is your goal. Form a mental vision of that and cling to it through thick and thin–Kathleen Norris
4. Ask your satisfied clients for referrals, offer free consultations to new referrals. There is no better time to request for referrals than when customers are happy with your service. Make that request today and publish the great ones on your business website if you can.
5. Don’t avoid customer complains . In the initial years, customers will not come to you. You need to take your product or service to the customer. Customer feedback and concerns should be prime on your list when you begin to make sales. Dedicate resources for customer support and make it easy for your customers to find you. Most businesses hide customer support lines, email etc and make it difficult for users to reach them. You could loose lots of customers to your competitors if they can’t communicate with you.
6. A business owner must be focused on the quality level of services- matching that with the customer needs. Define and understand your customers. Fulfill their wants, needs, desires and calm their fears about using or purchasing your product. Then build loyalty. Your ability to solve their problems will have a big impact on whether your business idea succeeds or fails.
7. Cashflow is the oxygen that keeps most businesses alive. Right now every responsible business owner should be conscious of maintaining a healthy cashflow. If you are not making money yet, your investors will still some time soon, demand cashflow. If you are injecting your personal money or borrowed money into your new business, you will soon have to cash out
8. Organizations that are able to adapt quickly to changes in the market and the competition will have a winning edge. Study the trends of your industry, know when to change with time to better serve your customers. You need to learn to adapt your new business to the current trends. Your idea should reach maximum customers with ease. Take time to step back and regularly review, regroup and refresh.