With any start-up, it’s often all hands on deck. To remain relevant and operational in today’s cut-throat competitive space, these businesses often have to incorporate cost-effective processes and strategies into their daily workflows. In doing so, however, some end up compromising on efficiency, which ultimately impedes their growth and expansion plans.
The coming year calls for a complete change of mindset. In this article, we’ll look at the top success tips for start-ups, which are geared toward attaining efficient and cost-effective workflows, so you can rest assured they’re exactly what your business needs to stay ahead of the competition in 2023 and beyond.
1. Plan, Plan, Plan—and Plan Some More
According to data from the Bureau of Labor Statistics, 20% of all small businesses fail in their first year. Chances are that a large number of these start-ups fall short in key performance areas because they lack a robust, well-laid-out plan. Crafting a business plan for the first time can be unnerving, but it’s often just about fleshing out concepts down to the last detail.
It shouldn’t be written in a hurry, as that makes it easy to leave out key aspects in favor of the “big picture.” When starting out, the nuts and bolts—think finances, management, and marketing—matter more than your vision for the future. Importantly, a business plan helps you highlight potential problems from the outset. That way, you’ll be better able to tackle them without having to spend the big bucks on unnecessary hiring or inventory.
2. Surround Yourself with a Formidable Team
“Alone we can do so little; together we can do so much.” You’re probably reading this Helen Keller quote for the thousandth time, but its relevance remains important now and in the future, especially for start-ups. Simply put, if you want to take your start-up to new levels of growth and profitability, you need the right group of people around you.
Part of that comes down to networking, but it’s also about hiring the right personnel; after all, you want people who know the ins and outs of the business and your vision—and who will both support and challenge you. If you’re skeptical about the importance of having the right team from the get-go, this 2021 CB Insights Report might convince you otherwise. In it, “not the right team” ranked seventh on the list of reasons why fledgling businesses fail. So, yes, a start-up is half as good as the team upon which it’s built.
3. Arm Yourself with the Right Tools and Resources
You may have assembled the best team, but if they lack access to the right tools and resources, then you might as well say goodbye to retaining them for the long term. The right safety, productivity, and training tools are incredibly important to a team’s efficiency, growth, and longevity. Just as important is ensuring everyone knows how to use them. Employees often learn tools on their own or are trained by other colleagues.
Generally speaking, this approach works; however, it is a genuine time suck and can also lead to costly errors. To avoid that, make sure every employee is up to date on how to efficiently use the tools they depend on and use regularly.
Speaking of tools, an e-signature solution is arguably one of the most important solutions you can have in your tech stack as a start-up. Not only will it help improve your overall customer experience, but it also reduces costs, increases process efficiencies, and guarantees a higher level of security than traditional paper documents. jSign, for example, is an incredibly easy-to-use platform that allows you to instantly sign documents online anywhere, anytime, making it a fast and convenient way to close deals on the go from the comfort of anywhere.
New, Better Tidings Await in 2023
While this list isn’t exhaustive, it can undoubtedly function as your start-up’s launch pad for better business outcomes come 2023. By building a robust business plan, surrounding yourself with the right people, and leveraging the right tools, you’ll significantly increase your chances of success. Failure doesn’t have to be part of your story, and while it may be tempting to surrender to defeat when the going gets tough, remember that Rome wasn’t built in a day. Here’s to greatness, longevity, and fulfillment!