Taking your start-up business to next level and becoming a market leader is a very challenging task. Start-ups that are able to get off the ground have a long way to go before they become a leader in any industry.
Does this sound familiar? You are an entrepreneur with a small business that is growing nicely and brings in a nice cash flow but there is enormous potential to do a whole lot more. You are currently doing most the business operations yourself – marketing , sales, accounting, social media, perhaps with the help of one or two full or part-time employees assisting you. You have a whole array of ideas on how and where you would like to take and grow your business but are only able to act on a few of these ideas before taking on the next one.
All start-ups will have problems along the way. Here are a few ways and steps to take your start-up the next level.
Your business plan is not cast in stone – As your business grows you will see that your business plan will also change and evolve. Always go back to your plan to re-assess your goals, vision, and objectives to see what is working and what is not.
Make sure to create good operation manuals – Make sure you documents every aspect and activity of your business with an operations manual or even checklist. This will come in handy when you have hand over responsibility of certain operation to another person.
Start a blog and connect with your target market – Only do this if you are able to post at least 3 articles per week. You can also choose to outsource this to a top writer. A blog will take time to show results, so keep an eye on your analytics.
Assemble a good team of employees – You will never grow your business all by yourself, so make sure to employ a good team of people who can function together.
Find a mentor – Find someone who has been there, done that, and learned lessons the hard way. It is important to have someone to talk to and discuss any idea or issue you have for free.
Be frugal with your expenses and trim the fat – There are a number of things you can do from downsizing your commercial space or even converting to a virtual office, or even moving from permanent employees to freelancers for example. The more you save the more you can manage your debt and spend on things that will grow your business.
Monitor and practice good SEO techniques – Without good SEO you might as well not be online. See what your competitors are doing and then do it better. It is critical that you understand what you are doing with SEO and that it will take time to see results.
Be sure to hire the right employees – Everyone will make mistakes when hiring, so it might be a good idea not to do it on your own. Remember if you cannot fire never hire. Don’t keep an employee because you don’t want to hurt their feeling. This is not good for your business or the employee.
Cherish those good reviews and testimonials – The best form of marketing are good reviews via word of mouth. Engage with your clients and find out why they like your product. their reviews with boost your credibility and market reach.
Stop being a control freak – In order to succeed you have to let go of wanting to control everything and be able to delegate different roles and tasks to your team. Proper documentation and operational manuals will help you to delegate tasks.
Take into account the location of your business – Take into account the location of your business especially when it comes to income tax, corporation tax, cost of living, and property tax.