So you’ve started a business-----congratulations! Being your own boss comes with rewards and challenges, and the potential payoffs are great.
The initial stages of business building are long and arduous, and you must balance your time in many different areas of growth and expansion to see your business succeed. The truth of the matter is, almost fifty percent of all new business fails within three years of inception. Another thirty percent fold within the first five years. What about your business building abilities and skills that will allow you to rise to the top? What will put you in the group that succeeds, versus the group that fails?
What Do I Do Now?
Many entrepreneurs are so focused on the “why” and the potential benefits of running their own business that they fail to plan out the “how” steps necessary to produce steady and stable growth. Establishing a strategy for success involves planning out steps and performing actions that will bring that success to you. What are these steps, you ask? The following list of essential functions will give you a good overview of the many hats you must wear while you are planning to take over the world. Take a look and start planning your future:
Accounting practices--Accounting practices cross over into many areas of business. Items like payroll, accounts receivable and payable, taxes, and financial statements will need to be meticulously maintained in order for you to see what is going out….and what is coming in. Common sense tells us that we must earn more than we spend, but it’s not so simple. Purchasing software or hiring someone to take care of this vital aspect of your business is not something you can afford to pinch pennies on. Keep those books balanced, and you’ll be more likely to see life after five years.
Human resources--No matter how small your workforce is, there may be human resources challenges that you will face. Having policies to cover both you and your employees regarding vacation time, sick time, pay scale, and other legal issues will save you valuable time and money as you seek to keep clients and employees alike satisfied.
Facility management--Regardless of whether you rent or own, run your business out of your home, or contract space in a local building, you must devote some time to the care and maintenance of your facilities. An office space or a storefront will require maintenance, upkeep, and cleaning duties, and even working out of your home will require that you maintain an efficient and organized space in order to make your time there most productive. Many cleaning and maintenance services can be contracted out; talk to vendors and see if you can take a little of this off your plate while staying in the black.
IT services--We are thankful for those IT technicians; what would we do without them? Most organizations today are almost entirely dependent on the use of technology in order to run a business; you must either be knowledgeable about this aspect of your operations, or you must hire someone that you trust implicitly to do the job for you. When you think about the sheer magnitude of security that must manage financial software, client data, and human resources documentation containing private information belonging to your employees, this is an area that must be managed well in order to keep you running efficiently.
Customer service--Regardless of how good your products and services are, you will not be running a business long if you do not place emphasis on customer service. Following up on client sales to ensure satisfaction, providing a medium for communication and to air grievances, and giving clients and easy interface for initiating returns and purchasing additional products will ensure that you are building a loyal client base. You will be able to interact with and develop mutually beneficial relationships that will sustain you and your business.
Online brand building--With over 80 percent of purchases beginning with an online search or interaction with your brand, you must maintain a strong web presence. Having a website that is easy to use and offers valuable advice, the opportunity to purchase products, and a way to communicate with you is invaluable in a day where your business is literally at everyone’s fingertips. Get your online house in order and maintain it to keep your customers coming back for more.
Social media--Why does small business need a social media presence? Social media is the new standard for business marketing; while it is relatively inexpensive to set up and maintain, it will be one of the most significant things you do to market your business and attract new customers.
Search engine optimization--With almost 80 percent of people looking for products and services via the internet before they consider purchasing, you need to look at the concept of search engine optimization and what it can do for your business. The use of specific keywords and word combinations in your web content will trigger a ranking response by sites like Google, Yahoo, and Bing…..the more buzz-worthy words you have, the higher your ranking will be on major search engines. Everyone knows that you need to be on the first page to score the sweet deals; do some research and find out what people are searching for these days, then seek to deliver it. It will be time well spent.
Balance--It can be tempting when first starting a business to devote all of your free time to its development. Rest assured, though----this is one surefire way to burn yourself out quite quickly. You must commit to maintaining balance in life----work, family, home, relationships, social pursuits-----in order to return to work refreshed and ready to rock. Take some “time outs” when the need arises, and practice self-care so that you have something to give employees and clients when you return.
Fun!--A work atmosphere must be fun and engaging for people to be invested for the long haul. Provide opportunities for not only your staff and clients, but you to have fun while you are involved in day to day dealings with business management and transactions. You’ll find yourself with people all around you who are invested in your success!
Need a little boost? Give us a try!
MaxGroup Business Solutions is a group of professionals and business experts committed to your success. We take a personal sense of pride in your growth and expansion! If you are unsure about implementing daily operations strategies for results, we can give you the tools and infuse you with the passion and drive to reach for your wildest dreams. What are you waiting for? Contact us today and we will take you---and your business---to next level success. Visit www.maxgroupbusiness.com for more information.