Growing your Startup doesn’t happen by magic. If you have a business idea and want to grow it into a business, there are some essential tips you shouldn’t miss to make it successful.
- Everyone wishes to have a business of their own, but they don’t have a clue on what it entails.
- There have been difficult days for the economy, and some argue that the worst is yet to come.
- Entrepreneurs must make the right decisions to improve their business performance.
- To make the best decisions, one has to maintain a positive attitude.
This article discusses the fundamentals of growing startups for potential entrepreneurs.
What is a startup?
A startup is a business created by an entrepreneur with the sole aim of solving a problem either with goods or services. Startups are businesses in the embryonic stage of development. Most startups are funded by investors who believe it will yield a great return. Hence to have a successful business, Entrepreneurs must have proper thinking to know what type of business & how to run it properly.
How to Grow your Startup
Many entrepreneurs have drawn inspiration from Alan Safahi, a six-time startup founder with over 30 years of experience in the information technology, telecommunications and payments processing segments.
After knowing what type of business, where to develop it and how much budget you have, now you must take care of the details so that everything happens in line with your plan.
Let’s evaluate them.
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Business plan
As an entrepreneur, you have to be clear about the future of your business. This involves having the Vision and Mission of the company well defined, as well as the set of values that govern the behavior of work teams.
Alan Safahi advises every entrepreneur to take proper adequate time in drafting a good business plan. A good business plan brings your vision to reality.
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Time management
Time is a limited resource, and there must be a fine balance between operational or strategic activities in a company. While startup founders should personally get involved in all aspects of a new startup dealing with their clients, long term business owners should focus on strategic activities rather than falling into the temptation to “get their hands” on operational activities.
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Good customer Service
Growth should not sacrifice service levels, nor the quality of product or service delivery. Customers want satisfaction at all times, and that means giving them more than they bargained for.
Good customer service will not only increase loyalty but will also be a source of future recommendations. It is advisable to ask for feedback from customers to know how you can improve your services.
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Finance
Financial reports must be available to assess business performance. An essential element is to know the financial stability of the company, which will reveal the sales that need to be made to cover costs and expenses.
Alan Safahi suggests that entrepreneurs document expenses and keep a record of cash flow to have a clear financial record. At all times, it will be crucial to have control over the structure of cash flow.
It is also fit to review and understand the Income Statement and the Balance Sheet at least once a month. Actions must be taken to:
- reduce costs
- review credit options and
- Settle debt and interest rates
- Manage burn rate to allow for a minimum of 12-18 months runway
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Online presence
Many customers use the web to search for products and services. If you want to get results and be found by your potential customers, it is essential to build an online presence for your Startup. There are three elements to take into consideration at this stage:
- Website: Any business should have one. It connects you with your customers.
- Search Engine Optimization (SEO):Once you have your website, ensure that it is found by those who search online. Google data shows that 89% of people search for products through search engines.
- Social media: Social Networks are also an essential part of your Startup; they help you interact with customers and increase their loyalty to your product.
Entrepreneurs who make the best decisions and execute the right plans will always reap the rewards. However, it is also essential to have a firm foundation so that growth becomes fun and not a headache.
Key takeaway: to have a successful startup, you must have: a good business plan, an online presence, proper use of finance, adequate time management and good customer service.
