Archive for the ‘Start up business’ category

Has the shine gone out of your business start up?

With all the excitement and passion you’ve thrown into your business idea, you’ve probably sailed through the first few months on the back of your enthusiasm alone.

But what if you’re now faced with some harsh realities and your business is under performing?
Have you paid yourself properly yet? Are you struggling to persuade customers to buy your product or service? And what if the only way to make money is to work an 18 hour day 7 days a week?

There are startling statistics out there – “80% of Business Start-ups fail” – you’ve probably seen them. And though it’s a scary statistic, there’s absolutely no reason why you should be part of it.

Enough of the scary stuff, let’s be positive and put you back in control.

Planning is the key. Without direction, how can you possibly know where you’re heading?

A plan gives you focus, targets, and impetus to keep going. It should be measurable, realistic, and thorough.
This is not the time to cut corners. Careful planning is the cornerstone of any successful business.

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A good plan includes:

  • Goals – you need to set financial goals, and assign timescales to them
  • Measurability – use milestones to assess progress
  • Action points – what do you/others need to do to attain your objectives?
  • Assignment of responsibility – who is responsible for each task – don’t leave anything to chance – make sure anyone involved in your business is fully aware of their responsibilities
  • Budgets – it’s important to understand your finances, and budget accordingly – this includes hidden expenses like taxes and professional fees – do you have the funds to run your business?
  • A marketing strategy – how are you going to let your customers know about your product or service. If your product is similar to others, what is your unique selling point? What marketing collateral do you need.
  • Identification of the target market and how they can be reached – who do you need to communicate with and what channels can you use to reach them effectively?
  • Additional human resources – who do you need to help you run your business – what skills are best outsourced, so you can focus on what you’re good at?

You started out with a vision, a plan will keep you on track to make that vision a reality.

Break down your plan into 4 key areas:
•    Business objectives – short, medium and long term
•    Sales
•    Marketing
•    Financial

Sounds like hard work? No one said running a business is easy, but it is rewarding. Put planning at the heart of your business, and you’ll be destined to make progress. And if you find your business is not going to plan – at least you’ll know about it and can make the necessary changes – review your plan regularly to ensure you’re still on track.

Is your business growing so fast you’re losing control? Read on