Essential Managerial Start Up Tips
One of the seven habits of highly effective people by Steven Covey is “First Things First!” It refers to how every person and organization can define and focus your resources to the things that are truly important.
-Find your business fit: Finding the best personal fit in a business world is based not only financial decision. Money will be a factor in the “go or no go” decision, but look for a less materialized reason specially when starting from scratch. This will help you develop better goals.
-Research your idea: Avoiding the research the process is the biggest mistake new and young entrepreneurs make, when you have an open view of your playing field it is a lot easier to move forward and make better service/product and marketing choices.
-Make useful connections: Talk to everyone with similar interests, network and get your name out there. Networking is a very important part of the business world; you will find advice, partnerships, and even maybe a way to help you raise funds to help your business start up.
-Educate yourself: Information and knowledge resources such as: books, the internet, and free courses offered locally. Knowledge is power; it will give you the advantage when faced with issues regarding your business, and life in general.
-Decide firmly on the attitude you plan to take: Your attitude will reflect on your business, it is fundamental to create a positive and successful attitude towards your goals. Many times your attitude will make your business stronger by creating a positive frame of mind.
-Create short and long term realistic goals: To keep a positive outlook create achievable goals that will lead to your main business goal, this will motivate you to do what you do and go further. Look at smaller goals as steps that will help you move towards your main goal.
-Keep close track of your budget: Revise carefully your fix and variable expenses often, and cut out unnecessary expenses. Educate yourself by reading and learning basic accounting, to help you keep track of your assets and liabilities.
-Start a small promotional marketing budget: Do not let competition get ahead of you; a business without marketing is like an island of riches that no one knows of. Find a comfortable percentage in your margin, and contribute it towards marketing advertising.
-Motivate Sales: The sales are the engine that encourages growth to your business. To achieve a strong business force constant motivation and a strong sales strategy. If you do not have created a sales strategy, do it now, products and services do not sale themselves.
-Organize your client base: There is nothing that will damage a business more than an unorganized data base. Create a list of your customers, include their contact information and any notes on how they prefer to do business and update it regularly.
-Pay attention to your most important customers: Creating a strong customer relationship can create stability for your company; a follow up to your customer will very often result in more business. Even a “thank you for your business” message will go a long way.