As a business owner they are clear cut requirements or specifics that you must define before embarking on starting your business, some of these traits take you far after you have set up your business and further helps strengthens and grows your brand.
Starting a business isn’t just about getting a business name and being a self-acclaimed CEO the onus of a good business setup rest on these under listed elements:
CLEAR VISION AND GOALS: A business vision in a layman’s term is the company’s road map, an indication of where the company is headed and a clear description for a company’s long term goal.
A company goal on the other hand is part of the planning process, what the company sets out to achieve at a particular time. The vision of a company birth’s the goals, mission, company objectives and defines the business.
ASSEMBLING THE RIGHT TEAM: Often time we are saddled with the wrong set of people to build the right team, bearing in mind that the right team is the catalyst that determines the success and future of a business.
In getting the right team, it is important we think team building, the picture below depicts clearly how to harness and grow the appropriate team for your business.
PAYING ATTENTION TO YOUR FINANCE: One mistake most startup’s make is to quickly employ an accountant who will be in charge of the accounts. Whilst it might become necessary to employ an accountant as the business grows, we suggest you handle your finances yourself as a startup in its early stage.
All you need to do is keep a detailed and organized financial record, spend less than you earn so you do not run out of money quickly, kept debt minimal and have a plan for paying off debt and lastly keep tabs on your bank accounts and reports.
FOCUSED MARKETING STRATEGIES: A focused marketing strategy for a business involves being “customer focused”
Your marketing strategy is a business’s overall game plan for reaching people and turning them into customers of your product or service of the product the business provides. The right targeted marketing strategy brings great Return on Investment.
Focus your marketing strategy on; what market to sell to, who to sell to and why customers need it. It is important to balance your strategy with good sales activities and PR too.
CONTINUED LEARNING AND ESTABLISHING THE RIGHT TECHNOLOGY SOLUTION: Continued learning is critical for business owners because it is important to never become too comfortable, change is quickening at a stunning pace across many industries.
One must collect data, make analysis, research and continue to grow your business. Also important is the need to imbibe the right technology solution to aid your business brand.
Some technology solutions to take note of are:
- Ensuring that supports any screen resolution or size
- Migrating to a cloud-based service
- Investing in email marketing
- Using SEO to your advantage
- Switching to a VoIP (voice over internet protocol) business phone system
- Adapting a better security infrastructure.