Tips for ensuring the success of your start-up
Running a business is not easy and there are many pitfalls and problems that will be encountered on the journey. In fact, it is managing these pitfalls and finding ways to streamline your processes that are probably going t be the difference between success and failure far more so than a solid sales pipeline. The truth is of course that you can sell or promise the world, but if you are unable to deliver then you actually have nothing. So, what are the keys to making your business work and to seeing thing through the difficult times as smoothly as possible? Here are a few tips.
Move with the times
Digital is where it is at these days and if your business is not operating in the digital space then you are already behind the curve. And being digital doesn’t just mean having a website or retailing via ecommerce platforms, it can be so much more than that as well. For example, almost any industry that you may operate in will have its own bespoke and industry specific software that you should at the very least be aware of. It may be Computer Assisted Design in the architecture space or legal software Australia in the law industry, whatever your field you need to know what the standard is.
It might not be affordable, or it might not work for a business your size, but whatever you do, at the very least, you should have weighed up the pros and cons of the package and made an informed decision. Don’t wait until it is too late to investigate the solution, know that it is out there and go from there.
Time is money
Perhaps this goes without saying but if you want to run a successful business then you cannot do everything yourself. It doesn’t matter what the business is, you, as the owner need to focus on your strengths and spend your time maximizing them. And if that means hiring in or contracting people to take care of other less core elements that is fine. So often there is a tendency to say, “well it is going to cost money to do it, so I will just do it myself…” This is as noble as it is self-limiting. If your time can be better spent doing something else, then recognize that and pay somebody else to do the other items.
Surround yourself with the best
When you hire, hire well. Don’t surround yourself with lots of cheap, inexperienced, employees. Rather have fewer staff doing more and make sure that those staff are experienced, thought-leaders, people recognized as the best in their field. If you can build a team out of those people, it will almost certainly be a winner. As per old saying “a chain is only as strong as its weakest link” holds true in the world of business so make sure that when you build a chain that it is strong and robust, with minimal waste. In short you don’t have to be smart to succeed in business, you just need to be smart enough to hire the best people.