Don’t be a dummy! Basic necessities that a new business shouldn’t forget.

Are you an entrepreneur who has recently launched out and started a new business? It may seem daunting at first, and the truth is that there are  no easy solutions.However, there are some basic ingredients that a new business shouldn’t forget. The future of the all new, successful business ventures  are dependent upon a few proven essential ingredients:

PUT YOUR DREAM INTO ACTION

Any successful leader or manager understands the value of empowerment of his/her  leadership. This will ensure dedicated , competent and collaborative employees. Effective delegation, and nurturing employees to reach their full potential within your business, will create a suitable structure for your new business.  It is also vital to monitor( without excessive control ), motivate and keep employees engaged in your ultimate vision for the business. Employees who feel part of your business and understand how their roles uniquely fit into the organization , will birth your dream into reality!

FIRST THINGS FIRST!

A comprehensive and sound business plan will ensure long term business efficiency. Set clear , manageable aims and  goals at first , with a reasonable financial strategy which could work even in a changing business climate. Without a plan, it is a wild dream!

GET TO ‘KNOW’ YOUR MARKET

Make full use of the internet and social media networking  platforms such as Twitter , Facebook, Youtube, blogs as well as a striking website to get ‘in touch’ with your market and potential customers. Competition is fierce, so if your marketing efforts are weak, with little or no visibility  , your competitors will be one step ahead of you. Find what best works for your business and explore which method is most effective for your particular business.

BUILD YOUR BRAND

Brands are not built overnight , initially marketing budgets could be tight with low profits, in contrast with established businesses.  The secret is to build consumer awareness of the brand and create a competitive advantage. Therefore, it is important to create the business’ unique identity,  whether it be service , pricing , or credibility in the marketplace . Profitability will be bolstered once the brand is established. This could take some time with continual effort from the marketing and advertising team.   Other marketing tools to consider are mobile applications, or incentive based rewards schemes . Consider the various options and their viability and mostly their ability to ‘ bring in ‘ potential customers.

CUSTOMER SERVICE TO BOOST YOUR IMAGE

Every new business wishes to provide outstanding customer service , and it is said that there is only one boss – the customer! The truth however, is that no matter how well you run your business , there will always be unhappy people who will try to jeopardize your business by being negative and spreading tales about your business to others . This could ruin the image of your new business, you as a manager has spent much energy trying to maintain.  A sure way to to make your customers lives’ easier , is if complaints and dissatisfied customers are dealt with in an amicable manner , showing concern,the situation could turn around for good with the end result being a customer for life. Be remembered for your strong customer service culture to ensure long term profitability, It is pretty SIMPLE!

Staff Training

If you do want to provide the best customer service and you want to make sure that your business grows the right way then training your staff is a must!

What sort of training should you provide? Here a few things:

  • Customer Service training (already highlighted)
  • Sales training – Teach your staff to win new clients!
  • Provide an Emergency First aid course and a fire marshal training course to make sure your staff are safe.

KEEP ON TRACK AND REAP THE REWARDS

Keep timely accounting records  and increase cash flow for your business.  How can it be done? Offer various payment options for your  customers. Also , if there is idle cash put it to good use. A good way to reduce costs of employing full- time staff is to outsource services where necessary. Oftentimes outsourcing certain business functions can improve your business’ efficiency as well.    

It is wise to make use of free financing options for computers , furniture and vehicles.

Service contracts should be re- negotiated regularly since upgrades are always a better option such as telephones and photocopier machines. Cleaning and maintenance  services could also be improved from time to time. These are just some of a variety of ways to help your business to manage and effectively analyse your business’ cash flow. This approach can be utilized for both small and medium -sized businesses .

A new business is tough but rewarding! Are you ready?