How to optimise your start up company
1. Find a balance between your business plan and its execution.
It is very important to have a good business plan and marketing in which you will base the development of your idea, but do not forget that on paper often, things are very often different from reality. Of course, it is essential to know where you are going, but it is also essential to be flexible enough to change your plan when setbacks or changes occur in your internal or external environment.
Keep simple and easily identifiable, measurable, achievable objectives in the plan. Keep in mind a clear picture of where you want to go and get ready to follow a path. But do not forget that in general, it is important to keep an open mind and be open to achieve the goals that you have set in a long-term plan. Remember that although the idea precedes action, it is through action that the idea is valid and takes its final form. In the end, the rule is: adapt or die.
2. Optimise your resources.
You are at an ideal time to start a new business, but it is also a time when it is difficult to obtain resources for the early stage of a new business. This is why the ability to maximise and conserve resources at an early stage of the business, dramatically increases the likelihood of success. Even with a large budget, companies that survive best are those who know how to manage their resources efficiently and live “below their means”. Solve this problem and work is much more effective and efficient to fix the finances. A virtual office can help reduce overheads whilst boosting your image, this is a good way to make the most of your capital resource.
3. Build the right team.
It is important to realise when to lean on the right people for the activities that make you lose focus. These may be areas where you are not the most competent, or activities that consume valuable time you could spend on more productive issues. Building the right team also means doing it in good time. Hiring more people ahead of time can provoke capitalisation and expense or undue pressure. Always remember that spending / investment must always be preceded by a real need arising from growth in income.
4. Be a good communicator (or get one).
Building trust and good communication always go together. A good communicator is essential, since the presentation of an idea to potential investors, partners and customers is crucial; to convey good news to motivate your people or bad news to instil empathy and sense of responsibility are all effects of a great communicator.
5. Get a mentor.
The fact is that your business does not mean you should be alone. It is important to recognise that in an early stage you do not know everything, nor are good at everything. So getting someone who can guide you through your “slim” areas is a great way to plug the ‘leaks’ of your business. This is not always possible to achieve, but if you succeed, it’s a golden opportunity, as through a mentor you can get the advice of someone who has been in the position where you are and who has significant experience. Use your judgment to determine whether criticism or advice will warrant a change in direction. Do not forget that in the end, only you are responsible for your business.
This is not a recipe for an “infallible” business – there are companies that have met these criteria and fail, but in general these points will help you dramatically increase your chances of success.