January 9, 2012
Here are some helpful, simple business tips and considerations for you in establishing or expanding your business.
1. Understand your business, industry and markets before jumping in.
Successful entrepreneurs get a great start by gaining valuable work and management experience in their industry before considering self-employment in that field. Conduct some further research on the industry, the markets and your potential competition.
2. Understand why you are establishing or expanding your business.
Establish a purpose behind the business. What is the belief in your product or service that will change things or add-value? You probably can understand how you can plan out operations and what activities you need to do to accomplish goals, but you also need to understand why you are in business and why you think your business can assist others and be successful.
3. Undertake strong business and financial planning prior to establishing or expanding a business.
This is a critical initial step in becoming an entrepreneur. You need to develop a blueprint to follow to be successful. To present a strong business case, you must think through the whole planning cycle – idea generation, research, analysis, decision-making, writing and presentation of a projected viable venture. Most lending agencies, partners, and investors will require you to produce a business plan, and most will analyze and make decisions based on business merit. Financial projections are a key piece of the business plan. Adding more supporting documentation, analysis, and assumptions, your financial statements will be stronger and more objective.
4. Get out there and network with everyone, build partnerships and engage in outreach activities.
This is a bold statement to follow. People, customers, partners and the industry will only get to know you and your business with putting an effort into communications and marketing. In some scenarios, personal or face-to-face communications and promotions can bring maximum value to your organization or business. The more frequent the communications and marketing the better. Within your business plan, lay out your marketing and outreach plans.
5. Surround yourself with successful people and rely on area experts to better inform you on decision-making.
Successful businesses may not have been created in isolation. Through networking and engaging with professionals, you will learn from a more global, objective perspective. You need to realize that you cannot be the expert in every area of your business. You need to emphasize on the leadership and management roles and responsibilities of your business. Great leadership involves being able to collaborate and engage with professional team members, encouraging and empowering them to be successful in their own units. Ensure you delegate responsibility appropriately.
© Strategy Plan One 2002-2012