Tommy Wyher — February 3, 2019 Entrepreneurs have visions of success but setting a business up for success will take a proactive approach. Being reactive can lead to issues with clients or staff and distracts from the ultimate goal of maximizing productivity/profits. Do not worry about details of things that are out of your control and impact areas that are under your control. A lack of planning can lead to future issues that can cripple a company. Not handling HR issues in a steadfast way can lead to a lawsuit of some kind while simply hiring an HR firm could have eliminated the possibility of this problem completely. The following are goals that startup founders need to focus on in order to set the business up for long term success.
Keep Overhead Costs Low
For a small business startup it is important to keep overhead costs low in the beginning. Crippling cash flow can be an issue if a larger than necessary office is leased or from hiring too quickly. Take time to list out every monthly cost so a goal of a certain amount of revenue can be set. Costs like software, labor, rent, and insurance needs to be incorporated in this as you might find certain costs that can be reduced or eliminated. Not all startups are blessed with investors that have unlimited funds so keep costs low and profits high!
Scale Processes So Order Volume Is Not An Issue
One thing that a startup does not want to happen is landing a huge client only to find out that they will not be able to take the work or complete it by the deadline. For this reason it is important to create scalable processes that will not break when a client puts in a huge order. The freelance community can be a huge help with this as having multiple freelancers that can complete rush work is invaluable. Automation is also important as it can help reduce mistakes as well as save time so employees can do more important things. Take a look at current processes to see what can be improve and what might be a struggle under high order volume.
Rank For The Company’s Most Competitive Keywords
Digital marketing is important for all startups as the first place a prospect looks for the company is on that of a search engine. Being able to rank on the first page for the products/services that the company provides helps boost website traffic and leads generated. Blog content should be high quality as should content that is contributed on the behalf of the company. Do not waste money on low quality content that cannot educate or engage the reader. Content is everywhere so people are beginning to be far more discerning about which pieces of content they spend their time consuming. Social media needs to also be used in order to promote content and engage with followers. This not only can attract customers but it can also be used in order to increase loyalty of current clients.
Setting Up An Internship To Hire Program
One huge battle that many startups encounter is nailing down a hiring process that consistently picks candidates that are high quality. An internship program can be the perfect opportunity to see how a person works and whether they are a company culture fit or not. Attracting top talent with these programs can be quite easy as many college students will compete to earn a job immediately after graduation. Other options can be hiring a person for a contract job to see how their working style is. Then offering this freelancer a job can allow for the company to get a “paid tryout” at working with the business.
Stabilize Company Income
Stabilizing company income will take hard work and favorable contracts with clients. Once this is done budgeting for marketing and advertising campaigns will become clear. Set realistic goals for sales and keeping client retention high are both important as you do not want the sales team to start being negative. Adding a few new clients per month can make a huge difference by the end of the year. It is wise to offer long term discounts so clients sign longer contracts during the infancy of a startup. Knowing that a company will be working with you for a few years can also quell fears that staff have about the stability of the company.
Achieving the goals above can help set a company up for years of profitability. This does not mean that new goals should not be set but these are what you need to do during the infancy of the company. As an entrepreneur it is important to prioritize the healthy growth of the company and establish a brand that puts the customer first. What are some things that you would do to set your company up for success?
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