A business is established as a “brand” after many success stories. However, what we all don’t hear often are the failures faced by the business. Entrepreneurs who are lucky to see their business venture grow into something big from a small idea will relate to this thought – the one thing that is constant is change.
In this article, we look at some of the simple and most important ways to build your idea into an established company from a start up.
Thriving through the Initial Days
The initial days when you start your business is more often the most important time for your business. It mostly involves setting up operations and surviving one day at a time. This is the time the startup establishes its identity, forms its vision and solidifies its offerings. Case studies show that more than 90% of startup companies fail at its early stages due to the business plan being executed poorly. Keep referring back to your business plan to see if you are meeting your business objectives and take corrective measures where you seem to be falling behind. Once you realize that without customers a company cannot survive, you will start feeling the pinch. There is just so much you can do within the initial investment from your side. You might also resort to fast cash loans for support in setting up your company.
Once you realize the survival phase is over, your company starts presenting a strong and rapid evolution, you start getting in more customers and generating more revenue and then you realize the next phase is round the corner.
Vision of the Business
What are your visions about your business? Do you want to expand your team with more employees handling customer accounts, project managers executing the requirements of customers? If you have employees at different locations around the world, time management will be an extremely difficult task. Make sure all your team members are sharing a common company vision and objective and in no time you are all on the same path to success. Keep constant communication with your team and do not miss even a single meeting or conference call if possible.
Give responsibilities to each person and make sure they are accountable for it. Most start ups fail because there is no real sense of responsibility or accountability for the work with an individual does. The process flow will need restructuring once your company starts growing. Make sure the right responsibility is shared with the right individual. Only introduce new processes to your team if absolutely necessary.
The biggest risk for a growing company is its CEO. As a leader, you will have to grow and evolve as your business also grows. To manage your company’s growth effectively, have the right people around you supporting you with every decision and questioning you with every objective to help you do what is absolutely necessary for the greater good of your business.