Steps for Improving Your Startup after the First Few Months

Now that your startup is off the ground, it is time to start thinking about some of improvements you can make in the coming months. Even with an amazing product or service, it is important to remember that up to 80 percent of businesses fail within the first 18 months. Luckily, there are a few simple steps you can take to reduce your risk of failure without making any serious compromises. 

Don't Rest on Your Laurels
Just because you have made it past those first few treacherous months does not mean you are in the clear. Many common problems take a year or longer to crop up or for you to notice them. This is why you should reevaluate your company at least once every six months. Any minor issues that are starting to pop up must be addressed before they become catastrophic situations. 

Anticipate Customer Complaints
Few skills are as valuable to a business owner as being able to empathize with your clientele. Instead of waiting until complaints start streaming in, you should try to think like a customer and carefully inspect every touchpoint from the initial marketing to the final sale. 

Continue Improving Your Team's Skills
Heading back to school yourself, or encouraging your employees to improve their education can be a great investment. Getting an online electrical engineering masters, marketing MBA, business administration degree, or any other number of fields or other markets has the potential to save you quite a bit of money in the coming years. Business owners should consider what skills would help their company and then find a few academic programs that can teach those skills. 

Stay Flexible
As a business owner, you are no doubt passionate about your company and the services it provides. While those emotions are important, you must accept the fact that some changes will eventually need to be made. This might include minor alterations to your marketing strategies, logistics, or even the products themselves. Don’t get stuck in a rut with your own ideas.

Don't Settle for Second-Rate Employees
It might be tempting to hire an inexperienced employee who is willing to accept lower wages, but a high turnover rate can bring smaller companies to a grinding halt. Offering a single world-class employee a competitive salary is much more efficient than paying two or three entry-level employees to do the same job. 

Even after the first few months, business owners must continue to focus on what matters, including high-quality employees, ongoing training, flexibility, organization, and impeccable customer satisfaction. Don’t get lazy and always be looking for ways your small business can improve.