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What Every New Business Needs To Thrive During The First Year
by Anita Ginsburg Fri, 07/01/2016 - 12:51
Many new businesses only make it a few years before failing. No business owner heads into the wide world of entrepreneurship thinking that the fate of their business is to fold, and yet that's what happens to many. One way a new business owner can prevent being one of thousands of failed entrepreneurs is to prepare themselves to thrive during their first year. Here are five things your business needs in order to make your first year a great one.
Employees are like the foundation of a home. Without knowledgeable, dedicated employees, your business will suffer from poor customer relations and bad, slow or shoddy service. It takes time to find, interview, hire and train good employees, but it's well worth the hours you invest in doing so. Look for people who have gone through online MBA programs, since they will have the knowledge and skill necessary to help your business thrive.
If you aren't going to supervise your own business, hire capable people who can. Employees need strong leaders to not only enforce rules and best practices, but also to inspire them to give their all. At no point should your business run without an experienced manager or supervisor overseeing day-to-day activities.
A Well-Defined Process
In your business, there should be a clearly defined right and wrong way to do things. The right way is considered your process and it's the guideline that ensures your customers are happy and they come back to you time and time again. A well-defined process also saves money as it ensures efficiency and it helps positive word of mouth spread about your company.
Consistently Enforced Standards
Unless you own a business with absolutely no competition and a guaranteed clientele, you need to offer your customers a reason to use your company and to come back in the future. One way to do that is to set standards for your business that help you compete with others offering the same product or service. By consistently enforcing these standards, you show customers that your business maintains its quality and is something they can rely on.
A Business Plan
Business plans are comprehensive tools that allow business owners to secure financing, forecast sales, create plans to beat competitors and outline purposes and processes. They are like a road map to business success and, sometimes, capital funding.
Starting a business is exciting, but that excitement is short-lived when a business owner begins to see sales slide. Set yourself up for success in the first year and you'll benefit in the years and decades that follow.