Tips for new business owners may not seem hard to come by. If you’re like many entrepreneurs, you were no doubt inundated with how to get your new company off the ground. But it’s up and running — so now what? And as hard as starting your business may have been, you know the hard work has just begun. Indeed the number of things you need to do seem to may exponentially almost daily. There’s an old adage that says the squeakiest wheel gets the grease first. But in business, focusing on the squeakiest wheel may not be what’s best for your company. So here are some expert recommended tips that are important for new business owners to focus on to ensure continued success.
Revise Your Plan
Of course you developed a business plan before starting your company. The better the plan, no doubt the farther you’ve gotten towards your goals. But maybe you aren’t where you want to be. So, now’s a good time to go back and evaluate that initial plan and make sure you’ve stayed on track. More importantly, you’ll be able to apply the knowledge you’ve gained along the way as well as feedback from clients.
Teamwork Makes the Dream Work
If it’s time to add employees, make sure you hire people who share your vision and energy. Then place each of them in the right position in your organization. If you’ve hired someone to be a customer service rep, for example, and then discover they have a talent for sales, don’t be afraid to offer them a career change. It can help in employee retention and go a long way towards reaching your goals.
Adjust and Adapt
Flexibility isn’t just for physical exercise. Be open to change and be willing to adapt your business strategy as market conditions and customer needs evolve. You can have the best plan in the world, but as soon as it’s in action, things change, and you need to be ready and willing to adapt and problem-solve quickly. So have a contingency plan in place to help you navigate through tough times. Experts agree that every startup that eventually succeeds faces moments when only flexibility and improvisation can provide needed answers and motivation.
Continuously improve your products and services. Keep an open mind to feedback and strive to improve your products and services to meet the evolving needs of your customers.
The Right Communication Draws Customers
It’s not as simple as launching your website, running Google ads, and then sitting back to watch the customers come to you. You need to find people who love your product and your company. You need to find people who will choose your brand over another, people who go out and tell others about how great you are.
When communicating, it’s important to understand the type of customer you have, what they care about, how you can reach them, and what motivates them.
72% of people use some type of social media channel. New business owners need to add social media to their marketing communications plans and develop a presence. Platforms such as YouTube, Instagram, Pinterest, LinkedIn, and Facebook can be used to engage, educate, and sell. But first, you need to find out which social media platforms your target customer uses, before deciding which to add to your marketing mix. For example, research shows that 67% of 18-29-year-olds use Instagram, while only 8% of consumers 65+ years of age us it. And while 60% of 25–34-year-olds use LinkedIn, only 3% use the platform!
Above all, be creative and genuine in your marketing, provide value (price, quality, convenience), build relationships, and seek feedback on your performance.
Help is a Good 4-Letter Word
Don’t be afraid to seek help. Build relationships with other business owners, industry experts, and potential customers through networking. These are resources you will be able to rely on to navigate any challenges that may arise.
Pay Attention to Compliance
Stay up to date with laws and regulations. Make sure you are aware of all laws and regulations that apply to your industry and business in your state. Stay up to date on any changes or updates to employment laws and any forms needed. Online resources, like RocketLawyer, offer forms, templates and information new businesses watching expense need.
Invest in reputable insurance instruments to protect not only your assets but your personnel as well. Make it a priority to have a cash reserve right from the beginning of your business, in case the unexpected happens. Not only do you need to be covered in terms of liability and theft, but these days, businesses biggest threat can come from online. Build your firewalls thick and high to keep the impact of cybercrime low. Make sure you have procedures in place for every possible contingency, and review and update them regularly. The global cost of cybercrime was estimated at some 8.4 trillion U.S. dollars in 2022. The cost of incidents caused by illegal activities on the internet are set to surpass the 11 trillion U.S. dollar mark in 2023. By 2026, annual cybercrime costs worldwide could exceed 20 trillion, an increase of almost 150 percent compared to 2022.
Learn from Your Customers
You may be the one who created the whole idea, the one that has the degree, skills and experience, but only your customers can tell you what they like and dislike about your product, brand, and company. Create opportunities for them to share their opinions and ideas, and make sure that in return they receive sincere, personal validation for their input
Reinvest in Your Company
Don’t fall into the trap of believing that early on, all your profits should be your salary. You may have earned it, but you can’t afford to take it home with you. Set a clear goal of how much profit you will reinvest quarterly, and then stick to it.
Choose the Right Type of Office Space – Choose Coworking
We already touched upon the importance of flexibility, networking, and watching your bottom line. Choosing the right workspace for your businesses makes a difference in all three areas. While almost unheard of 15 years ago, coworking spaces, like CoLab, provide small businesses, independent contractors and other workers a space to get work done, to network with like-minded professionals across all industries, and to participate in their local business community. They are also more affordable than long term leases and you can easily adapt the space you need, up or down.
Choose CoLab at 55 Merritt Boulevard in Trumbull, CT
CoLab offers coworking memberships in a safe, convenient, and cost effective environment among a community of professionals like you. With a wide variety of office and shared spaces available to choose from, CoLab provides a wealth of networking opportunities. Contact us at 203-208-8488 for a tour or schedule a tour here!