If you are a budding Elon Musk, you probably read thousands of blogs and articles in a bid to unlock the secret of creating a winning formula. Some would say you need to be in the right place at the right time and, of course, there is some truth to that; Whatever your chosen sector, you will have a lot of competition and your rivals need to be researched to help you identify a concept for your company.
We had a conversation with a leading business coach and asked him what a business needs to have in order to succeed and here is the best of their answers.
Without capital, your dream will remain in the realm of the imaginary; there are many ways that you can raise the money to float your business venture. If you have equity in your home, that can be released by rearranging your home loan, while most online lenders are happy to provide an unsecured business start-up loan.
Do an accurate costing that includes all start-up costs and add 30% to cover unexpected bills, plus you need enough money to get through the first 6 months without making a sale. The world is full of uncertainty and without a sum of money stashed away for an emergency, you might find yourself in the red, with no real way to continue.
IT Infrastructure –
The best managed IT services in Wichita are affordable and with a solid IT infrastructure and 24/7 cyber-security, your organization can connect effectively. Migrating to the cloud is the perfect data storage solution and the managed IT services provider offers a wide range of services, from cyber-security to VoIP business communication.
A business is only as good as its communication and with a secure cloud network, all of your employees will be on the same page. If you would like to say goodbye to those heavy cell network phone charges for good, Internet telephony is the best way forward.
Excellent Marketing –
Perhaps the most important department of every business, these days, all marketing would be digital and if you hook up with a leading Florida based digital marketing agency, they can create a dynamic marketing plan that delivers results.
Don’t make the mistake of thinking that digital marketing is an optional extra; it is essential that you create a strong brand by putting your message in front of your target audience. Search engine optimization drives traffic to your landing page and the service needs to be ongoing, if you want to retain a high search result ranking with the number one search engine.
Let’s not forget social media; you should have accounts with Facebook, Twitter, Tik-Tok and Instagram and let a social media marketing team handle everything. Click here for problems that start-ups encounter and how to resolve them.
Resource Management –
The winning business is one that makes the best use of available resources. Of course, outsourcing is the most cost-effective way to get things done, which is why most businesses use 3rd party providers. We are all trying to cut costs and it is very easy to compare quotes from local providers. As the business owner, it is your responsibility to minimize the risks, which can be achieved with a tailored business insurance package.
Much like an athlete can’t carry excess weight, your organization needs to be trim and efficient and periodical evaluation will ensure that your organization is using its resources in an effective way.
Good Leadership –
The company isn’t going anywhere without a leader who has a solid vision; success doesn’t just happen, it is planned in every detail and the business owner should be leading by example. If you would like to develop your business talents, talk to a local business coach and ask them to assess your business and your skill sets.
The great thing about business coaching is the new things you learn will be with you for the remainder of your life and with online solutions, you can enjoy Zoom calls with the business coach as and when needed.
There are so many variables that can impact a new business venture and many are out of your control; you need to be flexible and adapt to the situation when things change. The covid-19 pandemic is a classic example of an unforeseen element that seriously impedes the business sector, which forced some businesses to close, while those that did survive had to make some adjustments.
Even if your business is doing well, there is still some room for improvement and you should always focus on developing and improving the customer experience