Starting a business can be tough. We all know the facts: 50% of start-ups fail in the first two years – or something like that. It a can be rough, but the potential rewards can be well worth the risk. The good news is there are certain steps you can take to turn the odds in your favour. This article explores four vital measures you can take to put your business on the road to success.
1. Carefully Defined Roles
In a small business, resources can be spread quite thin. With few people covering many responsibilities, there is potential for tasks to overlap and waste the business’ limited resources, or worse still, some responsibilities may slip by as everyone thinks someone else is handling that task. To make sure that you get the most out of what you put in, it is imperative that everyone in the business has a clearly defined role.
When deciding on how to implement this strategy, it is important to consider the needs of the business and how they match up to the strengths of each team member. Carefully matching task requirements and employee attributes is critical, as every moment lost as a result of a task being done inefficiently, or not at all, makes it all that much harder for a business to meet its targets.
2. Business Planning
Whether you are looking at the possibility of setting up a business, looking to grow, or looking to hold your position in the market, it is imperative that you take time to consider your strategy. For results (and performance analysis), there is nothing better than a comprehensive business plan.
A business plan provides a thorough analysis of every aspect of your organisation, including customer service, cash flow, recommended actions and key performance targets. This information can then be used to make informed decisions for the short and long term future of the business.
3. Government Grants and Assistance
With Federal, State and local council grants and assistance available in areas ranging from arts and culture to financial advisory to childcare services, there are many opportunities out there to apply for additional government funding. A small injection of cash can provide momentary release from the day-to-day pressures of running a business and create some room to think about the long-term future. On the other hand, a government grant can be the kick-start needed to begin implementing longer-term strategies.
A multitude of opportunities to apply for grants and assistance can be found at the business.gov.au website by using the Grants & Assistance Finder http://www.business.gov.au/grantfinder/grantfinder.aspx. Applying for these opportunities may be difficult but the reward can be worth it. It is therefore important that you take care in submitting an application, and seek advice where and when it is needed.
4. Optimise Your Marketing
Brand awareness is one of the biggest hurdles a startup business encounters. If you’re not getting the return on your investment, the immediate thought may be to completely change your focus. However you may not be doing the wrong thing, you just might not be doing it the right way.
If your presence on the Internet isn’t paying dividends, this doesn’t mean the investment in your website is not worth it. Maybe you just need to optimise your search engine results to get the hits you're looking for.
Didn’t get the response you wanted from a letter drop? This doesn’t mean that it isn’t the way to go! Letter drops can be extremely effective if the right people are targeted with the right information.
Marketing can be a powerful way to grow your business, but to get the necessary return, it needs to be done correctly.
Starting out a business isn’t easy. Having a great idea is one thing, but executing it in the right way is another. Therefore, it’s important that you consider taking steps, such as those set out in this article, to improve your chances of success.
If you would like further information abovementioned ideas or other areas, which Sync or Swim specialises in, do not hesitate to give us a call!
Article by: Liam O'Sullivan, Business Development and Compliance Consultant.