Launching and running a new business can be very challenging.
You have to work overtime to ensure that operations will run smoothly. Initially, it is normal to feel that the things you have to do are never-ending.
While it is impossible not to encounter any glitches, being on top of everything will definitely help avoid costly mistakes.
One effective way to achieve this?
Learn the art of prioritizing.
By knowing which tasks to prioritize, you can slowly yet effectively get your business up and running while minimizing risks. This does not mean that you should forego all other tasks and just put them on the back burner.
This guide pushes you in the right direction so you’d know where to start putting your energy and efforts in.
1. Make Sure All Your Processes, Systems and Equipment Are Operational
Even if you already have a long list of customers, it will be impossible for you to close a sale if you don’t have the right equipment to do so.
If you haven’t finalized your company’s operational processes, how will your employees know what to do when they come on board? Is your accounting system functioning as it should be before you start ringing up your sales?
It is a given that the excitement involved with running a new business can be quite overwhelming. In the midst of all the bustle, many entrepreneurs get distracted on what is really important.
While many things have to happen simultaneously, one of the first things business owners should make certain of is that the business is equipped with the right tools and processes for employees to perform and for the business to deliver.
This may seem like such a broad order, but if you think about it, it actually involves answering a single question:
“What are the tools needed for my business to function and make a sale?”
When leasing or buying equipment for your office, ask yourself whether the purchase will support revenue generation or not before making a decision.
For example, if you are an eCommerce company, paying for a high-speed internet line should take precedence over purchasing plush carpets for your office.
2. Running a New Business Requires a Strong Core Team
A new business is anchored on the people running and driving its growth. It is then essential to get the hiring process done in the very early stages of opening your business.
You don’t want to see yourself without a Sales Director or a solid business manager six months after. When it comes to key positions, don’t settle.
Hire skilled professionals who can add value to your company. When you’re running a new business, you can’t afford to be a training ground for mediocre employees.
If you’re struggling to find people, seek help from professional headhunters. While this may seem like an expense you cannot afford, it could potentially be less costly than having a revolving door of people.
However, if you are starting a business with no money or very little of it, it is understandable that you won’t have the flexibility to offer massive salaries or equity to employees. Maybe you won’t even have the budget to hire anyone full-time. This does not mean that you should do everything alone.
Look for reliable third-party companies who can support you in your business. You can also look at hiring remote employees like virtual assistants, marketing specialists, and graphic designers who you can work with either on a freelance or contractual basis.
3. Establish Your Digital Presence
In order to survive today’s business environment, companies have to have a strong digital presence.
You must know steps to start online business as consumers now look for products and services on the internet.
Believe it or not, even if you have a storefront or physical office space, your legitimacy as a business can still be questioned if people can’t find you on Google or on Facebook.
The most important thing is to have a functioning website that is optimized for desktop computers and mobile devices. The website should include your business profile, what you are selling, and your contact information.
This resource may help you to create a website.
- How To Start Website From Scratch (Without Knowledge & With Less Money)
Setting up social media pages on platforms such as Facebook, Instagram, and LinkedIn is also becoming a necessity.
If you are running an eCommerce store on Amazon or Shopify, having an external website and presence on social media channels can give consumers assurance that you are not a fly-by-night online seller. This can project a sense of trust and reliability every new company needs.
You can automate the social media posting with a tool like PromoRepublic.
The beauty of this tool is that it helps you to search for the free images inside a tool and schedule your post on multiple social media channels on autopilot. PromoRepulic saves your time on social media marketing and you can concentrate on other aspects of the business.
4. Sell, Sell, Sell
Many seasoned entrepreneurs believe that it takes time for a new business to be profitable and recover its investment.
While this is mostly true, the problem with this concept is that many entrepreneurs develop this false sense of security that there’s no pressure for them to hustle.
When you’re running a new business, you don’t want to fall into this trap. In today’s economy, there is really no guarantee that you’ll even survive the first year of your business. What this means is that your priority should be to make sales.
Whether you’re selling products, services, or subscriptions, your goal should be to meet or surpass your targets. At the end of the day, numbers don’t lie and that will be your strongest ally to survive.
5. Enhance Your Customer Experience
It is important to be mindful of what your customers are saying during the first few months and take the feedback as a guide on how to improve your business.
The problems associated with running a new business are often considered as birthing pains and these issues are quite normal that’s why many new businesses get unsatisfactory reviews during the first few months after launching.
While it’s something that happens to many companies, how you respond to these negative feedback will be integral to how your business moves forward.
Customer experience does not only pertain to improving the product or service itself. This also involves the way your company delivers the product, handles complaints, and responds to consumers.
- Is it easy for customers to order your product?
- Is your delivery service seamless?
- Do you offer a warranty?
- What is our return policy?
These are just some of the questions you should be covered to retain your customers.
Conclusion on Running a New Business
What is important for one business may not necessarily be what is essential for every other company.
While every business is unique, following this guide can help new business owners like you learn and evaluate how to prioritize the many tasks involved in your business.
Now I’d love to hear from you.
Which tasks you would love to prioritize in first few months of running a new business?
Let me know by leaving comments below.