Starting A Business; 6 Things You Should Know!
We understand that starting a business is always a daunting task especially when you don’t know what to expect or how to deal with certain situations; here are 6 things that will help you lead your company to greater heights.
Stick to what you know; your core competency
The only best way known to grow a business is sticking to what you excel at. There is a saying; “if it’s not broken, why fix it.” Most startups spend lots of money on opportunities that end up being a complete waste of time and loss of revenue. If your customers are happy, it means you are doing something right, that is why they keep coming back. You stop/change it, they are gone.
Don’t inherit big organizations cultures
In big organizations, there are Monday management meetings, Tuesday sales meetings, Friday operations meetings and so on. But for startups, red tape plays a big factor especially when a certain size is reached. Just because one or two of your employees came from large companies does not mean your company need to become more corporate, you really should not try to act big. If you create an open environment in your company, you don’t need all that. Setting up open office layouts may be a good idea as you won’t need to hold meetings as everyone is already in the scene.
Why should your employees always have to ask for permission to carry out organizational tasks? It may be a good idea to loosen up and give your employees specific tasks and trust them to bring to your attention positive results. Business is business; even if they bring negative results, together you should figure out areas that need to be improved and everyone will know what to do next time.
Don’t play the jealous boy/girlfriend
You’ve delegated (shared responsibilities) but it doesn’t mean you should always be on your employee’s case. Micromanaging is never a good idea; let your employees bring to your attention things they think you should know. Don’t put pressure on them because when employees feel they have authority to take action without anyone spying on them they become more productive and generate more revenue for the company.
The customer is always right
While Steve Jobs the founder of Apple believes the opposite; I believe the best way to grow your audience is to listen to what they want; it will be bad management for you to ignore your product reviews from your clients as its one way to know what suits them. When your clients tell you what they want and you give them what they want they’ll stick with you for a long time.
Bring back outsourced processes in-house when the need arise
Outsourcing some of your business activities might seem like a good idea; yes it is but the problem is that once you reach a certain growth rate it’s tough for a third party to grow with you. When your supplier starts shipping orders incorrectly and/ to wrong addresses; it’s time to take matters in your own hands, because in business two things matter; how many customers you have and how long you keep them.