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5 Business Tips for the New Entrepreneur

StrategyDriven Entrepreneurship Article |Business Tips|5 Business Tips for the New Entrepreneur600,000 new businesses receive their licenses to commence operations in the US annually. While the business market can be challenging for the new entrepreneur, you can succeed with the right strategies. Although the sheer amount of responsibilities to establish a new brand is enormous, you shouldn’t be discouraged. Instead, you should discover your reins as you get into the entrepreneurial seat. That said, here are some tips to help you out.

Mental commitment to put in the hours

Nothing good comes easy, including starting a business. It requires a commitment to spend more hours to make it work. Therefore you should work extra hard for the following purposes:

  • Implementing business strategies
  • Connecting with customers
  • Setting the groundwork to bring in revenue (with a strong focus on the long term)

It’s prudent to focus on strengthening the business’s framework in the first year or two. Acclaimed entrepreneur Dave Conklin believes that grasping this concept builds your mental fortitude as an entrant in the business world. Moreover, it would motivate you to work harder than you’ve ever done.

Keep your finances tight and smart

For a small business owner, having control of your finances is crucial to business sustenance and survival. Usually, small businesses tend to use fewer resources than bigger establishments comparatively. Therefore, keeping tight control over your finances helps you carefully determine your resources’ utilization. It would be disastrous if you allow your spending to spiral out of control.

Remember that most small business start-ups in the US fail in the first year because of poor financial management. Moreover, Pew Research findings revealed that more than 40% of new small businesses seek bank loans to remain operational each year. While you may think that bank loans are lifelines, they come at interest rates that can cripple your young establishment.

Know your competition

Unless your small business is a unique niche, you do not have the luxury of dominance. This stems from a business need that thrives on winning the most significant customers while offering value. Indeed, it is a dog-eat-dog business environment, making it imperative to stay ahead of others.

Keep your current job

You shouldn’t quit your job immediately. First, you need your regular monthly income to support your expenses, as it would be illogical to depend on business profits in the first year or two. Ideally, business profits made in the first few years should be reinvested into the establishment to make it better.

Work with a plan in mind

More than 80% of the time, small business start-ups have it quite challenging in the first three years. While this is to be expected, you must work with a plan as an entrepreneur. Moreover, you will not be making profits immediately; therefore, never leave business decisions to chance when you’re still finding your feet. Define your goals, expect not to make a profit immediately, and avoid time waste. Stick to the plan to improve your focus.

Hopefully, these tips will be helpful as you embark on your new small business project. No matter how much theoretical knowledge you have on business management, you still need the practical aspect. Therefore, learn as much as you can when you finally get the opportunity to run yours.

Growth Mindset Should Be a Part of Your Business Strategy

StrategyDriven Strategic Planning Article | Growth Mindset Should Be a Part of Your Business StrategyAn organization that embraces a growth mindset positions itself to thrive. A growth mindset encompasses a set of behaviors and attitudes that reflect a business owner’s belief that their company’s business model is not set in stone. Such an entrepreneur is open to infusing new talents, innovations and creativity into the business to strengthen it and guarantee its longevity.

Aside from adjusting your business model as part of your growth strategy, you should also hire flexible employees with the capacity to learn and grow with the business. Your staff needs to share in your ambition to develop a future-oriented business. They should be ready to take on new roles, advance their skills and evolve with the company’s growth.

You will also rely heavily on integrated learning tools that facilitate employees’ professional development and streamline business operation. An Integrated Learning Systems (ILS) mindset growth arms the learning and development (L&D) department with accessible solutions for the evolving business operations.

Striving to become truly good at what you do guarantees that more customers will want your services. A growth mindset enables your business to stand out because it ensures you put in the work to achieve the company’s full potential. Continue reading to learn how incorporating a growth mindset in your business strategy helps you add value to the company.

Embrace Integrated Learning Systems

So how do you ensure you have talented employees by your side as you prepare your business for exponential growth? Integrated learning systems (ILS) is the solution you should embrace to provide your workforce with the necessary training to withstand the roller coaster ride of change as the business evolves.

How can you train your growth mindset and ensure your employees are more knowledgeable and competent in their jobs? Technology-based employee training offers a stack of solutions that address all parts of their learning needs. ILS mindset growth enables your business to shift towards digital learning and earn the massive benefits of training your team to execute development projects better.

ILS provides your company with a vast library of content suitable for end-to-end corporate training solutions. The system’s continuous micro-learning allows your staff to master new skills in the flow of work. Such a modern integrated learning solution that embraces all types caters to different types of employee development needs.

You also gain access to various forms of skills assessment to deliver skills-driven learning. This way, your employees can be more productive and better positioned to satisfy your customers.

Build a Culture of Taking Risks

To embrace a growth mindset is to accept that failure is an inevitable part of growth. But this should not hold you back from stepping out of your comfort zone. Oftentimes, when entrepreneurs recognize their weaknesses, they end up holding on to their failures as well. But working on one’s weaknesses does not mean you carry your failures as a burden.

When you focus on your failures, you’re distracted from the potential success your business can achieve in the future. Instead, claim and learn from past failures, then focus on growing from the mistakes. Building a culture of taking risks enables you to feed creativity and innovation into the business to fuel it forward, notwithstanding the risks involved.

Ensure you lead by example by practicing controlled risk-taking to allow the business to expand beyond your established market segment. Additionally, allow your employees to take on leadership roles that require them to learn how to think on their feet. If you don’t empower your employees to take some risk, they cost the company money by playing it safe.

Forward-thinking employees will learn from their mistakes and utilize their freedom and independence to tap into new markets. While it will take some time and effort, the risk is worth the reward.

Understand Your Purpose

For your business to stand out based on its specialty, you need to be purpose-driven, doing what you love for the people that love what you do. Purpose helps you define your company’s reason for being beyond profit. Ensure the purpose you establish for your business encompasses the company’s ultimate role in the broader economic, environmental and social context for years to come.

While on the surface, the products and services you offer keep your business running, a clear purpose that defines the impact your company can make guarantees its longevity. Define and articulate your purpose in a way that enlightens your employees and propels positive change. An elaborate purpose will:

  • Inform your long-term business strategies
  • Establish a competitive advantage in a saturated market
  • Inspire innovation
  • Boost brand visibility and brand credibility

Your employees will be motivated to go the extra mile to put your business on the map when you establish a relevant and aspirational purpose for your organization. Your purpose will be like the north star that guides day to day business operations towards a specific goal.

Conclusion

To become a forward-thinking company, you need to incorporate a growth mindset in your business strategy. It’s essential that you think and act differently in order to position your business on the map. Use these solution-driven approaches to unleash your business’ full potential.

Internal Communications Within Your Business

StrategyDriven Business Communications Article |Internal Communications|Internal Communications Within Your BusinessHow your team communicates could be the difference between a project going smoothly, and some serious miscommunication that blows the budget. There isn’t a single communications style that is applicable to all industries.

For example, those who work within an office will be able to communicate via video calls, instant messaging, and emails. For those who work in construction, or in fieldwork a two-way radio can often be a better option. For more information about that communication type, read here for more.

Internal communication for your business can always be improved and modified to make sense for your company and team. Here are some of the ways that you can improve your business comms within the team.

Be the example

All of the management and team leaders should be in a position to show what great communication looks like. Since we aren’t all blessed with natural communication skills, it might be best to have training.

Work with certified communications experts to improve the skills of your leadership team. You can do it with formal training, having assessments, open feedback sessions, and more.

The better of an example that your leadership and management sets, the more likely it is that your other staff will follow suit.

Online

Face to face meetings, although they can be useful, take up a lot of time. 2020 has leaned heavily on online video calls and meetings. Taking communications online saves time and money. Although there is a balance to find within the online world, it is usually faster to communicate this way.

As leadership, it is important that you research and understand what video call fatigue is, and how you can best support your team.

Value

If there is no value for the people attending the meeting, then ask yourself do they need to be there? Requiring attendance at multiple meetings should serve a purpose for all involved. Make meetings impactful, so they always have a reason.

If there is a value for the project updates or they play a vital role it will be of value to them.

Attending meetings for the sake of it takes up time, resources, and costs money.

Open goals

There will be team specific goals and company-wide goals. Making these public will mean that everyone will always be held accountable for themselves, and within their team too. We know that setting goals are the best way to achieve progress, making the goals transparent to your team will encourage them to achieve more

Tools

When your team is working remotely, you need to make sure they have the tools to communicate well. It might include some of the following tools:

  • Slack
  • Zoom/Teams
  • Asana/Monday/Trello
  • Company email account access
  • VPN or otherwise managed security to keep communications secure
  • Hardware like a laptop, mobile phone, and other items to be able to do their job

Internal communication is one of the keys to ensuring that your projects, services, and products meet the high standards you set for your company. The right communication system can save money and increase productivity – but it starts with management.

How to help your business grow in 2021

StrategyDriven Entrepreneurship Article | How to help your business grow in 20212020 will go down in history as one of the hardest years for businesses. Some industries, like nightclubs or stadiums, haven’t been able to open their doors since the very start of the year. Even the businesses that are normally in constant high demand, like fast food restaurants and coffee shops, have faced their own challenges and seen big drops in revenue. The sad reality is that some businesses won’t survive long enough to reopen their doors after the Christmas holidays. Those that do survive will be desperate to increase their profits to make up for the damage caused by the coronavirus. If you’re one of those businesses looking to recover, here are some of the best ways you can help your business grow in 2021.

Employ the right people

One of the most important aspects of any business is the people you employ. Choose the right employees and they will be your most important asset. Choose the wrong people to work with and they can cause all manner of problems, including poor productivity, inaccuracies and they could even damage your brand’s reputation, all of which will impact your ability to turn a profit.

To make sure your business can reach its financial potential, it’s important to choose a talented group of people who can work well together to produce a good product or provide a good service. It’s important that you choose people with the right skills you need to compete those all-important tasks. One of the best ways to ensure you find people with the right skillset is to seek the help of a recruitment agency that truly understands your industry. Whether you work in the construction industry or the performing arts, find a local recruitment agency that can instantly recognise what makes a good potential employee for your business. That way you won’t be wasting your time meeting up and interviewing candidates that are clearly not the right fit for your team. If you suddenly have a gap in your workforce that needs filling, they can find you the right person to fill that position before your productivity is affected.

Introduce yourself to your customers once more

If you’re involved in an industry that has been forced to close temporarily or reduce the services you provide, it’s important to remind your customers of your existence once you are able to fully reopen. Even if you have been able to remain open, it may be that the restrictions have meant many people just haven’t required your products or services. A lot of businesses are in this very situation, for example those who sell travel insurance or even those who sell suits and dresses for big evenings out socialising.

One of the best ways to attract those customers back is to act like those customers are brand new to your business. Create a marketing campaign that explains the advantages of using your products or services. Remind them of how they can buy goods from you or access your services. Make sure this marketing is located in the places where your target audience spends most of their time. For young people, this could be on social media platforms like Facebook or Instagram. For the older generation, this could be in newspapers and on the radio, although an increasing number of people in this demographic are now using social media.

Revisit your pricing

Over the last few months, it’s probably not just your earnings that have taken a big hit. It’s likely that some of your customers also have a lot less money than they did this time last year, whether that’s because their hours have been reduced at work, they’ve been furloughed or they’ve lost their job completely. If this is the case, the main obstacle stopping them buying your product may be the price. Consider either reducing the price of your products or offering cheaper alternatives for those who have a smaller budget. For example, you could offer a product in smaller quantities or made from cheaper materials.

On the other end of the scale, there could be customers with lots of money saved up as they weren’t able to go on their annual holiday or they just spend less money on things like day trips and nights out. Consider offering luxury packages to encourage these customers to spend more money with you. You could group several of your products together and sell them as a bundle, offering customers a small discount for buying all of the products together.

How to Start Up Your Own Business

StrategyDriven Starting Your Business Article |Start Up Your Own Business|How to Start Up Your Own BusinessWhat an exciting time for you! You have decided to start up your own business, and your heart beats faster and a trickle of sweat creases your forehead.

A million thoughts bombard your brain as you have your epiphany moment when you realize that all the events in your life have been leading to this grand moment – your destiny! Maybe you should put the brakes on for a minute, though, and begin to think of things like business growth strategies for your masterplan.

Here’s a quick step-by-step guide for you to follow.

Is this a business with a hook?

In other words, is there something unique about it that will make people want to buy from you? This may not be the case, but there may be a zillion businesses like the one you thought of, and if that’s the case, then you will have to have that “Wow!” factor that’s going to get the people running to you. What will that factor be for your product or service?

The expert market research writer at best essays, says that if it’s something brand new, then the field is wide open, and your business may fly very early on in its existence. Can you cope with this scenario? You could find yourself shooting to the sky while your business collapses around you.

That’s obviously a worst-case scenario, but you must consider all the possibilities and how you would deal with each of them. That’s very smart thinking.

Structure, structure, structure

The more pillars to support the business, the better. One little pillar could collapse very easily, but a couple could hold up the framework if one or two collapse.

It’s important to firstly think of the top structure. This is an extremely important question – do you want a partner? Do you have someone in mind that would be a good fit? It’s nice to have the security of having someone with you to deal with all the myriad events that occur daily in the running of a business. Is that person going to have an equitable share? If he or she is bringing money in to start the business, that’s great.

However, a word of caution – most people have a story to tell about “the partner from hell.” You don’t want this; your business doesn’t need it and your sanity doesn’t need it. Even best friends can turn into monsters. Money does funny things to people.

The blueprint for success

If you are going to go it alone, or even you risk having a partner, you will probably need funding for your business. You are going to have to get a business plan together, and you could seek an operator that will help you in this endeavor.

All financial institutions that you approach will ask you for a plan, and it must be a sound scenario that looks at your objective, projected income and profit margins.

According to a renowned motivational speaker and researcher at an assignment writing help, don’t lose heart if you get turned down by one company. Try and try again, and if your plan is sound, you will find someone who will back you.

Also, take another look at your plan and maybe do some fine-tuning. There could be a simple reason why backers are turning you down. Don’t be afraid to ask questions and find out what exactly is troubling them. Some adjustments could see you get that finance! You could approach a small loans provider. Get ofay with all the legal structures and requirements.

The dreaded paperwork!

You will have forms coming and going like never before, but they are a necessary part of starting a business.

There are the forms for your backers. Signed, sealed delivered should be the sequence of events here. Ensure everything is completed on these vital forms. Read the small print! Ask questions!

There are many business structures, and these may change as your business develops. Each time there will be more forms. Read the small print! You will need to plan and think of leases, utilities, staff payments and so on.
More forms! Read the small print.

What’s in a name?

Well, a lot actually. A catchy name for your business will go a long way into grabbing the curiosity of others. Does your name accurately reflect the nature of your business? This is not vital, but it helps in honing down the possibilities when people are thinking of a service that they need.

A cute but irrelevant name could be fun, but also an annoyance. If you’ve ever watched the goings in Shark Tank, you’ll know how the sharks get irritated when the presenters think they’re onto something good with a name but it’s quite meaningless. Anyway, think, test it out on friends and ask them to be blatantly honest with you. Catchy and relevant is the way to go.

Register your company

You must register your company with the government and the IRS. If you have gone with a small loan’s provider or a business start-up consultant, they will be able to help you with all that is needed in getting your company in line with the government requirements.

You will find it a requirement of most states to supply a form stating the nature of your business. When it comes to taxes, you will need to keep your business and personal taxes separate. There are rules aplenty when it comes to the IRS, but again, you can get expert help on all this from your consultant or backers. Just ensure that you have completed everything that is needed by state and federal governments. Don’t leave any strings hanging that can trip you up.

Get insured!

This is something that slips the minds of a lot of people. There could be damage to the property you have rented, or theft, or a myriad nasty things that could happen.

There are quite a few different insurance policies that cover various aspects of your operation. Make sure that you know all about them, especially if you are providing a service. It is the nature of life that things can go horribly wrong, and when it does and you’re insured, then there’s nothing to worry about.

Speaking of those strings that can trip you up, most business memoirs will include events that damaged a company, but the owner wasn’t insured. It could be a small thing that would never occur to you. Again, get the advice of insurance experts.

Tackling the team

If you’re going to have a sales team and specialists working for you, build your team wisely. If you’re going to advertise, use the sites that you think will attract the right people.

Make use of the call-back system that Broadway operators use when casting a show. Get the person to come back and then back again. It’s rare that producers of a show cast the person the first-time round. By using this system, you’ll make doubly sure that you have indeed chosen the correct candidates.

Also, when using “call backs,” have different people with you when interviewing. This way, you’ll get the perspectives from all the angles.

Is anyone there?

This is a simple one yet can make or break a company. Once you have everything in place, get to market your company. If no-one knows about it, how can anyone buy from you?

Depending on the nature of your business, find out what will make the right impact, and this should be a team effort. Today, besides direct marketing, using digital marketing to its fullest extent will ensure that people get to know about you, quickly! Here’s some sound advice – only market when you’re ready to. There’s nothing worse than garnering a demand without your ducks in a row.

Conclusion

Good luck with your efforts. Three words you must keep in mind all the time – Plan! Plan! Plan! Let this be your mantra on the road to success. The times are challenging but challenges always throw new opportunities and that is what builds new brands and billionaires.


About the Author

Charlie Svensson works as a freelance academic writer for an assignment writing service that ranks as the best thesis, dissertation and essay writing service in the business. His work is centered around providing assignment writing help to university-level students, both native and foreign. He is currently authoring a book on the role of sports in career excellence and plans to release it around January next year.