In today’s young population, people are gradually admitting the fact that for the ultimate growth of life, having a great flow of finance is crucial. Agreeing with this fact, some portion of the population decides to go for a stable job for the regular inflow of income, while on the other hand, some of them decide to take the risk and opt to start their venture.
The business ventures are classified into 4 major categories – micro, small, medium, and large. Mostly, people that set up their start-up journey, start from a micro or small category. According to an article in Business News Daily, a venture with a revenue of less than $16.5 Million in an average of 3 fiscal years can be classified as a small business.
According to the reports, 20% of newly established ventures fail in their initial 2 years of operations. Therefore, in today’s article, we will discuss how a small start-up can touch the height of success in a few steps. Therefore, sit back down and pay attention to all these steps.
Research is the Key
In the initial stages of the business, each and every step that is taken within the enterprise plays a significant role. Let it be some financial decision or some team management decision; every decision plays a significant role.
To make the steps taken more viable and logical for the growth of the brand, it is important to do thorough research on the basics. For example, researching the market trends and the fluctuations in the flow of money etc can provide an enterprise with the foundation on which they can shape their strategy.
Also, researching the competitors that have a common goal as yours. What steps they took that made them succeed or what measures let them fall into the drain can help your enterprise to have a basic route map towards your goal.
Invest in Technology
A modern business should be equipped with sufficient technology. For example, in today’s computer-centric world, a firm with typewriters would not be that effective compared to its competition. Similarly, other firms, regardless of their industries, should invest in technology that is modern and sufficient to carry out daily functional needs.
In the inception of your journey, you might opt for used machinery, social media management software, or after-market products just to have a basic idea of their functionality. After some time, when you and your team get comfortable with them and your enterprise is making gains, you can go for more advance, new or original versions of the technology.
Mostly, the new ventures are made from scratch. Therefore, with the crunch of capital, there are measures like these need to be taken to gradually scale up themselves. But the main motto behind all of these measures is to build your enterprise up to modern standards.
Customer retention means making your customer avail of your services repeatedly instead of signing new customers each time. You indeed need to expand your client numbers, but it is also important to hold on a customer to your enterprise.
In the business world, it is considered that signing a new customer each time is 5x times more expensive than maintaining an old customer. With each new sign-up, you have to spend more resources from your company. Your marketing team, sales team, and each sector of the enterprise will engage and invest more time in searching for new clients instead of retaining their old ones. Therefore, it is as equally important to retain your client as to gain new ones.
These are some steps that you can use for customer retention.
- Impressive Customer Services: Make your customer service team more effective ad responsible for increasing the satisfaction level among your clients. This can also lead to an increase in consumer loyalty so that a happy client can stick up to your product or service for a long time. Make your business functions more organized and streamline your business operations.
- Product Quality: Some enhancement to the quality of your product or service can help in increasing customer satisfaction. With quality products and services, the consumer believes in your business and can easily become a part of your new campaigns or deals.
- Launch Campaigns and Loyalty Programs: With email campaigns, the customer will stay updated with the changes in the deals or can get informed about the sales that are going to be in your venture.
A loyalty program is all about thanking them for staying with you in your business journey. These programs consist of tailor-made plans or exclusive offers that are made just for some of the loyal customers to embrace their loyalty to the company.
With these small measures, you can retain a considerable amount of happy customers with your venture.
Engage in Networking Events
Networking events are organized at different places where a number of potential customers search for the appropriate brands to fulfill their needs. You can find your own long-term business consumer at these events.
You can organise team meetings to prepare for these events. Your presentation of your venture and execution of the plan should be up to the top so that more and more public on the ground gets attracted to your services and products.
Hire the Right People
Your personnel will be the ones that will contribute the most to the journey of your successful start-up. Hiring the right talent for your daily business needs is a crucial step. Each department of your company, whether it’s sales, management, labor, or accounting. Each of them ought to be having the best of the best talents.
The employees should also be responsible and hold credibility towards their work and decision. The quality of their work should not be compromised at any cost.
Effective Organised Structure
At this point in the article, you must have understood how important it is to have an organized structure. A clean and well-organized plan can help in the smooth functioning of the business needs, and in case of any delay, it can clearly point out the default in the process.
In order to create an organized structure, it is important for you to give a structure for your company with the right role so that he or she can contribute to the mission of upscaling the brand. This process of preparing this structure is called Standard Operating Procedures. Writing an SOP is a skill it requires intelligence to choose the right procedure for a particular role. You should consider learning how to write a standard operating procedure so that you can create a well-organized team of personnel.
Enhance Your Delegation Skills
In order to ensure the proper and smooth functioning of your start-up, you should know the art of delegation. Delegation is assigning the role among the working employee.
The owner of a venture should be aware of the capabilities of its working colleagues and their plus points. The owner of the business will be able to understand these qualities of its colleagues only if he or she regularly takes track of the records. Moreover, after assigning, the execution of the plan should be taken under surveillance.
Outsourcing Non-Core Activities
The concept of outsourcing is gaining rapid popularity among industries. Outsourcing means giving authority for performing your non-core activities to the third-party companies that are their core activities. For example, many Western companies whose core function is to manufacture goods outsource the responsibility of customer service (that is not their core activity) to some companies in South Asia so that they can give their undivided attention to their core function with lower expenses.
This way, a business venture saves money on salaries and also focuses on its main function with no distractions.