Setting up and running a new business can be challenging and rewarding in equal measure. With 60% of new businesses failing within the first 3 years, it is important to ensure that start-ups are creative, tenacious, and well-planned.
First steps in ensuring new business start-ups beat the odds and succeed
According to Business in the News, there are several strategies and ideas for new businesses, ensuring that new start-ups beat the odds and go on to become successful and profitable.
Every successful business begins with a great idea. Focus on individual talents and passions, finding a niche to suit. Researching the specific area in question to find demand and gaps in the market is a great place to start. An initial business idea must be strong to survive.
Set goals and track progress from the start. Use a strategy management system such as OKR (Objectives and Key Results), which allows staff to be more productive, holds management accountable and represents a business planning pathway.
Implement strong, consistent business processes from the outset, allowing staff to be more productive, meet targets and objectives and allow for effective performance management.
Organisation skills are imperative for maximum productivity. This allows the business to meet targets, prioritise, multi-task and utilise time effectively.
Having the right team is essential to any business’ success. An honest approach, owning and examining any weaknesses or lack of expertise in the management team, allows for the gaps to be filled with the right staff who are experts in these fields.
Increase your resources and access to information by increasing your social and business network. Networking and establishing relationships with fellow business owners and new start-ups builds valuable relationships, increases enterprise opportunities and, most importantly, ensures that there is a network of readily available advice from peers.
Help available to new business start-ups
Many firms offer help and assistance to new businesses, with business advisory services. These examine vision and strategy, leadership, developing people and target planning for profitability and growth. Stroud business advisory services from specialists such as www.randall-payne.co.uk/services/accountancy/stroud-accountants offer invaluable advice and insight.
Starting a new business can be daunting for anyone. New businesses are successful based upon talent, persistence, and an element of sheer luck, but there are many opportunities to sway the balance in favour of success and growth.