Many experienced business people wish they could start again: they would make better decisions overall, factor in social media and a stronger advertising budget, and maybe even plan for more family time. So– if you are starting from the beginning–you have the opportunity to get it right the first time! Here are some tips from entrepreneurs who wish they had done what you have the opportunity to do right now:
1) Create a written business plan–before you do anything else. This just means writing down all the business ideas you spend time telling your family or friends. The most brilliant entrepreneurs fail to have a written business plan, and this causes them to just shoot from the hip too much of the time. The plan does not have to be tedious or boring; it can be simple and practical–a big ‘To Do list’–that includes clear and measurable goals for each 6-month and one-year period, and 7-10 ways you propose to achieve them. Then, from there, create your marketing plan (who are your customers?), a plan for finding the right employees (what exactly do you need them to help with, and where can you find them?), and an advertising strategy (where will you be able to get in touch with those customers?). If you take some time to put this down in writing and discuss it with friends or mentors who are in business, you will know exactly what you need to do and spend each step of the way. “Focus on strategy,” says Ari Tulla, Co-founder of BetterDoctor, a site that helps people find and make appointments with doctors. Then, you can revise your plan as you discover more routes to success, more products, and new marketing tools and social media avenues. Sample business plans are available on the web; many good ones are available at score.org, the website of the Small Business Administration (U.S.).
2) Choose very carefully the people you work with and hire. The people you have around you will set the tone for your business and will have a profound effect on your thinking. Motivational speaker Jim Rohn asserted, “You are the average of the five people you spend the most time with.” So look for your employees, mentors, and sub-contractors from among people you know and trust. Screen them carefully and get to know them and their circumstances before you hire them.
3) Use time effectively; if you do not have good time management skills, develop them–or you will not last in business. One business owner admits, “When I began working from a daily ‘To Do’ list, everything changed. I was really smart, but I guess I couldn’t remember everything and I would get off track. Now I don’t take on any tasks or meetings unless I finish my To Do list first. Make and implement a To Do list every day…and you will make more money the first year of business!”
4) Speaking of hiring a staff– Don’t just hire people you may have to fire later on. Try a combination of subcontractors, employees, and BPO outsourcing. You need people around you whom you can trust, but you also need fewer expenses and less bookkeeping. Make a list of what work you really need done. Then, make a list of pros and cons–expenses, how much control you have over the process, flexibility of the people you want (hours, ability to multi-task and take on a variety of roles, wages), reliability…and come up with a system that fits your needs. One employer we know made sacrifices to keep his employees…but had he hired a few temps or subcontractors instead of actual employees, he would not have made other bad decisions based solely on his belief that employees would not negotiate about their hours or salaries.
5) Make time to talk to your customers, and really listen to their feedback. Ask them what they like about your business, and what could be better. If your company does not always answer the phone in a professional manner and this annoys potential customers– do something about it. If customers have feedback about products, prices, or customer service issues–listen, respond, and send them a Thank You email. Then, look into the problems. Customers like business owners who are in touch with what people want. One entrepreneur admits, “I always thought some of my customers were complainers who just had nothing else to think about. But one time, someone reported a glitch in the online ordering system, and it turned out to be something far more important than was evident on the surface. Now, I have regular talks with customers and even call them just to chat once in a while. I also send out surveys to get feedback, and they appreciate the attention and refer business to me.”
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