“Why isn’t my Business working like that one?”
This is the question that we hear most of the time. Our previous posts show the avenues you need to pursue before you even start – like have a unique business proposal, rather than do it to make money. If you are ‘in the middle of it’, however, how do you turn the ship around? A recent set of studies in a huge marketplace for small and medium sized enterprise businesses (OK, it’s the USA), show why businesses fail. The answers are remarkably simple, along with why others have done well. Can you change what you are doing for the better? The answers may as well be simple, too.
Invest for the future: Why did you start doing this? What is your ling term plan? Are you ready for it? It’s not a cost, it’s an investment. If you don’t need it for this plan, and this plan alone, don’t do it.
Risk: You can’t avoid it. If you do, you will fail. Ensure that you are ready for it, and combat risk with information. There is always risk, but any negative effects can be reduced by planning.
Hiring: Get a trustworthy accountant, they can save you money. Your website needs to be better than anyone else’s out there, and only a professional can do it – not someone cheap, someone good. Include some copywriting skills to that, too. These words are going to be seen by everyone, prospects, customers, professional contacts, everyone. It is worth paying a lot for being seen as the best out there. Get a professional logo, too. Are they the same people? You are lucky. If not – pay someone to do it. Lawyer: Only the best can stop you doing the wrong thing, warn you of what is about to happen, and let you know how to fire-wall yourself from the future.
Purchasing: Get insurance from a trustworthy source. You need it.
Hardware and Software: get the best, pay more for it, and include all of the security features and future upgrades you possibly can. If your business is going to rely on the net, or on an interface between your communities and your business, this is a must.
This is not ‘spending money’, it is ‘investment’. Get this right, and you are already better placed than 80% of all start-ups, anywhere. If you are “saving Money and staying away from Risk” you are killing your business. The ones that are doing well are sure of their businesses’ basics, and know they have to pay for that base. In other words, if you spend well and wisely, and take the leap to new products, markets, and business decisions on an ongoing basis, your business will be better placed to weather all kinds of storms. Of course, your natural excitement and confident knowledge also goes a long way to making your business a success.