Starting a new business is an incredible experience, but there is a lot that will need your attention. It can be overwhelming at first as you find your footing as a small business owner, but it’s important to keep focused and make sure you’re paying attention to the right things. While there is plenty to think about and manage, here are five essential areas you need to focus on when you’re managing a small start-up company.
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1. Marketing
You must make sure you are implementing strong marketing campaigns from day one. Without them, your business might as well not exist. If you have little to no experience in marketing, hiring a professional marketing firm or an employee with previous experience is important. They will be able to manage your marketing tasks more efficiently, leaving you more time to manage other areas of your business. If you are going to take on marketing tasks yourself, make sure you’re utilizing social media platforms and other digital marketing techniques. These tend to be more budget-friendly marketing tools that are ideal for small businesses and start-ups.
2. Employees
If you have other people working for you in your start-up, make sure you’re keeping them happy. Trying to get a business off the ground is a stressful and challenging experience, which is why rewarding your team for their hard work and showing your appreciation is essential. You should ask for their feedback via surveys by using HR tools like the ones from inpulse.com and use this information to improve your employees’ experience.
3. Finances
Managing your business finances effectively is incredibly important, and you should be setting realistic budgets and sticking to them. In the early years of your start-up, it might take some time to begin seeing a profit, but at the very least you need to be breaking even. If this isn’t happening, review your budgets immediately and find out where you can save even further to keep your books balanced. Think about hiring an accountant to help you with this, as they might be able to give you some professional advice on how you should be spending your start-up’s money.
4. Customer Service
If your customers aren’t satisfied, you won’t continue to make sales. It’s important to always be looking to attract new customers to increase your sales margins, but don’t forget about customer loyalty. Consider setting up a rewards scheme for returning customers to show your gratitude for their customs, such as exclusive deals or a points system that leads to discounts. You must keep your customers happy through excellent customer service if you want to keep your business thriving.
5. Yearly Goals
You will have already written a business plan which should cover the first five years of trading, but remember to break this down into short-term goals to help you stay focused. Think about your quarterly targets – are they realistic? If you’re not reaching those goals, why not? Staying focused is essential for your business’ success, so make sure you’re reminding yourself and your team of these goals.
There is a lot that goes into managing a start-up company, but make sure you’re paying close attention to these essential areas to make it a successful business.
About Carson Derrow
