For those just starting a new business, it can at times feel overly daunting. It’s a long journey to turn an unseasoned new business idea into a successfully realised and profitable company. There are countless considerations to be mindful of, such as balancing finances, marketing the company and managing customer relations. All of that is on top of perfecting the core product or service your business actually provides.
Yet, like most things, the path to success can be made a smooth one if you lay solid foundations from the outset. Here are my top four tips to help give your new business venture an unfair advantage from day one.
Invest in people
Undoubtedly, the biggest contributing factor towards a business’ success is the quality and talent of its people. It’s vital from the outset the members of your team genuinely feel valued and respected. Provide them with relevant training to grow their skillsets and reward them for their efforts. Who doesn’t appreciate a free team lunch?
When you invest in them, they will invest back in you and your company. At the end of the day, your people are the lifeblood of your business.
Draw inspiration internationally
Don’t be afraid to learn how similar businesses internationally go about solving the same problems your business is locally. Take inspiration from their success, as there is no need to reinvent the wheel – it may just need a simple tweak to improve. Likewise, learn from their failures and avoid making costly decisions that will negatively impact your business and reputation.
Growth before profits
It’s not unheard of, and surprisingly common among start-ups, to remain unprofitable throughout the early years of a new business. Take Amazon for example. The company openly shied away from profits for almost 20 years to instead invest in growth.
Invest in the quality of your offering, in customer acquisition to drive volume to trial, and getting your foundations in place with efficient systems and a kicking team. Once you have all of these in place, your business is primed for scale and will return sustainable profit margins.
Build Genuine Relationships
As the old adage goes, it’s not what you know, but who you know that matters. Invest your time and resources into growing meaningful relationships with staff, customers and suppliers. Be engaged, communicate openly and honestly, and go the extra mile in nurturing these relationships. It not only strengthens the relationships in your existing network, but also has an exponential knock-on effect, opening doors and opportunities across your second-degree connections too.
