Matthew Boone
3.01.2023
(Women Collaborating At Business Meeting: Via Shutterstock)
Starting a new business takes time and effort. That’s why here at XYLO, it's important that we understand it at each level of the company to ensure a positive impact on the business community. Each stage has its own challenges and opportunities that you, as the entrepreneur, have to address. Of course, each small business follows its own life cycle, but you can use the stages of a startup for guidance. To make your journey easier, here are 5 best practices:
Setting Measurable Goals
Set measurable goals; this will help you track your progress and measure success. Whether you’re just beginning or in an expansion stage, think about revenue goals, market share growth, number of sales and repeat sales, distribution channels, customer growth rate, and customer satisfaction to help validate your strategy. Segment those goals into actionable items to make them easier to track.
Identify Beneficial Resources
Identify beneficial resources; while having a lean budget may lead you to forego certain resources that could be beneficial to your company’s success (e.g., funding and skills), don’t forget about having a support system such as mentors or business advisors.
Acknowledging When To Pivot
Be aware when it’s time to pivot; if your product isn’t connecting with customers or if the competition is excelling at capturing media attention and closing sales faster than you are, consider changing direction - it will help keep the momentum going!
Understand When / If a Partner Can Help Your Startup
Look into whether having a partner would be helpful; they can offer specialized support in terms of labor skills knowledge and connections that you may not have by yourself. They can also provide emotional support and introductions to angel investors or VC firms.
Develop and Implement a Knowledge-Sharing System
Develop a knowledge-sharing system for your team; using one from the early stages onward not only helps with tasks but also fosters cooperation within the team. You can offer access to knowledge resources through intranets, web links online courses or article libraries - or even better an in-house mentorship program so seasoned employees can pass on their experience and younger colleagues get more personalized guidance!