You’ve scaled the first wall, pitched your ideas into a business and got it started with some invested cash. Here is where your cutting-edge ideas meet the rigors of the real world. It’s no more pen and paper; you’ve landed on the real turf. At this point, you may feel on top of your game as you’re merely launching out what you strategically drew up. But in practice where nothing remains constant, your efforts must meet unseen complexities. Anything could change- prices surging up, your competitors annexing more territory, etc. Here, you must work real time as a manager, or your business will sink a few meters after setting up your sails.
The biggest deal here is cash! After all, you would realize it was the hurdle you had to jump before starting. Be abreast with every incoming and outgoing pesewa. Keep a record of all your expenses, and know whether you are growing or not. This could be a fine time for making monetary adjustments, as you are establishing your footing in the field. Do not be excited by good returns that may possibly be coming just yet. Instead, juxtapose that yield with the costs it took to get it and see the real profit. Consider other non-monetary factors as well like time taken to produce, and determine if it’s worth it, or whether that same time could yield even more benefits without compromising on your growth.
Also be sure to limit your spending. In the beginning, know you are yet to gain ground in the market. Thus, do everything to minimize costs and maximize the inputs of time and money.
- PRIORITIZATION & TARGETING
Everyone loves what looks fancy and would want to feel fancy. You would want to make a statement as a potential business tycoon; wear the choicest clothes, have a luxurious office, everything fancy for your new business persona. It’s not wrong to want to make such statements. But it could be unhealthy for your growth. It will be best to maximize returns at this point and explore all avenues for growth while you’re still a youthful business. Find ways to make your returns grow further, even if it means investment. All your choices must be tailored to growth, and every decision you take should primarily inure to making your potential stronger than it was before. This does not mean you should not look the part as a business entrepreneur. Everyone will be awed by your aura and perhaps encouraged to even participate in your work. But if this becomes a focus at the expense of maximizing returns, you would end up looking fancy and have nothing to justify it all.
Be sure to work to meet targets. Let the inputs of your production be implements for reaching short-term targets, and cross these off as you achieve them. Be mindful of distractions that may arise along the way and stick to the target. Only modify these targets with new elements, if post assessments prove they will be of better cost-benefit than the former.
- THE SPARE WHEEL
Your business journey can be likened to a lone traveler on a long journey. Your tire could flatten at any time in the middle of nowhere. In the real business world, it’s not enough to have a budget and time frames to execute the details in there. Have spare reserves you can fall on for unpredictable changes. Prices could hike and increase production costs, utility costs may surge or there could be local shortfalls in some resources you may need. In such times, reserve funds could come in really handy. They help salvage such unforeseen circumstances and keep you afloat amidst setbacks- and they’re going to come! Note that as an entrepreneur, you would have to fend for all your needs, even future needs. Keep investment accounts that will grow over time while you work, and do not fall on those for mainstream activity. Always be monetarily prepared for challenges- a reason why prioritization for peak yield is key.
- MARKET TERRITORY
Unless your business is a novelty one- first of its kind in your region, then you would have to find ways to own your territory. Your business cannot survive without customer acquisition and patronage. Find suitable channels via which you can attract customers that would be time and cash efficient. Produce to meet the demands of your customers and prioritize their need and peculiar wants. In the beginning, you may not be able to meet varied demands, but that capacity will rise with time and growth. Let your customers feel assured of your service and be attentive to their responses. Also, find means to expand your customer base and get more people to easily identify you. If this would mean advertisement, go in for channels that are most likely to reach your target market- don’t just jump into traditional advertisement media without this assessment.