So, you’re starting a new business! It’s an exciting time, and you’re probably full of great ideas. In addition to your passion and motivation, you’ll need a few other key components to ensure the success of your new startup.
Among the most important include:
Your roadmap and guide is your strategy. How will you find and engage customers? What processes will you use for making sales? What’s your competitive advantage? How will you address your customer’s needs? These are some of the questions your business strategy will answer.
Know Key Success Factors
To direct your strategy, you’ll need to connect it to success factors. Think of these success factors as goals. When starting your business, getting into the black may be one of your first goals. You may set other goals such as customer satisfaction ratings (either online or via survey) or launching a certain number of products. These goals will be very specific to you and your business. But remember, pick only a few to start with. If you try to achieve too many at once, you’ll scatter your resources too thin.
You need to have a picture of your ideal customer in mind. Why? This will help you tailor your services, products, and marketing towards your target audience. Discover your ideal client as soon as possible!
Finally, in order to reach goals and make progress in your strategy, you’ll need to hold yourself and others on your team accountable. How? Meetings, reports, analysis and other tools and resources can help measure your progress.
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