When you decide to start a business, what allows to embrace a business management projected growth? We try to understand it right away with analyzing step by step the 5 following concepts.
# 1 – Choose a promising sector
If the saying is true that a good start is half the battle, the first thing to do in the process of launching a business project, is certainly to ensure the future company the choice of a sector that knows how to be thriving and profitable : a reliable market in which, in addition to be granted access, are also present real possibilities of earning. At this time the ecommerce might, for example, be a good choice if approached with professionalism, but for sure there are many other alternatives to sift carefully according to individual skills.
# 2 – Tracks the growth path of the winning companies
Given the fact that, especially for new owners with no experience, found a StartUp with the aim of turning it into a successful business can be rather difficult, instead of inventing from scratch their own growth model, it is certainly better to be guided path following earlier by already established companies .
Clearly along the beaten paths provides the advantage of reducing development times,but be careful, copy headlong can often make the same mistakes!
# 3 – Keep fixed costs low
One of the rules to be respected more when you start a new business, is to maintain the company’s fixed costs as low as possible. In what way? For example, making sure to hire staff on flexible contracts (at least for the launch period), taking into account the possibility of renting cars or machinery needed instead of buying them, choosing insurance policies, electricity suppliers and data-affordable calling plans, avoiding invest in expanding the business when money is scarce and, above all, by checking that the call never missing customer payments (if they grow delinquencies must intervene immediately with a good credit recovery program).
You may also like to read another article on BSOinvest: Start Up and Management: 10 Classic Failures To Learn From
# 4 – Always keep in mind the Pareto Principle
This principle (born through an algorithm to represent the priority aspects of a problem or a phenomenon present in a certain sector and focused on the so-called Law 80/20), when applied to business management argues that, in a generic line, 80% the revenues of a business comes from 20% of its customers and (especially in the case of SMEs) from 20% of the products offered. Being aware of this, it is perfectly clear what becomes important to identify the target audience and the most profitable services, concentrating most of the energies available on them to increase profits by reducing the effort.
# 5 – Suggest a thorough and timely customer service
Whatever the activity, it is important as well as duty to ensure customer service ready to solve any problem in a short time: real support for the public also used by the same to request feedback and opinions on the services provided.
This tool helps managers and business owners better understand what consumers actually expect from the team or what if any changes assumed for the short and long term. All results of the inquiries that can be inserted in special file to be used in the future to compare the satisfaction levels of the years examined.
The after-sales service is today one of the largest weights to the scale of customer satisfaction, not only for services but also for the products. In a market increasingly competitive and where the features and characteristics are less and less useful to a differentiation, the relationship with the customer is the true good that you buy!
These are 5 strategies to ensure the StartUp greatest growth opportunity: solutions to be exploited every day with the primary objective to transform a young business in a profitable and profitable reality.