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When a young motivated entrepreneur plans to start a business, it seems that it will run smoothly once set up. But, it so happens in many cases that the startups get stuck up and it becomes difficult to cope with any uninviting situation. Such situations often hamper entrepreneur’s ability to think properly and take viable decisions. So, why not put a process and implement such strategies that help your business run smoothly on its own and you get enough space to think strategically to scale up your business.
Have a co –founder
Most of the young entrepreneurs plan to start a business alone to have a better control. But you need to think whether you are strong enough to balance your emotions in good and bad times. Can you survive alone when everything turns bad? Are you able to visualize both sides of the coin without being biased? If you are not confident on above, better have a partner who shares the vision you have and brings synergy. Sometimes you need a second opinion from a person who understands you and your business like you do. Moreover, you get motivated; you get confidence once your ideas get validated by someone.
Invest your time in preparing business plan
Do not build a business plan just for the sake of building it. Do homework on your target investors; prepare a plan that can help them taking a decision to invest in your business. Of course, they have money and they are willing to invest, but they won’t if your business plan isn’t attractive to them. Investors won’t invest even if they are your relative and have confidence in you but not in your business. Hence, invest your time in understanding your investors and your business to simplify its scalability on papers.
Build a strong team
Upscale your budget on human resources; invest more in quality talent. A team with problem solving skills can save your valuable time which otherwise can require your involvement daily. Save your time to plan for your revenue, research on bigger opportunities rather being involved in daily operations.
Leverage your business with technology
Start researching on the latest technologies that are available for your nature of business. Most of the entrepreneurs are unaware that there are a lot of technologies available in today’s era that can bring efficiency to their operations. If you are running a business that deals with transactions on point of sale, consider Epos systems over manual tills. Give a try to cloud accounting services like Fresh Books, use Google apps for business. Automate to max by implementing technologies that can help reduce your turnaround time and cost.
Make use of Digital channels
Do not ignore the online presence even your core functionality is offline. Having a website is now cheaper than ever at a minimum ongoing cost and effort. Having social pages, like face book fan page are free and can make you go viral instantly if you have something interesting to offer or share. If you are having a physical location for your business, get listed on Google places and local citations.
Bring center of excellence by building in house team and with the help of out sourcing companies. Some areas of your business may cost you higher and you may lack an expert level approach while running in house. Hence, do not hesitate in outsourcing whichever is non-strategic in house.
Build your network offline as well as online. Try attending events that are related to your industry, meet people as much as you can. If possible host such events and provide your expertise to your industry players, customers and investors. Build a community on LinkedIn by participating in groups and by sharing your views and expertise.
Have at least one advisor
You as an entrepreneur look like tough guy that can handle any situation. But it’s not true all the time, no matter what is the age or level of expertise, an entrepreneur always require a personal coach or a domain expert or a person with large network. Find an advisor who has enough experience and retired or about to retire to share your ideas. Stay in touch on regular intervals with your advisor.
In short, you have to free yourself from the burden of being one man army. Empower employees, automate to max, and have people to share your ideas to avail a space and confidence for yourself. You then have time to do the things at which you are the best to get most out of your business.
Image cover credit: KnowledgeM
Guest post by Julie Evans: Julie is an EPOS expert and currently serves as the head of marketing at Epos Direct. For more than 16 years, she has researched and analysed the requirements of a wide range of business formats to develop EPOS software that satisfies their unique requirements.