Tuesday, 6 September 2016

The top 5 ways a startup can stop failure from happening

It's a sad fact of business that many startups fail in the first year. The pressures on a new business and startup owner are great and if you don't get things right from the start them you run the risk of adding to these statistics. But it isn't all gloom and doom. There are things that you can do to become a startup success. Here is our guide to the top 5 ways a startup can stop failure from happening-

Communicate

The biggest skill for any startup business is that of communication.You need to be able to talk to your customers, the market and your suppliers in many ways over the course of that important first year. Although you may not always feel like it there is so much that can happen through effective and constant communication. Get on the phone to your contacts and let them know what is going on. The more you communicate then the more you will get in return.

Get the right help

It can be easy to think that you have to save costs at every turn when you have just started up your own business. It is true that you don't want to spend frivolously but you don't want to cut everything out of your budget. There are certain areas where professional help will really get you on the move and make sure that you don't end up in trouble further down the line. These might include-

  • accountants
  • solicitors
  • marketing consultants
  • web developers
  • financial advice
It is wise to get the right help to fire up your startup and get it moving in the right direction.




Search for customers every day

No matter how busy you are today you need to stop and think about how busy you will be in the future. One of my old managers used to say that you need to "feed yourself" every day with new business for the future. You want to know that you will have enough work tomorrow, next week and next month so take that little bit of time every day to connect with a customer, follow up a prospect and get that next piece of work in. The success of your business depends on it.

Marketing matters

You need to keep up your profile in the early days of your business to become established. Too many startup businesses just see what is in front of them and this is a dangerous tactic. When you just start out then you are not known to the vast majority of your target market. The only way to reach out to these potential customers is to keep your marketing efforts high. Social media, your website, your blog and other more direct marketing will all keep you in focus. The more you reach out to your market then the more likely you are to receive business in return.

Keep up your standards

It can be easy when things are not going right at times in the first year to change what you are doing. Although you want to react to the demands of your customers what you don't want to do is drop the standards of your work. You set up your startup with a vision of how you were doing to do things and that vision is really important when you want to stand out from the competition.

Our number one tip is to keep on plugging away with the high standards you have set yourself. This way your customers will see the quality, return and tell their friends. Tat is the way to grow a business.

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