It’s a common misconception that usually people have. Everyone thinks it’s not a hard job to run a business effectively. They eventually end up starting the venture with no defined future and a weak business plan. There are some major points which must be cleared before running a startup, like funds and capital needed and where you can get that requirement fulfilled.
Points to be taken care of before starting your business:
Business Plan, a key point on which you’re imagining a future running a business. It should be well documented printed on a sheet of paper and stick it on your desk. Done forget to have a look on it daily and make the necessary changes you feel to be good for the business. Also, get it registered as soon as possible before anyone else take up your ideas.
Always note down the ideas and suggestions which may end up in your mind. Every detailed note about the ideas will bring a significant amount of improvement over the business process. Have a schedule and task lists ready before you jump in to conclude the project execution.
Evaluate your money generators. Do not waste time on the things which do not add value to the business. Always make sure you follow the way where you think you can get some money to run your business. For a business funding, invest in stocks or forex, read out and explore lots of tips and tools like CMC Markets and other online services available.
Started with the business operations? Make sure you follow these to run it smoothly:
Do not ever entertain bad clients or projects. It may increase your burn down chart. Be nice to them, but firm. If you cannot fulfill their requirements, tell them frankly. Do not overburden yourself with new things which you are not expert.
Always have an attractive front face for your company. Get your business website designed by a professional designer and have all the marketing materials readily available over the table.
Be professional. You can have your fun. And business can be very fun. Just don’t act like a tool.
Do your market research properly. Have a list of clients which you want to target first. Present your business professionally to gain client’s trust so that they will not think much before investing on service you provide.
Treat your clients professionally:
Never discriminate your clients. It doesn’t matter how big is the project they bring. You never know what they might bring in near future.
Don’t be afraid to charge people. If you are providing your service to someone, you have full rights to ask the remuneration for your service.
Charge what you are worth and make sure you are worth what you are charging.
You will hear bad things about your service more than you will hear satisfaction testimonials from your customers.
Organize your employees properly:
If you ever need new employees, write down a proper job description to hire people and always review them in the weekly
Don’t be afraid to fire someone. If they are doing something bad or a bad fit for your organization, you should get rid of them now. They will eventually drag your company down.
Kill any sort of office drama. Create a good company culture.
Give a chance to employees to grow. It’s always fun to get to know about the employees about what they are capable of. Talk with them and understand what they like. Understand what and how they are excited to do the job. They might be bound to do a business project task, doesn’t mean they always have to do the same thing. Employees need to enhance their self over a period with new trends and technologies and implement in their project.
Keep praising your employees when they complete their task. Give the some bonus or just “Thank you” would be more than enough and it will cheer them up.
Bonus points for effective Project Management:
- Learn to manage time. Break up projects into small pieces. Just because something will take 6 hours doesn’t mean you have to do it all at once.
- Always shell out some time to improve your business model.
- Define your processes and workflow to make sure your business service is fulfilling current market trends.
- Don’t be afraid to appoint or hire some expert for a job or project. You might be having little knowledge or idea about how the project task will be done, but it doesn’t mean you should do it. Something just has to be left to the experts. Invest your time in something in which you are an expert.
- Don’t be afraid of adapting new technology and trends. Keep changing the ethics.
- Be honest with yourself, your employees, and your customers.
- You should always take time and go out on a vacation to clear up your mind.
- Always keep a track of what task you are performing, never shed an extra minute on any task which is not worth.
- Don’t surround yourself with negative people. If someone disagrees with your idea, it doesn’t mean your idea is bad.
- If you are struggling, get an expert business coach or internally ask your employees for help and suggestions. Get an accountant, lawyer, etc. A few bucks to ask or get a blessing on something is far cheaper than being sued.
- Learn to say NO. Especially to services outside of what you offer. The money will be tempting, but if something happens, it will cost you more in the end.
- Service sector businesses should always have their service level agreements ready with them to show them quickly to clients when needed.
Do whatever you are going to do very well. You don’t have to be the best but just better than your most of your competition.
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