Navigating through the early stages of your startup business is exciting as you face new opportunities and challenges. Consider these strategies to help your startup business stay operational in its early phases, giving it ample time to continue growing.
Empower Your Team
Encourage your startup team to think outside the box. Set a culture that promotes using best judgment as opposed to following strict procedure. This fosters innovation and creative thinking to help find new solutions.
Consider pairing new employees with an experienced team member to assist with on-the-job training and setting a culture of unique thinking. For example, if you operate a small accountancy business, consider teaming your most experienced accountant with a graduate employee. Encourage the new team member to find multiple solutions to solve a problem, or ask the new employee to suggest how something could be improved. Giving team members more responsibility also frees up time to focus on other areas of your business.
Crawl Before You Can Walk
Ensure your operations are modest during the startup phase of your small business to help reduce overhead costs. Consider setting up a home office and using third-party business services as opposed to leasing expensive commercial real estate. For example, if you operate an online store, consider using a drop shipping company instead of storing your own inventory.
It may be beneficial to hire contractors and freelancers before employing full-time staff. This allows work to be completed as needed and determines if the individual fits your small business. If your business sells professional services, consider using a commission structure to keep wage costs down and provide your team with selling incentive.
Become Known as Niche Experts
Market your small business startup as an expert in a niche area of a broader market. This helps your small business differentiate itself and takes market share from your larger competitors that focus on generic solutions. For example, if your own a small marketing consultancy business, consider becoming experts in omnichannel marketing. To increase your business’s credibility as having expertise in a niche, hold seminars at industry events, write articles for prominent publications, become a guest blogger on sites that fit your target market and engage with perspective clients through social media.
Measuring key business data using online accounting software helps you determine what your startup business is doing successfully and where possible improvements could be made. Business analytics software makes it easy to track data that provides you with a better understanding of your customer, helps you optimize your business processes, identifies cost savings and alerts you to growth opportunities. For example, if you own a small online business that markets products through various social media channels such as Pinterest, Instagram, Facebook and Twitter, analytics software could help you determine which platform you use most frequently to engage with customers in interactions that result in sales.