There are two types of people: planners and doers. But to build a successful business you have to be both. Chalking out a brilliant business idea and successfully impressing investors is one thing, and using that investment to build a successful business is another. That’s why Harvard Business Review
reports that 66% startups fail to give any return to their investors.
Business seems difficult, right? Well, it is, but if you adopt a simple five-step guideline once you have raised funds for your startup, then growing your business will be a lot easier. These five steps will make your business laser-focused on a goal, resource-rich and agile to achieve success. So, without further ado, let’s see what the steps are:?
- Trust Your Plan - Derek Pacque, the founder of CoatChex (now Chexology) refused an offer of $2 million from Mark Cuban of Shark Tank! Why? Cuban offered the money in exchange for a 33% stake and Pacque was not ready to hand over that much control. Besides he was confident that his plan is credible and turning down one offer would not compromise its future. Before you utter the word ‘fool’ let us tell you CoatChex is a $7 million company now. That’s the type of trust you should have on your business plan.?
- Hire Right People: Who are the right people? A small number of efficient and like minded people is what you need. Heard of OpenAI? They have revolutionized AI with just 375 people and pushed Google (with an employee strength of over 1,78,000) into emergency.?
- Spend Frugally: Money is the most vital resource of your business and making unnecessary expenses means pushing your business towards trouble. Doesn’t matter how great your business plan is, it cannot stay afloat without money. Develop an efficient financial management strategy to manage your finances and set up priorities.?
- Focus on Quality: Quality is the special ingredient that makes your business distinguished from competitors. Your focus should be on maintaining an optimum quality standard while always trying to elevate the quality of your product or service.
- Develop Strategies: Strategies are vital for business success. They help navigate risks and setbacks, like competition, recession, and marketing failures. Develop strategies for each business section, such as sales, marketing, and resource management, with measurable outcomes and timelines. Stay adaptable, open-minded, and refine strategies as needed.
