Startup SME answers and questions
1. Why do I need to build a network?
You simply can’t do everything on your own. This sentiment was a recurring theme from the Small Business Coach, echoed by each of the individual coaches. As an entrepreneur, you need a solid network of people who can support you, both professionally and personally. Start with using the services of a good accountant and attorney to help you structure your business and avoid nasty pitfalls. Build a network of dependable advisors who bring varied and practical business skills – and who are honest with you in giving feedback.
2. Should I try outsourcing ( To hire a consultant)?
Outsourcing might be the answer to managing certain aspects of your business with optimal efficiency and cost effectiveness. When deciding which specific business activities to outsource, consider these criteria: Is the function a core strategic component or differentiator to your business? Do you need complete control of this function to deliver your value add? Do you perform this function better or at a lower cost than anyone else?
3. How can I recruit the best job candidates?
View recruiting as marketing. You carefully tend to the image and increased reach of your business to enhance your likelihood for boosting sales. You don’t go out looking to make a sale only when your pipeline is empty. Take the same approach to hiring. Make your company appealing and visible to job seekers. And make it easy for people to apply.
4. How can I improve my cash flow?
If your cash flow seems to be lagging, despite brisk sales, take a look at the following areas for improvement: invoice generation (Are your invoices going out in a timely manner? Are they accurate?); credit checking (Do you have a process for extending credit to a customer?); and order fulfillment (Are you delivering order on time and in full?)
5. What are the best employee incentives?
When establishing employee incentives, look carefully at your company culture. Providing things such as job security, a development plan, or even an hour off on a Friday afternoon will improve levels of loyalty, productivity, and engagement. If you can afford to invest in people over a prolonged period of time, you’ll find they will buy into your company’s journey.