Business Checklist Items For Staying On Top
Let’s not beat around the bush: Starting a small business is hard. According to Fundera, 20% of small businesses fail in year one, 30% in year two, 50% by year five, and 70% by year ten.
So it appears that, for new entrepreneurs, operating a successful business is a bit like surfing in the ocean. It takes some time and patience to find the perfect wave, but you seize your opportunity and get on top once it arrives. Unfortunately, staying on top of that wave is one of the hardest parts of surfing.
The same is true for running a business. Getting on top is difficult, but staying there is even harder. By making a list of these important items, you may be able to ride the wave a bit longer and keep your business riding high.
Make Sure You Completed The First Steps Correctly
There are so many steps involved with starting a business that you might have missed some. Before discussing some of the ways to maintain the momentum of your business, first, you should make sure you’ve built a solid foundation.
It’s important to take the time to retrace some of your footsteps and ensure that you didn’t miss anything in the first few months of operation. Some of the earliest steps required to open up a business will include:
Selecting a business name for the business and the specific type of legal structure under which it will be classified. Make sure you register copyrights, logos, trademarks and patents with the trademark office, and protect your intellectual property.
Creating a detailed business plan, developing a specific identity for your business, and organizing your corporate model. Order business cards, flyers, brochures, signage, and stationery and begin posting to social media platforms.
Obtaining a Federal Employer Identification Number for your business and registering it with the state government. Here is a helpful guide on how to obtain your Federal Employer Identification Number.
Opening an official business bank account in the name of the company.
Leasing a physical business location if necessary and getting insurance to cover any potential issues.
Applying for the required permits and business licenses needed to operate the business. This means registering as an LLC (limited liability company), general partnership, or sole proprietor. You'll also need to get any EIN numbers, and liquor license or tobacco license.
Setting up company accounting and starting a payroll for any employees that have been hired. Make sure to put your workers' compensation insurance, unemployment insurance, and health insurance in place
Marketing the product or service that you are selling to the public.
Items To Stay On Top
Once small business owners have checked off the various items listed above, you can focus on staying on top. This list will be much different and more abstract.
After all, you've already done most of the groundwork involved with creating a business; now, it’s simply keeping your foot on the gas and moving forward.
Perform A SWOT Analysis
Ideally, you should perform a SWOT analysis at least once a year, but it might be a good idea to do one every six months during the early years.
SWOT is an anagram that stands for Strengths, Weaknesses, Opportunities, and Threats. Performing this analysis helps you to gauge your position compared to your competition and helps provide an idea of strategic planning for the future.
This analysis requires internal data from your company as well as data from the market and your competitors. A SWOT analysis is performed internally or outsourced to an independent SWOT analyst.
These are a few examples of the questions that you should be asking for each separate factor:
Strength: What are our advantages over the competition? Which item or service is bringing in the most revenue?
Weakness: What are the areas where we can improve? Which item or service is bringing in the least amount of revenue?
Threats: What advantages do our competitors have over our company? Are there new regulations coming that could change our business model? Is the marketplace trending away from our product or service?
Opportunities: Is there any new technology or information that could improve our weaknesses? How can we expand our market and grow our consumer base?
Read And Study Everything Related To Your Business
As a business owner, you should be well-versed in your industry, its market, and its impact on the world in general. You should check these items off your list because you can never have enough information regarding your business.
You should regularly follow the latest news relating to your industry and the market in which it exists. Subscribe to and read any relevant industry publications and study the various statistics related to your customer demographic and the market in general.
You should also keep a close eye on economic developments and opportunities in your city, region, country, and even internationally. The goal is to become an expert in your business and in your field.
You need to recommit daily to reading, studying, and learning all that you can about your industry to reach this level.
Network Yourself and Your Company
Sometimes marketing yourself as a business owner is more effective than marketing the business itself.
For example, Steve Jobs was nearly synonymous with Apple. Most who knew of Apple knew of Steve Jobs. By effectively networking, Jobs could market himself to the public and became part of the brand.
Whatever item being sold would instantly see anticipation skyrocket if Jobs endorsed it. As the owner and operator of a business, you don’t have to reach the levels of fame that Jobs did, but you should have your name out there.
Developing an image of a trustworthy and charismatic business operator can go a long way toward customer loyalty and a positive brand image.
Remember Your Customers
It gets difficult to stay true to your roots as your business grows. However, you should try to remember what it was like as a customer and treat yours the way that you wanted to be treated.
Think of the various issues you may have had with a similar business in the past and create a better experience for your customers. Use social media to stay in touch with your customers and listen to what they have to say.
People will tell you exactly what they want from your company as well as what they dislike. It’s wise to read the comments and stay in touch with the average consumer as much as you can. Taking good care of your customers keeps them coming back to you instead of even considering your competition.
Use Apps and Tools That Help You Stay On Top
It’s easy to perform at your top level when you have the right tools. Work harder, not smarter, right? Productivity apps provide a way for you to interact with new customers, manage their details and information, and then use it to help generate more leads or sales.
Finding a productivity app that you like and sticking with it is easy. Once you download it, take a moment to learn its ins and outs, and then implement it in your daily life, it becomes invaluable. The best thing is, software developers constantly update their apps, making them even more valuable.
The Takeaway
Getting on top and staying on top requires discipline and actions. Instead of building your company, you now have to maintain it. If you aren’t careful, it could all come crashing down before you know it.
So, for new entrepreneurs who want to stay organized and get to the top, following a few of the items listed above helps. You can do all of this with Dialed. With this app, you’ll get a business phone number with content management AND marketing capabilities that allow you to network, stay in contact with clients, and stay up to date on all campaigns. With Dialed, the sky’s the limit.
SOURCES:
Step-by-Step Business Startup Checklist
How SWOT (Strength, Weakness, Opportunity, and Threat) Analysis Works
How Blockbuster Went From Dominating the Video Business to Bankruptcy
