Welcome back for the second installment of starting a small business. If you’re reading this then you must have read the first piece on starting a small business and the important factors that must be considered and enacted early on. In the first section of this two part series I highlighted the importance of multiple factors like setting team expectations, managing your employees without an ego, having a clear set of processes, creating a solid foundation, and getting open and honest feedback from your team or employees. In this new installment we will discuss some more variables to keep in the forefront of your mind and lock down immediately to ensure the success and growth of your new business.
Transparency is Key:
You want to be as open and honest with the people working with you and for you as possible. Your small business shouldn’t be hiding anything from the people that are dedicating their time and efforts to growing your company. The more your employees know the better because they will be more involved and committed to the cause rather than being in the dark.
Start documenting your company’s progress and recording all your milestones. Knowing where you started and where you are at any point in time will give you a realistic point of view as to how your company is performing. It can also be extremely useful to share with potential investors when they ask about your progress from the beginning. Documenting your progress will also show you real time numbers and data so that you can accurately map out the future of your business and the potential ability to scale.
There are 3 P’s that exist in each and every business that are extremely important to your business. The first P is “Process” which alludes to knowing and understanding all of the processes your company uses on a daily basis. The second P is “People” which is related to filling your company with good, hard working individuals that are going to propel your business to the next level. The last P stands for “Product” which is the main point of your business when it comes down to it. Product is what you sell and what makes your money, so knowing the ins and outs of the product(s) you are selling is vital.
Supreme Customer Service:
A rock solid customer service team can be the difference between a sale, a continuing customer, or a good review online. Your customer service team must be well-versed in all aspects of the company and be able to handle tough situations or questions with potentially upset individuals. Your customer service team will help lay the groundwork for your company’s reputation and growth from the very beginning.
This is your business, this is not a gamble at the casino, so make sure all decisions you make are rooted in numbers based information. Before making any decision with your small business make sure it makes sense from a numbers point of view because in the end numbers don’t lie and if it doesn’t make sense on paper, it most likely won’t off paper either.
I hope you enjoyed all the tips I had for owning a operating a small business. It was my pleasure to provide you and young entrepreneurs with some helpfuls ideas on how to ensure the growth and prosperity of their businesses. Be sure to check back again soon for more helpful information.