Starting a business can be tough. There’s a lot to think about and many huge decisions to make. You need to spend time preparing business plans and financial forecasts, making some tough choices and sometimes compromising or making sacrifices to get your business off the ground. It can take time to secure the funding that you need, to find the right premises, to get set up online and to find the right staff to support your vision for your company going forward. There’s no denying that this is hard work and that getting a business off the ground for the first time takes time, effort and a lot of hard work. You might face rejection and, and there will be an awful lot of trial and error and reshuffling before you really settle.
But, many people find that getting a business started isn’t the hardest part. It’s keeping things going. Many new companies have a great first few months, maybe even a fantastic first year. Then, things stall. They struggle to grow and move forward. With so many new businesses launching all of the time and established, bigger businesses making bold advancements and striding forward, it can be so easy for these once promising new businesses to get left behind and to find themselves forced to give up before they’ve ever really gotten a chance to prove themselves.
If you want to get past this point and give your business, that you have put so much of yourself into, a chance, it’s essential that you care for it. Instead of thinking that you are past the hard part, keep your focus. Don’t take early success for granted, don’t rest, don’t wait for things to pick up. Take care of your business, and give it some TLC. Like a plant that needs attention, your business needs looking after if you want it to grow.
Assess Your Progress So Far
The key to moving forward is often taking a step back and assessing both your current state and your progress so far. Take a look at the last year. How has it gone? Look at the numbers concerning customers, conversion, sales and even website hits and online subscribers, but don’t only focus on those numbers. Look at things like staff morale, the condition of your machinery and equipment, your marketing efforts and the mundane details of daily life in your company. Break everything down to the smallest details, and assess every element of your company.
Write a list of what is going well. Why is it going well? Will it continue to do so? Are these areas where you could continue to make strides forwards or are you satisfied for now?
Then, write a list of the things that aren’t going so well for you. The plans that haven’t worked out, or the areas where you feel mistakes have been made. Ask yourself what has gone wrong, and how you can make improvements. At the same time, however, it’s essential that you don’t just carry things on out of a desire to do them right. If something hasn’t worked, and you can’t see it improving in the future, it’s not worth your efforts. Sometimes, you need to admit that something doesn’t work, let it go and focus your time and money elsewhere.
Reevaluate Your Plans and Forecasts
Now you’ve got a clearer idea of where you are, and how things are going so far, you are in a much better position to make plans for the future. Too many businesses create a business plan when they start out and then try to stick with it no matter what. It’s essential that you take the time to reevaluate your plans and your financial forecasts regularly.
Look at your old plans, and your lists, and start to piece together a new plan going forward. Financially these plans might tell you that you need to borrow more, or that you won’t be able to repay your investors just yet. But, at least you will know.
When it comes to growing a business, knowledge is often your most powerful tool. Knowledge of your business, which you need to know inside out, but also knowledge of the market and the economy around you. Learn everything that you can to aid your plans, and you’ll be well prepared to move forward.
Spend Some Time with Your Staff
Whether you’ve got one member of staff that comes in and helps you to run your small business or a team of many, don’t make the mistake of neglecting them. Looking after your staff is a big part of giving your business TLC. Don’t make the mistake of training them when they first start and then simply leaving them to it and trusting them to do their jobs.
Giving them trust and responsibility is great. It can boost morale and give them drive. But, it’s essential that you check in. That you update training when it’s needed, that you take the time to make sure that they are happy and that they are getting what they need from you to do their job well. Regular appraisals and open and honest relationships are the best ways to do this.
Take Care of Your Equipment and Machinery
If you want your business to be a success, you need to think long term. Assess all of your equipment and machinery. Are your computers and devices updated to current software? Have your machines been fitted with industrial liquid strainers or other parts they need to work well? Are they under warranty and getting regular services? Do you have cleaning plans in place? If you want to take your business forward, the last thing that you want is expensive repair bills coming in.
Look at Your Marketing Strategy
You probably spent some time, in the beginning, coming up with a marketing plan for your company. Have you looked at it since? You’re no longer marketing a new startup. You are selling the services of an established business that is looking to grow. Your marketing strategy needs to evolve as your business does.