Doing business, entrepreneurs often face a lot of questions. The answers often shape the course of their business. In this article, we will break down the fundamental questions that every business owner has or will face at least once.
Follow along to discover the answers and gain insights you need to navigate your business. These practical steps and strategies will help you move forward and build a business that thrives.
How to bring something from concept to realisation?
Does it happen to you that you are driving a car, taking a shower or just getting in bed to sleep and suddenly a brilliant idea pops into your head? It seems so amazing at that moment that you’re 100% sure you will come back and elaborate on it a bit later. And, yet somehow, when you finally have time to develop this idea, it slips away? That’s why it’s essential to write everything down. From raw initial ideas to daily operations and complex strategies.
Even better, if you use a project management tool, especially those with Gantt charts. They will become your planning and organising facilitators that structurally show all the tasks on a timeline with deadlines, and dependencies.
Just map out every step from the idea to a final task in a quick Gantt chart creator, and you’ll get a documented roadmap to your final objective complemented with progress tracking and task management tools. Notes, comments and file attachments will let you add details that should not be lost or forgotten.
How to find funding?
Starting a business can be challenging because of the initial capital. Explore available financing options, there are plenty of them. For example, start checking government grants and support. In the UK, you can find innovative grants for tech and innovation startups and Small Business Grants Fund from the local council. Go on exploring bank and business loans to find the most favourable conditions conditional. Venture capital, crowdfunding, business incubators, there are just so many options out there.
You can hear a lot among entrepreneurs that securing the right financing at the right moment has been decisive for the success of their businesses as private savings are not always enough. Do the research and ask other people for ideas and suggestions on funding opportunities you might not know exist.
How to create a network?
It may seem quite obvious, but never forget that each person you meet in business circles can become a valuable connection or asset in future.That client who wasn’t ready to sign the contract may mention you to another business that will become your biggest customer next year. The supplier who couldn’t meet your needs could become your strategic partner in the future. A person you met at the conference 5 years ago can introduce you to someone who will help you to grow your business.
What can be concluded from that? Keep your professional relationships warm and respectful, even when things don’t work out. Send occasional check-in emails, share articles or thoughts in professional social media and congratulate people on their achievements. These small gestures build a network that grows more valuable over time.
How to assess revenue?
Any business owner gets excited when seeing high revenue numbers. The problem is that they’re not telling the whole story. There are many examples of businesses with extraordinary sales figures who struggle at the same time to keep their lights on. Why? Because they weren’t watching their profit margins.
Revenue can be considered a business’s vanity metrics, while profit is its vital sign. Constantly monitor your expenses, get a clear understanding of your profit margins, and make decisions considering what actually brings you money, not just what looks good on paper.
How to embrace failure?
Every successful entrepreneur has a collection of “failure stories” that taught them some valuable lessons. It can be your first marketing campaign flop, missing the mark with the target audience for the launch of a new product, or anything else. And that’s absolutely fine. It’s part of the journey. The one who does nothing makes no mistakes. And as an entrepreneur you must probably do a lot.
What really matters here is how well and quickly you learn and adapt. Always take your time to analyze what exactly has gone wrong, adjust your strategy, and try again. Consider mistakes as extra costs.
How to form strategic alliances?
Hardly any business can exist in a vacuum. Look for opportunities to partner with complementary businesses. For example, if you are launching a fitness brand, you could partner with local gyms, trainers, and nutritionists to promote your products. Similarly, if you are opening a coffee shop, you could partner with a local bakery to buy fresh pastries.
The most important part: look for win-win outcomes where both parties bring value to each other. These partnerships can really multiply your reach and result in your business growth.
How to do the research?
It doesn’t matter if you’re bringing a new product to the market, looking for a new employee, or choosing a location for your business. Always do thorough research, it will pay off. Hasty impulsive decisions can have an impact so long after they have been done.
How to approach the research? First of all, create a research plan for major decisions. For business-related issues you may follow such steps as: competitor analysis, market trends research, financial implications, and potential risks. Don’t forget to try out different scenarios and gather multiple perspectives before making the final decision.
How to create an excellent team?
Your team is the foundation of your business. If the foundation is good, everything on top of it will have steady and trustworthy support. Real team assets aren’t just resumes and skills. Sometimes, cultural fit and a person’s attitude matter even more. All of us can recall highly qualified colleagues who were producing quite mediocre results, while less qualified, but passionate, adaptable team members aced any task.
Elaborate honest job descriptions that clearly show both technical requirements and soft skills. During interviews, present real scenarios your business has faced and see how candidates would handle them. Remember, skills can be taught, but attitude and work ethic are defined by personality.
How to communicate with stakeholders?
When people invest their money, time, or trust in your business, they deserve to know what’s happening. No matter if it’s something good or bad. Regular updates to stakeholders build confidence, help to resolve issues quicker when it’s necessary and increase the probability that everyone will be satisfied in the end.
Have some type of communication schedule. Agree with your stakeholders to share monthly or quarterly updates regarding the wins, some unexpected challenges, and further plans. Sharing setbacks isn’t satisfying, but it can actually get your business on track on time and get some useful strategic advice at the right moment.
How to treat customers?
Your customers are your treasure and must be treated correspondingly. Get to know them personally. What do they want and need? Why do they want or need that? How can your business help them?
Most evident ways to do that is through social media channels, and direct conversations with feedback and surveys. This way you can get information to improve and adjust your products, services, and customer experience.
The power of consistency and meticulousness
Starting a business doesn’t require you to have everything figured out upfront. But it does require you to figure out many things on the go as business is set into motion. Every small decision can add up to progress or take you a few steps back. That is why it is so important to approach them meticulously and consistently. So, what will you do today to push your business closer to where you want it to be?
