Starting a business, no matter what your experience, is a perilous step into the great unknown. But while leaps of faith can be vital for companies, calculating every possible outcome is a necessity for an adept manager.
The business without a plan B is a business that fails. And the buck always stops at one person – the boss.
Yours might seem like an impossible task, but you’ve got to prepare for seemingly incalculable odds, and leave cash behind to cover unpredictable costs. The wages of staff and your reputation could hang in the balance.
According to business magazine Forbes, 80 per cent of businesses crash and burn within 18 months. It’s the type of statistic that could make you avoid starting a company altogether.
With that in mind, we’ve come up with a few strategies to help your business succeed. Have a look and bear them in mind.
A bona fide boss
Your employees might give two snots about your judgement because you’re paying them – but do they actually respect you on a professional level?
Indeed, for all they know, you’ve got about as much experience in your field as a fresh-faced rookie.
To instil them with confidence and improve your leadership skills, why not seek help in the education sector?
A BSc(Hons) Business Management, for instance, will provide you with a firm backbone of business knowledge. While it requires four years of study, your reaction speed and skill to problems within your company will be as precise as a keyhole surgeon.
Some entrepreneurial spirits are, by their very nature, mavericks. They’re the Dirty Harrys of the business world. These free flowing outlaws rarely, however, have the ability to keep their hands on the tiller.
Part of the reason for this is that they don’t listen to solid advice. There’s a line between a maverick and a megalomaniac – and if you fall on the wrong side of the line, you’ll find yourself with staff who are unwilling to give you their honest opinions.
Make sure you foster an open and honest environment within your workplace. That way, you’ll have people to give you a helping hand when you wander into a blind alley.
Clarity is key
Cut the boohickey – it’s what your customers want.
Marketing has been around long enough for savvy customers to know the rules of the game. You can’t hawk your service with glitz and glamour. People want a clear and honest portrait. No muss, no fuss.
Without a clear approach to marketing, you’ll have a far larger chance of failure. After all, how will customers know what you’re selling if you don’t simply tell them?
Toe the line
When you’ve got a finely honed business plan, a deviation from the path is ill-advised. You’ll be like a managerial Red Riding Hood, swanning off into the woods and finding yourself in a whole load of trouble.
If you plan to make any changes to your business plan, consider every peril and pitfall. It’ll make your strategy seem less like a giant spin of the roulette wheel.