5 Success Factors for your Business Startup
In the digital transformation era, many business startups strive to find a place in the ever-growing market. Before, I’ve mentioned what you need to do to prevent failure in your business, but today, we’ll discuss what the key success factors sum up to in a business startup. According to business startup statistics, there is no elevator to success and you have to take the stairs. It needs delicate planning, hard-worked for efforts, summing it up, failure, and getting up and trying again. So, to help those on the start line, I’ve mentioned a couple of success factors for business startups:
1: Start the Idea, Go Phase by Phase
Your business startup might be a new innovative idea, or it might be something inspired by another business. Whichever the idea, you can help build it by detailing it out, breaking it into phases, and setting timelines and dates on it. Your success factor won’t depend on the strength of your idea or the originality of it, but it WILL depend on how you plan it out, execute it and persist on it.
2: Determine your Business and Growth Strategy Success Factors
One of the most important success factors in business startups is your strategy. You have to know who your target customers are, their region, age group, lifestyles and so on. Moreover, what sets you ahead of your competitors and makes the difference? These are questions you have to first ask yourself to be able to determine your strategy. You will then need to work with statistics and set your goals, how many leads you plan to hit on the first week, your conversions, sales, and your growth rate percentage. According to this article, 90% of startups failed just because they made a product no one wanted. So first, plan and set out to determine all the aspects of your business strategy.
3: Training and Acquiring Skills
In today’s business, people love to work for what they do, and startups encouraging development of the skills and knowledge of their employees have the highest success factor rate. Your staff need direction and organization but you should always give room for growth in their skills and provide the necessary resources for self-training or occasional training sessions to keep everyone in line.
4: Capital and Equity Success Factors
Everyone knows, in order to start a business you need a base capital source. Maybe you have an external investor, or have crowd funded your initial equity but be careful in your starting steps. From the very start, you should consider an accountant as your CFO to control the cash-in and cash-out flows, and be able to calculate the final ROI. Needless to mention, an ERP application to manage your accounts is one of the most vital success factors.
5: Organize, Manage, Grow with an All-in-One
Last but not least, face it, you’re in 2017. EVERYTHING is digital. Manual tracking of your sales, accounts, and purchases is out of date. Controlling your leads, market, quotes is essential to be in line with your social media and marketing tactics. You need an All-in-One application, to manage all your departments separately, release energy of yourself and your employees by automating your system (instead of tedious manual work, which always ends up wrong), an overview to measure and manage your growth. Trust me, you might think, ok I need to get started a bit, but as the famous quote says “If you fail to plan, you plan to fail”…
Here are some real statistics form 2016 on how an ERP can affect your business and lead to success so even if you scroll and look at a few of the numbers, you’ll get the idea.
Bottom Line
There are much more success factors in a business setup than listed here and if you have a will to realize your dream, you are bound to do it for sure. As a word of advice, see and read on what others have gone through and what roads have been paved. Be in line with technology and use what it offers to push yourself forward and up the ladder of success.