This is a contributor’s blogpost …
If you’re thinking about launching a new business venture, you may be feeling anxious. This is completely normal, especially when you consider that the majority of new businesses fail within the first 24 months. It is possible for businesses to be a flop, but there’s nothing to say that your venture won’t get off to a flying start. If you’re an ambitious entrepreneur, here are some surefire ways to make your new business a success.
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Getting to grips with the numbers
You can be the most wonderfully gifted creative in the world, but if you don’t have a handle on the figures, even the most brilliant idea is likely to fall flat. Being successful in business is not just about having ideas and being able to turn them into marketable products or setting up a service-based company that responds to growing demand in the marketplace. You have to create a business model that works and make sure that what you’re doing is actually going to make money. You should have a full understanding of how much it’s going to cost you to get your business up and running, how much your production costs will amount to, and how much you’re going to sell your products for. If you don’t have all the numbers at hand, you haven’t got a clear picture of how your finances are looking, and you’re not sure how much you’re going to turnover in the next 12, 36 and 60 month periods, you need to go back to the drawing board and do some number crunching.
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Making your business efficient
A lack of efficiency costs businesses. If you’re setting up a new venture, think carefully about how you can maximize efficiency and minimize costs without taking away from the quality of the product or the service you provide. Technology plays a very important role in the day to day running of most modern businesses, and if you invest in the right systems, gadgets, and software, such as NEC phone systems, you can save yourself a huge amount of time and money. Consider ways you can make employees more productive and ensure you have the best team. If you’re recruiting, take time to find the most talented candidates. Make the most of the interview process, and once you have a great team, do everything you can to maintain morale and keep your star players.
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Aim for sustainable growth
Many people go into business to try and make as much money as possible. Being an entrepreneur can be profitable, but there are lots of pitfalls to be wary of, and there is also a possibility that you could lose a lot of cash. If you are hoping to grow your business, don’t get carried away and take risks without doing your homework first. You want to aim for sustainable growth, rather than plowing money into the venture without considering the impact on your balance sheets, your workforce, and your workload. Planning ahead is always beneficial.
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The statistics for new businesses make for pretty grim reading, but if you’re ambitious, you’ve got a model that you think will work, and you want to give it a go, don’t let the numbers put you off. If you go about it in the right way, there’s no reason why you can’t be in the minority that makes a new business a success.