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| Image by Karolina Grabowska from Pixabay |
Here are the ten business tips for startups.
- Start with Why. If you are already in business write down the reasons or purpose of your business. Why are you in business? What niche area you are serving? What are the pain points that you intend to solve? How your business would address specific issues.
- How you are different? Explore the businesses in your domain…the competition. What are they doing and what are their marketing strategies? What is the USP of the products in the market? Have you innovated?
- Strategy to Excel: Compare your product/service or offering vis-a-vis the competition. How it is or going to be different from others? Are you building into your system some ease-of-usage, better turn-around-time, or improved quality with same or less pricing? What shall be your USP?
- Design Excellence: Is there an improved design? In product, packaging, delivery, usage experience?
- The Team: Do you have the team on board which are not square pegs in round holes.? People matter. Having the right team for each process is essential.
- The Right Resources: Do you have the right financial resources to implement your plan, your ideas, and innovation? Who shall be providing the resources for your success? What kind of partnerships you shall evolve?
- Do you know your customers? What are their psychographs and demographics? What are their preferences? Why should they be using your product? How do they make their choices?
- What is the market size you intend to cater to? Local, national, or international?
- Your Business Environment: Your organisation is affected and impacted by the business environment; be it government policies, economic or political situation, social or cultural considerations, international trade, etc. Are you aware of it as to how you can operate within existing business environment?
- Communicate: List out all your internal and external stakeholders who matter to your organisation, your product or services. Be specific and develop communication strategy that resplonds to their needs, and which can influence them positively and create a favourable image for your organisation / brand.
These are just some of the tips that a business management pro should look into. These may not be complete, but 10 most crucial pointers to start with for any startup, or an existing organisation.
