5 Tips on How to Build Your Business
Let's create a roadmap for the entrepreneur's journey. Below, check out 5 tips for building your business. Take the opportunity to clear up doubts and learn a little more about everything you need, business process improvement consulting and what should be a daily commitment for entrepreneurs!
1. Start Slowly and Always
- Two sayings are worth a lot to start your journey:
- Start small but think big;
- Do not put the cart before the horse.
It's no secret that people start businesses to be successful and make money, but you don't have to start by aiming for market leadership. You can beat the competition right from the start, but is that wise? Isn't it better to feel the challenges and opportunities with a leaner structure without compromising your cash so much?
Start with well-controlled investments and let growth happen. Those who are cautious in the beginning can recover better from tumbles and avoid debt. Thinking big is not challenging the big ones, but understanding what they would do in the same scenario.
2. Know Your Industry In-Depth
Imagine that you live in the Northeast of Brazil, for instance, hate the cold, have never been to snowy places, and have just received a task from your boss: buy clothes at an online store for him, who is going on a trip to Siberia for instance. What is the chance for you to succeed in this mission? If it needs to be done in 1 hour, chances are pretty slim, do you agree? Now, if you have 1 month to make the purchase, the situation becomes more comfortable.
Now, think about the challenge of starting a business in an unfamiliar industry. It will be challenging to find the best suppliers, understand the target audience, know the business process improvement consulting, regularize the company, and prosper first. Therefore, do a previous market study. This is not tied to billing or average ticket value. You need to understand factors such as:
- Skills needed by employees;
- Competitive differentials;
- Business tax obligations;
- Praticated prices;
- Ideal consumer profile.
If you know all this, it's a sign that you're going well on your journey as an entrepreneur. However, if you are still unaware of these and other key success factors, it is worth taking the time to get to know them better.
3. Create a Business Plan
The business plan works as a treasure map. He is the one who guides your operations and your expenses. You need to know where you want to take your business. So make your business plan, recognize the direction you're heading, and review your choices.
4. Define Your Competitive Advantage
Competitive advantage is what sets your company apart from others. This is not always about inventing something entirely from scratch. In some cases, its differential is to do what its competitors already do, but with superior quality. The difference can also be in customer service, prices, point of sale infrastructure, or all of these points.
"But which one should I focus on?". That's what your audience will say. Nothing stops you from choosing a flagship, but be aware of consumer signals.
5. Don't Be Surprised by Stakeholders
Suddenly, the dollar soared, and inflation spiraled out of control. On the same day, two employees got sick, and a supplier failed you, causing a stockout. Top it off, 20% of customers did not pay on time, and the electricity bill went up terrifyingly. And you didn't count on all that!
Unforeseen events happen in companies, but they cannot take the entrepreneur by surprise if you ask yourself how the answer is one: planning.
You can't interfere in the economic scenario and anything that goes outside the company's walls. However, it can change how your business prepares for crises, avoiding and responding in the best way. In short, you need to have a card up your sleeve, a well-defined strategy. It is with proactivity that an administrator contributes to the results of your business.
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