Plan your business before action

Plan your business before action

The way you start the year has a huge impact on how much success it offers to your business. Obviously, we all want to do better this year than we did last, regardless of what kind of company you run. So, how do you make sure that will happen? Here are our six key tips to kicking off the next twelve months the right way.

Plan

In particular, small business owners often overlook this key step to success, assuming that managing the day-to-day operation of the company is more crucial than the overall business plan. This is a great way to work your fingers to the bone but run out of steam three months into the year. Instead, set clear goals for the year and keep them at the front of your mind as the days tick by.

Action

Don't just let those annual goals sit on a file on your computer. Keep them close and check on your progress every week. Set real deadlines for completion of each goal and be sure you hit the target on time.

Develop

Even successful companies need to develop and change as time goes by. The start of a new year is a great time to think about the things you can do to allow this development to take place as smoothly as possible. One great place to start is your company's website. Take a look at it and ask yourself how well it is selling your business to your target market.

Socialise

Does your business use social media? If not, it might be that you think it doesn't apply to your industry or the market into which you are hoping to tap. In 99% of cases, this would be a wrong assumption. The vast, vast majority of companies could improve their standing with intelligent social media. If you are already operating a social media arm, how is it helping your company? Perhaps you should consider changing your approach if you aren't seeing the dividends being paid.

Upgrade

Take a look at all the equipment you use on a day to day basis. How up to date is it? Could you gain from upgrading to more modern hardware and software? Use this time to look into what improvements can be made.

What kind of startup do you want to run?

What kind of startup do you want to run?

Starting a new business is both one of the most exciting and most terrifying things you will ever do. In order to put the entire enterprise into perspective and thus make it a somewhat more manageable and practical process, you should ask yourself a key question: what start am I?

This big question is, really, a series of smaller questions and answering them with complete honesty will help you focus upon making the right decisions for your company.

What is your role in the startup?

The overarching question for every new business person is what exactly their purpose is. Simple and straightforward you might think, but in truth a lot of people struggle to give a concise response. The first thing to do is be clear about where the product or service is coming from and who is responsible for what parts of it.

It could either be a product brought from your own creative skills, a product that is the joint creative output of you and another person or a product that is the somebody else's creative output but which you are selling or marketing for them.

This classification will help you understand what you should be contributing and how much power you should have in each decision being made.

How separate should your business and personal assets be?

When you first go into business for yourself, one of the biggest dangers is that your personal and business finances and assets will begin to bleed into one another in a way that is both confusing and dangerous. Make a decision right from the start: are you prepared to put everything you have behind the venture? If not, then you have to either make a percentage of your personal wealth that you are prepared to let bleed into the business or make a firm commitment that none of your own assets will be on the table.

None of these are right or wrong – it is totally up to your own personal levels of comfort and ambition. Once a decision is made, however, stick to it no matter what happens.

Is your eye on going public?

Here is another seemingly simple question that an awful lot of business people do not answer straight off the bat. It might be the case that you want to go public as soon as the chance presents itself or that you never want to hand over your business' independence. Or, it might be that you have reservations about going public and need more information about how wise a choice it would be.

Whatever your position is, be sure of it before you launch the company and it will help keep your focused on doing the right thing.

Be a great business leader

Be a great business leader

There are plenty of people out there that want to run a business but, once they find themselves in such a position, suddenly realise they don't have the skills for the job. Leadership is more than business acumen, market knowledge or sound planning. It is just as much about attitude, influence, personality and passion.

Contrary to what some people may say, however, the skills of a good leader are things that can be learnt with experience and forethought. Here are five steps you can take towards being a great business leader.

Positivity

Even the toughest, most discipline insistent boss has to have a positive attitude towards the business and what the business does. A complete confidence in the company and the future of the company goes hand in hand with confidence, good decision making and success all the way through the company.

Delegation

The job of the leader is not to the do the work but to make sure the work gets done. Particularly in new start-ups, there is an issue with the founder of the business attempting to take care of everything themselves, though a lack of trust of those around them. Hire skilled people, with specialist skills, that you trust to take ownership of their areas and make sure they do their jobs correctly.

Openness

While all great leaders are remembered as trailblazers that always seemed to know what to do best in any given situation, the reality is likely to have been quite different. In truth, the best leaders are always open to advice from those more experienced or qualified in certain fields. Don't assume you know best in every situation but make sure it is known that your decision is final.

Persuasion

A leader is only as good as the belief other have in them. Your employees won't believe in you just because you pay their wages. You earn their belief and positive feelings by your actions, decisions and reputation. Never lose sight of this fact and ensure you always behave in a manner that persuades them of your capabilities.

Allow your employees to work from home

Allow your employees to work from home

Telecommuting is a word that sends shivers up many bosses' spines. The idea of relying upon your workforce to remain efficient, productive and disciplined when they are out of your sight goes against many business leaders' core beliefs about effective management. After all, you could be, unwittingly, paying your staff members to play with their dogs or sit on the couch watching daytime telly.

Yet allowing staff members to work from home either on a periodical or full time basis offers a number of terrific benefits. While it might not be suited to every company, it is well worth considering how many of these could apply to you should you allow telecommuting.

Lower costs

This is, perhaps, the best reason to introduce a work from home scheme of some sort in your workplace. The less members of staff in your building, the less you will be spending on running costs, expenses and your monthly bills. You might even be able to downsize to a smaller office, thus saving on rent, or perhaps even do away with a physical business location completely.

Lower your carbon footprint

If you are concerned about your business' environmental impact, then telecommuting is going to be a smart move. The traditional office, with its mountains of paperwork and non-stop power consumption, is not generally a green organisation. Telecommuting reduces your carbon footprint, placing a greater emphasis on digital data movement and less of an emphasis on copying and printing.

Attract employees from a wider geographical area

If employees do not need to be in the office every day, the net for who you hire becomes larger. You can even employ skilled workers living in different cities or countries. With a bigger geographical area to choose from, the chances of finding high quality workers become better.

Happier workforce

Telecommuting has plenty of advantages for the worker too. One of the key elements workers who prefer telecommuting cite is the improved work-life balance it offers. Without the daily and nightly commute to and from work, the employee gets to spend more time with their family. Similarly, it allows them to choose where they live based only on how good it is for them and their loved ones and not on its proximity to the office.