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So, you want to launch a business? Congratulations! But be aware, it will likely be the most difficult task you’ve ever attempted. When you succeed, you’ll be so very proud.
Prepare to succeed with a multi-faceted approach: Finance, marketing, and human resources.
If you want to be successful in launching a product, start slowly. You must conduct research to validate your idea as a minimum viable product. That means incorporating usable features that will be easy for customers to give you feedback. Then, collect data to analyze market demand before you go full scale in order to reduce your risk and resources.
Likewise, to launch a service, you need to conduct market research. That’s to validate your idea, and then to develop a comprehensive business plan.
So whether you launch a product or service, make sure you have an effective marketing plan, get adequately financed, open a business bank account, adopt a good accounting system, select a legal structure, register your business, and get licenses and permits.
In essence, you must develop a clear vision and sound business model, understand finance, know your target customers, and be prepared to hire the best employees.
Finance strategies
You must be capable in robust financial planning for cash-flow managemnt, avoiding unnecessary risks, and being strategic in investing your capital — both in short-term operations and for insuring long-term sustainable growth:
- Determine a comprehensive financial plan. Outline your strategic goals, key performance indicators, and financial projections. Think like a savvy military general in anticipating the best case, worse case and and most likely scenarios.
- Develop and closely monitor your budget. You’ll need a detailed budget to operate and track your budget to make adjustments and avoid overspending.
- Strong cash flow management is needed for forecasting, maxmizing your accounts receivables which should include offering incentices for early payments, and paying your expenses.
- Be careful to use separate bank accounts and credit cards. Separate your business and personal finances to prevent issues, simplify your accounting.
- Daily if you must, identify trends and evaluate profitability. So regularly analyze your financial statements — income statement, balance sheet and cash flow.
- It’s critical to be astute if you must ask for capital by choosing the right mix of debt and equity financing. Know the difference — debt financing means you keep control of your business while you repay the money, but equity financing means you give up control to investors.
- When you have surplus capital, reinvest it in new technology, marketing, research and development, or in hiring employees.
- Develop multiple revenue streams to build resilience and create growth opportunities.
- Focus on operational efficiency whether it’s in streamlining workflows, automating your tasks or in learning cost-saving opportunities.
- Establish an emergency fund for a vital safety net to protect you — from economic downturns to natural disasters.
- Allay or cushion your business from financial risks by being proactive — anticipate, identify and manage potential risks by spreading investments and revenue streams. Avoid too much reliance in just one area.
- Hedging your business investment — if you’re in international trade, consider currency hedging to succeed against adverse foreign exchange rates. If you have variable-rate loans or investments, consider interest rate swaps or caps to obtain predictable interest rates. If you’re not adequately insured, buy comprehensive insurance.
- Prevent embezzlement and fraud, and make certain to establish strong internal controls, such as two authorized signatures to make payments, and reconcile your accounts.
- Create a succession and exit plan for transferring ownership.
Marketing strategies
Take steps to understand your market’s pain points, adequately explain your offerings and prices, and create the right messages:
- Start with research and be objective in understanding your prospective marketplace. Learn how to avoid struggling.
- Use data analysis to create your marketing, content and sales strategies. This includes understanding your targets’ pain points, what triggers their emotions, and where they’re likely to buy.Align your product or service with the perfect solutions with the three Cs: cohesiveness, clarity and continuity for marketing success.
- Offer distinct and clear-cut pricing, packaging and benefits.
- Establish an authoritative image by answering user questions and by meeting their needs.
- Become dominant online by using keyword research and search-engine optimization.
- Use modern tools such as artificial intelligence, short-form videos, personalized marketing and influencers.
- Capitalize on images and messages to sustain a continuous market presence.
- Test and when necessary adapt your marketing campaigns.
HR strategies
Meet your current and future needs by aligning your strategies for human resources with your overall business goals:
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- Plan to make a difference.
- Recruit and hire top talent with the best trait.
- Invest in career development and training to increase motivation and engagement.
- Avoid overstaffing or understaffing by anticipating your staffing needs and required skills, which will also help you to manage costs.
- Reduce turnover by engaging your employees for a positive work environment. Provide them with opportunities for growth.
- Maximize your odds for profits by aligning your HR program with your business objectives.
- Be flexible to adapt to your changing needs and ever-evolving available workforce.
Good luck!
From the Coach’s Corner, from the Biz Coach categories of finance, marketing-sales and human resources, here are select articles:
Tips for a Strong Executive Summary in Your Business Plan — Unsuccessful business plans often have executive summaries that either contain unrealistic goals or projections, or verbose language.
Effective Financial Management and Control — For successful financial controls, there are four key elements.
Marketing Solutions for Entrepreneurial Success — Trending: nine powerful marketing strategies — they include new and traditional, plus five solutions to implement.
The Future of Marketing — Choosing AI Tools — Five tips so you can choose the right AI marketing tools.
HR Checklist to Update Your Employee Handbook — You should review your employee handbook every six months and update it when necessary. Between reviews if you suspect change is needed, don’t hesitate to review it and make appropriate changes.
Human Resources: Complying with IRCA, I-9 Requirements — If employers fail to comply, they face fines in civil and criminal liability. They’re also subject to imprisonment if they repeatedly violate the IRCA.
“The only place success comes before work is in the dictionary.”
-Vince Lombardi
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