Sunday, September 26, 2021


Speeding Kills Business, Here’s Where You Could Afford To Go A Little Slower.

October 5, 2016 by  
Filed under Money/Business, Tech/Internet, Weekly Columns

(Akiit.comIf there’s one theme we tend to see resonating throughout the reasons that businesses fail, it all comes down to the amount of preparation. Too many business owners neglect to spend the right amount of time sitting back and thinking about what they’re going to do. The smartest business owners carefully weigh their options and strategize. Here, we’re going to look at just a few areas you should be doing more planning for.

In the market

One of the biggest risks of a business owner in a rush is the ability to entirely miss the process of validating their idea. Don’t just assume that you have a market waiting. Even if you do, it’s very likely that you’re going to have some competition taking up space in it at the same time. Market research helps you better understand that competition, your audience and how you fit in. With market research, you can find the niche that helps you compete. Without it, you’re just another generic business offering what your competitors already offer.

In your money2016black-man-business-meeting

You certainly can’t neglect planning with your money, either. There are two things that business owners tend to rush, regarding their money. They neglect a business plan that looks over all the different costs they’re going to need. Licenses and their own salary often fall by the wayside in these plans. Then some business owners rush to get funding to the point where they often don’t have enough. Don’t consider your funding search finished until you have even a bit more than you initially think you need. That way, you have some cash to provide wiggle room in cases of sudden costs. You can also adapt that cash to better fit any initial costs you actually forgot in the first place.

In your advertising

Don’t get your marketing wrong. In the best case scenario, it’ll go unheard and be a waste of money. In the worst case, you’ll end up damaging your brand and reputation. Proper marketing deserves a proper marketing plan. Check outside sites like http://www.businessnewsdaily.com/4-creating-effective-business-marketing-plan.html for ideas on creating that plan. Make sure you know a few things in particular. Who are your audience and what do they want? How does your offer specifically target them and their needs? Where are you most likely to reach them? The right choice of channel matters just as much as the content you’re distributing. Don’t forget it.

In your business processes

If there’s one thing that’s going to tangle up your business, it’s neglecting to keep everything organized. We’re talking primarily about the roles, who fits them and what tasks are done where. The processes of the organization matter, especially when you start to grow. Having it organized means building a framework. Tools like TOGAF help you build that framework with standards, a shared vocabulary and defining the system. Consider using sites like http://www.simplilearn.com/it-service-management/togaf-certification-program-training. Then you can start applying that kind of organization to all aspects of the business. Meaning it’s easier to keep things from getting muddled.

In your IT

Most businesses rely on computers to some degree. If your business begins to grow, then a few unconnected laptops might not be enough. Particularly to handle all the data and collaborative tasks that you need to get done. Instead, you might need to set up a system that makes it easier to share data and use the same tools as your colleagues. That’s why many businesses set up a full IT system. It also helps them back up and keep secure the important data that their business needs. If you’re unsure of how to build an IT system, you might want to follow the path of many and outsource it instead.

In your growth

You would think that it’s a sign of successful planning to even reach the stages of starting to grow and expand your business. That’s correct, but that doesn’t mean it’s time to take your hands off the wheel and let success role in. Scaling and growth are actually some of the biggest challenges that a lot of businesses face and fail. If you can’t implement the right changes to the business, you could tank the whole thing. This includes things like how you scale the different sections of the business and the employees in those sections. Or how you ensure you have the resources to get all the equipment and materials you need to expand. Check out sources like https://www.fastcompany.com/3049314/three-strategies-for-scaling-your-startup-sustainably  to make sure you can scale sustainably.

In your people

A business isn’t all about functions and methods, however. It’s also about the people who carry them out. If your employees don’t have any sort of path they can recognize ahead of them, they may get dissatisfied. You want to retain good staff, so you have to make sure you have the plans to offer them to keep them in their position. We’re talking about employee development plans. In particular, finding the ways to offer them training and mentorship. Spotting the opportunities for them to develop and rise up inside the business. Even helping them build skills they may take with them when they eventually leave.

In your day-to-day

A lot of the plans mentioned in this article are primarily focused on the long-term. But don’t let that take you out of what you’re doing on the day. Prioritizing your work is an important step in making sure that you get the most productivity out of a day’s work. Keep a to-do list and separate tasks into different categories. Including things you should do, things you must do and things only you can do. Then learn how to manage your time to hit those high priority tasks. Making sure you’re delegating properly can help you cut down on the list, too.

We hope that the points above give you an idea how better planning can lead to success in all kinds of different areas of your business. Business is about forethought as much as it is about seizing opportunity. Don’t rush where you could better navigate at a more careful pace.

Staff Writer; George Cross


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