Every start up is unique in some way or the other as it is mostly different in concept and application than the orthodox business, in reality it is a business. Although this article is written from general perspective on developing a successful practice, the principles can be used in virtually any business.
I have been in the hospitality industry for over 20 years and can proudly say I do have a highly successful business, as a management practice. Over the years, I have learned many things that work in running a business and even more that do not. It is with this in mind that I share the following 7 keys to running a successful start up. Regardless of your industry they can apply.
1. Have a vision
One of the most important aspects of running any business is to have a clear vision of what you want that business to be like. What do you want to be known for in the marketplace? What kind of clients do you desire? What level of service do you want to provide? Do you want to be “one among many” or do you want to be considered a leader in your industry?
By answering these and many other similar type questions, you will gain insight into the direction you can, and should, take your business.
2. Develop a plan that ties into the vision
Once you gain clarity on your vision, you must be willing to develop a plan. Far too often people have an idea of where they want their organization to be, but they fail to put together a usable plan. Take time to map out what needs to be done to achieve your outcomes. The plan needs to be designed step on step process, everything can’t be applied at once, some efforts are costlier and some are manpower intensive and some are applicable on certain existing customer database.
3. Know your market
One of the most important aspects of running any type of business is to know who your market is. You can’t be all things to all people. Contrary to what some would like to believe, not everyone is his or her market. There is a very astute saying in marketing,
“If everyone is your market, then no one is your market.”
The clearer you are on whom you are targeting the easier it will be to focus your efforts on reaching those individuals and/or companies.
4. Gain visibility within your market
Take a very focused approach to reaching your market. Just because you have determined who your market it, doesn’t mean you are done. You must now be willing to have a much focused approach to targeting your market. Whether that be through direct mail, advertising, newsletters, informational seminars or any number of methods, you have to be willing to keep your name in front of your market.
5. Stay tuned to your competitors
This is equally important, as and when we communicate with our competitors over a coffee we sneak into their plans, their market experiences of good and bad , this gives us a way forward to the markets we need to be cautious about and the markets which are looking promising. Also the most important thing is get in loop of the prevailing trade practices.
6. On board your team
This is probably one of the most crucial and yet often most overlooked aspects of running a business. You have to make sure your team knows what is going on and should be in sync with the business plan. Holding regular staff meetings as a means to keep people informed is a great way to gain the buy in of your team. Additionally, be open to ideas that may come from your team members.
It will be very difficult to achieve your long-term goals if your team members either don’t understand your vision or haven’t bought into it. When you hire people, make sure they understand what you are trying to achieve. Whether you are dealing with new members of the team or seasoned folks, everyone must be willing to be a part of the plan and should be motivated and updated with training resources. When they are, you will have a much greater chance for success.
7. Consistent approach
Running and marketing a business is an ongoing process. The greatest mistake people make in virtually any industry is they try something once and expect instant results. You must be in this for the long haul. Sure, with some of your marketing strategies you will get instant, or direct response and some will look as waste of time and effort but that’s not true , every effort on marketing is important as it helps in creating brand /product or service awareness and more the visibility better the results. However, with most approaches, it is more like the tortoise and the heir. In the short-term it looks like the heir is in the lead, but the reality is he is burning himself out and ends up losing to the tortoise who had a consistent and long-term vision.
8. Realize – you change lives
One of the things I love the most about the business companionship is that it change lives of the people you are servicing to or the team members associated with you. I recognize this beyond a shadow of a doubt. Being in critical services like healthcare or service industry make sure you are able to deliver the smile they once only dreamed of because of what you did for them, you should acknowledge the efforts of yourself and your team members.
With most people, regardless of the industry you are in, in some way you do change lives. If you know that, your job is very rewarding. Think about the end user of your product or service. What is it about what you provide that makes a difference for them? If you don’t know, ask your customers. You may be pleasantly surprised. It is in the answers you can become clearer and clearer as to your vision and the benefits you bring to others through the services you provide.
