Considering that most startups fail within a year or two of business, entrepreneurs need to take advantage of any opportunity that can improve their chances. Starting with these three ways to boost startup success will put your business on the right track.
Organize Your Sales Process
Finding clients is one of the most difficult parts of starting a new business. Entrepreneurs know this all too well. Unfortunately, many of them scramble to attract clients when they should take a more organized approach.
It’s important to remember that not all leads are equal. You need to organize and rank your leads to create an efficient sales process. Without an organized process, you will likely waste a lot of effort on tasks that never move your company forward.
There are plenty of customer relationship management (CRM) programs that can help you track leads without wasting time and energy. Look for software that lets you follow leads from your initial contact all the way to the sale and beyond. You want more than just a program that will help you track your sales. You need one that makes it easier for you to build relationships that will improve sales today and tomorrow.
Train Managers and Employees Properly
Continuous improvement is key to any business’s long-term success. In order for your business to continually improve, though, you need to give managers and employees the right types of training.
This is often easier said than done. Business leaders might know what goals they want to reach, but that doesn’t mean that they necessarily know how to train workers to reach those goals.
Instead of spending a lot of money on unnecessary HR personnel, startups can stay lean and boost chances of success by hiring a third-party firm like Ruota Consulting that can help move businesses toward operational excellence.
Ruota provides a range of continuous improvement services, including workforce development training that teaches employees and managers how they can align their efforts with the startup’s short-term and long-term goals. Without that level of training, it is likely that people within the organization will develop their own approaches to solving problems. That can create chaos that quickly sinks new businesses.
Give Employees Opportunities to Use Their Skills
A lot of workers feel that work never gives them opportunities to show off the skills they have spent years developing. Despite the heavy cost of a high turnover rate, a lot of companies don’t seem to care that they have disgruntled employees who feel underutilized.
Surveys show that 59 percent of workers feel that opportunities to use their skills at work is very important. An additional 34 percent feel it is important.
If you don’t pay attention to this concern, you put your startup at a considerable disadvantage. Not only will you lose money by constantly training new employees, but you will let some of your most talented workers slip through the cracks.
Listen to your employees, learn about their skills, and find ways for them to contribute. It will benefit their lives and your business.
Starting a new business is risky, but you can mitigate those risks by making smart choices that improve your odds of success.