How To Get In The Right Mindset For Your New Business Venture
Fixating on the perfect business idea may feel like a compelling impetus to launch your next venture, but isn’t necessarily the best approach for long term success. In fact, according to a report by Dunn and Bradstreet, poor strategic planning can put your business at risk for failure. Start by getting into the right business mindset for your new venture by focusing on strategic planning that helps lay a solid foundation. From the right tech to know when to pivot, here’s how to get started with your business plans to build a sustainable future.
Get The Right Tech
Starting off with the right foundation for success includes getting the right tech for your business. If you’re starting small, get setup with a quality laptop to run client meetings on the go like a MacBook Pro and a smartphone that can both keep you connected and show off your business presentations at the same time. A Samsung Galaxy Note 8 comes with a 6.3″ screen with an edge to edge screen that works well for videos, spreadsheets or photos when talking to investors or reviewing product specs.
Build Your Network
It’s not always what you know, but who you know when it comes to building your business. Work on expanding your network through conferences, MeetUp groups and the local chamber of commerce events to get in touch with your community. A reliable network can help put you in touch with clients, or be a sounding board for your first product and service. Networking is also a wise way to set yourself up for help with everything from finding the right employees for your business to getting vendor referrals.
Know The Legalities
Figuring out how to structure your business in the first place so it’s legally sound and protects you from liabilities is one of the first steps in a good business foundation. Meet with a lawyer or CPA to discuss the legal and financial implications of whether you’re running an LLC, S Corp or other entity. Once you know how to properly incorporate and structure your business, you can work out how to maximize tax time and planning.
Scale Slowly
It’s tempting to grow fast in the name of building revenue quickly and validating what’s working and what’s not. But in reality, scaling too fast can tank your business before it ever really takes off. Build your business slowly and deliberately where first profits are reinvested to create a stable and profitable environment to launch from. Building too much overhead too fast just puts your business on shaky ground.
Know When To Pivot
Even the best planned businesses won’t always work. Take the time to carefully observe how your business is running and what your lead cycle looks like. For example, a chaotic workplace with leads that take months to close likely isn’t sustainable. It may be a sign that your business needs to pivot into a different revenue model to create a successful future.
Business planning isn’t a set it and forget it event where everything runs itself. Instead, planning should be a part of your ongoing business strategy to keep your business in the best financial health. Focus on the areas that build the most strength in your business and slowly scale as your company gathers momentum and confidence in your market.
