After the first year of business, what are the biggest priorities of small business owners?
I have been publishing children's books for just over a year. I am interested to hear what small business owners shift their focus to once they have worked through a lot of tasks that come with starting a business in the first year. After starting, what is important to you?
The 2nd year of the new business should always to remain the reorganizing and evaluating your business plans and execution, whether it is HR, Administration, Marketing, Production and New Scopes of Business operation.
It's all depend on the type of business, industries. After the first year, you can see your last year strategies and find how much it effective for you or not. You can plan new strategies if last year strategies did not work well. Find the fact why last year business strategies don't give proper output, look for any problems that you see on it and find the best solution how to remove then. Create a business plan & start to promote your business. Discuss with your business head & create a marketing plan and building your brand. Follow new marketing trends, join social channel etc.
Target the next year goal that you want to achieve like increase the all over turnover and how it will become the big brand etc.
1. To continue to find new customers, and 2. develop new products for existing and new customers.
Surviving to the next year, developing a business plan with a Score counselor, developing a mission, vision, and tag line,,,, Learning zero based budgeting, and selling and positioning your organization
I agree with the comment that it has nothing to do with the years but rather the phase of the business. The first phase is a focus on breaking even cash-wise, getting any funding required, and sharpening up your market dominating position. In the next phase you focus on a solid marketing and sales plan, as well as laying out a 'budget' of your sales, expense and profit targets going forward
Caitlin, Great question. It's not really a function of time as much as it is a function of what stage of growth your business is at. Most business owners don't really understand that a business matures through a predictable process. The stage dictates what you do. You can find a better explanation of the growth cycle https://vimeo.com/146524494 or via my book title Business Growth Simplified available on Amazon http://amzn.to/1Oe21zF
I found a quote I'm using in my client, legal and law school presentations:
"Half the battle is being able to take the punishment."
Sorry to report on focus but it may be the same. Just clearer. Still looking for sales and looking out for competition.
You're just going to be better and faster at making decisions.
Gaining customers; improving the product or service; establishing costs and pricing; better sales presentations; Promotion for sure (there are eight components under Promotion, one of the 9P's of marketing (http://www.londremarketing.com/documents/LondreMarketingConsulting-NinePs.pdf), and the most important Place or Distribution, under the 9P's.
Hope that helps. Here to help. All the best on focus.
Small business are like yachts shorter than 30ft: extremely sensitive to waves when leaving inner waters. The biggest priority for the first year is to leave harbor behind without water flooding into...
Your focus should always be generating leads, converting those leads to clients, generating revenue and managing your cash flow.