Business Start-up Management

Keys to Launching for Success

Business owners don’t often think about basic operating principles when launching a new business but here are a few thought starters to ponder on what fundamentals might help drive the business successfully.

1    1.  Plan for success.

A good plan increases your chance of success by defining objectives, framing costs, forecasting revenue and defining risks.

2    2. Measure risk

In early stages you can have an appetite for greater risk as there is lots of time to recover if you misstep. As the business and ownership matures perhaps a more prudent approach to risk taking is appropriate.

3    3. Management strength

A strong management group is critical. Entrepreneurs should have the confidence to surround themselves with strong people; this will pay dividends in productivity and growth of the business. Those owners who seek individuals who will follow and not lead will be constrained by their own failings.

4.   Communicate, Communicate, Communicate

Whether it is with investors, customers, co-workers, or business partners, you have to over communicate.

Listen carefully, communicate regularly, and try to be clear and concise.

    5. Be Respectful

        Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other     types of distinctions, always treat others with professional respect and courtesy. Value every     individual for their unique skills and contributions.

6   6. Build a network

The activity of building a network of contacts within the industry and the local business community will be invaluable in the long term. Attending networking events and community activities can expand awareness of the business and expose potential future consumers to your products or services.

There are many other principles that could be added to the list; these should provide some input to how you operate your business. Please let me know your thoughts. Gerry@polarisgroupmc.com