It is not uncommon for small businesses and startup enterprises to bump into unforeseen barriers on the road to success. Challenges are inescapable. Fortunately, embracing certain fixes will significantly enhance your company's resiliency.
Today, we will cover the final item on our list in the 6 part series.
Find A Mentor
Mentors give entrepreneurs a competitive edge. Guidance from an experienced skipper will provide invaluable insight into how best to navigate the rocks and shoals every firm inevitably encounters. A worthy mentor can steer you toward proven solutions that will keep you on course to achieving your goals.
Seek Wise Council
Creating an advisory team is another way to ensure that you make sound business decisions. Well-founded analyses from seasoned advisors will save you time, energy, and money. Consider collaborating with a trusted attorney or accountant. As your business grows, these professionals will provide much needed counsel.
Establish A Board Of Directors
Establishing a board of directors is a great option when your firm has reached the stage where ongoing, formal guidance is needed. A board with diverse expertise will enable your company to leverage decades of hard-earned experience in complex business areas such as financial planning, capital investment, and marketing strategy.
Joining a network or community is perhaps the easiest way to access a wealth of business resources. Groups like SCORE and the Small Business Administration will connect you with situations. The experiences of others will give you a strong foundation on which to keep your business thriving.
Explore Other Blogs In The Common Challenges for Startups & Small Businesses Series
Item #1: Money Management | To mitigate the risk of low cash flow, small business owners and startup enterprises should build a financial plan that encompasses realistic cost and revenue projections, a substantial rainy-day fund, and an honest needs/wants list.
Item #2: Neglecting Sales & Marketing | Small businesses and startup companies proactively investing in expert marketing and sales support significantly grow their market influence and brand credibility.
Item #3 Lack Of Planning | Small businesses and startups that possess a well-strategized plan meet their project deadlines, customer expectations, and internal team goals.
Item #4 Poor Time Management | Small business and startup owners that set priorities and engage time-management tools will gain the footing to achieve success.
Items #5 & #6 Finding The Right People and Organizational Architecture | Startups and small business enterprises with good organizational architecture and a clearly defined company culture attract a talented workforce.
Item #7 Scaling Up | Business owners who successfully scale up take the time to measure their existing financial, sales, marketing, time management, and planning processes against their growth demands, making changes where necessary.
Creating an advisory team is another way to ensure that you make sound business decisions. Well-founded analyses from seasoned advisors will save you time, energy, and money. Consider collaborating with a trusted attorney or accountant. As your business grows, these professionals will provide much-needed counsel.
Item # 9 The Competition | Savvy business owners gather market intelligence and study S.W.O.T (strength, weakness, opportunities, & threats) summaries.
Item # 10 Poor Management | Business growth relies upon leaders who have good management skills in money, organizational structure, talent recruitment, planning, and time management.
About the Author:
Matt Beckmann is the Founder & Managing Director of Ascent Consultants. In addition to experience as a former Chief of Staff to the Missouri Auditor and as a Corporate Vice President and General Counsel, he has advanced training and certifications in law, business, coaching, athletics, and other disciplines. His blog content, inspired by his deep passion for unlocking his reader's best potential, consistently equips business owners and individuals with the knowledge and resources to overcome obstacles that may be hindering growth.
Ascent Consultants provides business consulting services, leadership development, and project management coaching. By converting client growth goals into an actionable "game plan," we lead companies and individuals to extraordinary outcomes.