Having a product or service whichyou are intensely passionate about is fundamental to your new business.
You can’t ignite others with your passion, if you have none to begin with. But then comes the hard work: Strategic thinking. System building…as well as the boring parts too…or do they have to be? Here’s my 10 point plan to help you start off on the right foot with any business you choose. Just make sure the passion is in place first.
1. Have a vision
- Live it
- Explain it
- Tell it
Don’t start off without it, otherwise you risk being like any other small business scratching for a living.
2. Get the right people
- Management must be involved
- Shake the tree – pull all the strings in your search
- Use systems (the Predictive Index® is a good start)
- Be systematic
- Choose – there is tremendous power in feeling that you are chosen
- Be professional – it is the only way you will attract the best
- If in doubt, don’t employ
3. Prepare your business plan
- Be professional
- Know what you are talking about
- Have a standard presentation. Make it professional – it will be worth its weight in gold
- Be cautious
- Plan how to expand – know when to say no!
4. Set up your systems
- Create handbooks
- Authorisation routines
- Define travel rules
- Choose I.T. systems wisely
- Lay down holiday guidelines
Boring? If you don’t, you will waste management time with these things to the point of collapse. The more you get sucked in, the less you’ll do of what you have to do.
5. Set up your management reporting and accounting systems
- Keep it simple
- Keep it actual
- Know what you want
Boring?! See above.
6. Set up your salary and benefit policy
- Be professional
- Be creative. Think of bonus and shares etc.
- Be competitive to get the best. But remember people don’t work just for money!
If you get it right from the start, then you will save yourself endless pain in the future.
7. Set up your legal and capital base
- Know your bankers
- Secure your funds
Think of tax and profitable days.
8. Set up your organisation
- What kind and why – functional or process?
- Set it up for future expansions
- Don’t make it too grand – there is plenty of time for that
- Have a clear purpose for departments, jobs etc.
9. Build your network
- Know where to go when you need help
- Don’t be afraid of consultants – just know when to use them
- Pick brains and expertise
- Don’t be afraid of outside services – just know how to use them
- Build contacts that you don’t need
- Press and government contacts
- Know your competitors, the industry, other industries
- Work hard
I’d be delighted to know, if you have any other pointers for setting up your business for success – please share them with us below! Read our FREE White Paper and learn how the science of psychology can provide us with some clues as to what conditions may promote entrepreneurial success. Download “The Role of Entrepreneurship and Innovation to Drive Organizational Growth” >>
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