Starting a business is tough. Sustaining through the challenges is tougher. It is important to get some of the basic things right to keep going. For those entrepreneurs who wonder, “What’s next?” here are some tips to survive the sustainability challenge:
Hire only the right people
Most small business owners make this mistake of hiring friends, friends of friends or relatives regardless of the skills they possess. Of course you can give them a chance. However, ensure your foundation is strong by hiring most skilled, qualified and experienced employees first.
Fire the wrong people fast
Once you know you have hired wrong people, take an action fast. Do not hesitate on replacing them with able, competent people. Else, your business will suffer for your delay in making the right decision.
Have a plan
Know where your business should be in the next three years. Write down your ‘SMART’ business goal – Specific, Measureable, Attainable, Realistic and Timely. Create a schedule, delegate tasks to the right people and work towards your goal. Observe your business growth, revisit the plan and modify it if required.
Don’t get carried away
It is natural to enjoy the publicity when you are awarded ‘Start-up of the year’ or ‘Most Promising Entrepreneur’ etc. When you are surrounded by a lot of buzz, use it to build a strong network of powerful connections. Don’t get carried away and lose focus from your business.
Starting a new business brings a lot of experiences. Not all of them would be good. Analyze your efforts often to know what works and what does not. Learn from mistakes and make sure you do not repeat them. Remember, in order to succeed, you must try and keep trying.
Trust your instincts
A good technician can tell if the motor is working fine just by listening to the sound it makes. The technician can point out the bolt that has to be tightened if there is any uncommon noise. You are the technician of your business. Keep listening and you will sense when something is not right. Trust your instincts and take critical decisions without hesitation.