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Every business, whether big or small, has three essential legs that must stand on their own merits in order to succeed: the day-to-day operations of the business, the finances of the business, and marketing and outreach to customers. Without all three of these elements standing on their own two feet, your business won’t make it. Here’s how to ensure each of these three legs of your business can stand on its own merits.
The Day-to-Day
Having a solid business day-to-day strategy is one of your most important duties. If you think you can simply let it happen, then don’t become an entrepreneur. The truth is, no matter how much money you have in your bank account, if you don’t have a good daily business strategy, your company will die. The difference between entrepreneurs and non-entrepreneurs isn’t usually intelligence or determination - it’s planning and execution. Knowing where to spend time each day and each week is often more important than having strategies for every scenario. You might not know what will happen tomorrow, but you can plan for today with confidence.
Financial
It is important to have a financial plan in place before launching your business. You must have a strategy for success, and one of those strategies should be how you are going to finance your business while it’s still in development. Without an initial investment and some kind of projected revenue stream, most businesses won’t make it past their first year. There are several sources of funding that can help get you up and running: partners, friends, family members, personal savings, grants (sometimes from your state or local government), credit card debt—just about anything that has a monetary value can be used as startup capital for your business! Your budget needs to include cash flow projections during key startup periods so you know when you will need more money.
Marketing
People don't want to buy a quarter-inch drill. They want a quarter-inch hole! - Ted Levitt, economist and marketing professor. This simply means that we must present what it is that you do to your customer in such a way that they understand it better. That way they can connect their pain with your solution; which in turn makes them want to take action by buying your product or service. It's important not to market just for marketing's sake, but instead, focus on educating and adding value so people will come back again and again when they need more of what you offer! You may want to consider talking with Advertising Agencies.
That's where we come in. We will work with you to convey why buyers should choose you to solve their problems. Schedule a discussion with us to learn more.
Final thoughts
Keep your day-to-day going smoothly: While you can always make improvements to your day-to-day, having a good general sense of what's happening on a daily basis will help you start hitting your goals. You'll want to look at all that's going on in terms of company revenue, costs, and how much each element is growing month over month. As long as your business is relatively stable from month to month, you're probably doing well—but try to keep improving.