“You are the captain of your own ship, the master of your own destiny.” When setting up our businesses for the first time, we all start out like superheroes, ready to conquer the world! But then, like in the movie Titanic, disaster strikes. We hit the nearest unanticipated iceberg in the distance. In no time at all, our business takes a nosedive. Does this sound eerily familiar?
Statistically, eight out of ten companies starting out are said to fail. The question thus is, is there a way to ensure your startup’s success in the future? Our results-oriented SME service provider teams offer risk analysis and expert advice that guards your business against future failure. Here are the top five steps that you can implement to ensure a successful business venture:
1. Planning is key
Many small to medium sized enterprises (SMEs) face greater levels of uncertainty and fail to spend adequate energy on developing strategic business plans. They fail to outline future plans that guard against potential devastation. Even though an alarming 50% of all startup businesses fall flat within the first five years of existence, many business owners sidestep the planning phase and find it unnecessary to implement. Comprehensive business planning has a proven record of long-term business success. Rule #1 for success: plan, plan, and plan again.
2. Location dictation
As we know, in Dubai, location is paramount. Accessibility equals convenience, to put it simply. Some may go as far as saying that one’s physical location plays a pivotal role in the company’s overall growth and operational systems. Rule #2: when choosing your location, consider your customers, logistical company equipment needs and employee satisfaction.
3. Financial resources
Digging deep into one’s pockets has for centuries been the number one defeat of all newly instated businesses. An additional reason linked to insufficient business funds is the inability to strategize a sustainable finance plan. Ensuring sufficient capital that is essential for the survival and prosperity of your business is a fundamental element to the overall longevity of your business. As a general rule, keep your revenue generation plan simple and realistic. In most cases, a period of two years is anticipated before your business can begin to recover from the initial set-up costs. Monitor your expenses closely and set up credit facilities with your suppliers. A contingency plan is imperative. Safeguard your business with a thorough plan that will not leave you exposed to the unexpected.
4. In-house skills
Seek out trustworthy individuals who are capable of leading your team to victory. Often times, poor leadership and a lack of management skills can be detrimental to a business. Ensure that all operations within your business have a timeous and strategic order. By recognizing your own shortfalls, you can opt for a short course, or appoint a skilled individual to support your weakness. Good leadership is like the light that shines upon every aspect of your business.
5. Ask yourself what problem your product solves
Always keep in mind the problem that your business is solving in the community and region. Hold onto these values tightly and you will reap the rewards you deserve.
Like so many others who have tried and tried again, I encourage you to wise up and make some simple changes. After carrying out these simple and fail-proof steps, your business will be given the fighting chance it deserves. Let the past be the past and remove all the icebergs in your way. Go on and establish your risk-free future, exactly as you imagine it to be. It is possible.