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Adopting a Startup Mindset Can Help your Business Grow and Succeed
In order to have a successful company, it’s a given you need a fantastic product or service, a reasonable price, great customer service skills and a nice-looking website. But being a successful entrepreneur also requires a passion for what you are doing, and the ability to run your company in an organized and efficient way. If you feel like you are falling into a rut with your business, or that it’s not expanding or growing as much as you would like, it might be time to return to the bare bones basics of the startup mindset. The following tips can help:
Re-work your business plan
As The Tennessean notes, a successful startup requires a business plan. If you have never created one, or if your plan is starting to acquire some dust, it’s time to develop one that covers every aspect of your business. Do some market research, just like a startup owner would, and note everything you want to achieve in your company. Having a new or revised business plan will give you clear goals that you can start working toward, and help your business succeed even more.
Look for lesser-known ways to get the word out
Since many startups are long on passion and short on funds, they typically have to focus on less-common and economical ways to market themselves and broadcast what they do. Even established companies should consider using lesser-known ways to reach potential clients. An example of a successful company that does this quite well is LifeLock; it has a business profile on the CrunchBase website that does a great job of explaining what types of services it can offer. Sites like CrunchBase are good tools for customers to use to learn about your business.
Trim the fat from your budget
As CLOMedia notes, having a startup mindset means focusing on staying as financially lean as possible with your business budget. Even if your company is starting to grow and you’re finding you have some wiggle room in your previously meager budget, it’s still a good idea to keep your expenses down and run the company below its means. By spending money on the essentials and running a financially tight ship, you’ll be able to weather the ebbs and flows in your business with ease, while knowing that every dollar you are spending has a real purpose.
Remember that hard work is key
Startups that succeed typically do so because they have a small group of dedicated employees, all of whom are passionate about working hard and doing multiple tasks as efficiently as possible. When you first launched your company, you probably worked long hours including evenings and weekends. Now that you have been in business for awhile, you might be slacking a bit on your schedule. As the Houston Chronicle notes, while you certainly don’t need to be tied to your desk 24/7, it’s important to remember how hard work got you where you are today, and keep that “always hungry” attitude of a startup owner. Instead of resting on your laurels, remain vigilant about looking for new opportunities and ways that you can grow your company.
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