Everyone has ideas, and many times they’re good ones. Then we let them grow until they get too big and things seem impossible to get done. If you’re serious about building a great business, you’ll need to be incredibly focused, otherwise, your idea will never have a chance of leaving the great idea stage. The only way to actually get going is by taking many small steps that allow you to stay focused. Here are a few of the most important small steps you need to take.
Don’t try to grow your company with the same investor business plan you used to raise your startup money. It’s irresponsible to execute on a plan that is outdated. Constantly use your knowledge of customer feedback to adjust your plan for smaller increments of time. If you can, plan to account for the ever-changing nature of a new business by changing your business plan at least once a year. Put the original business plan on the shelf and bring it out three years later. You’ll get quite an eye-opening when you see the difference.
Communicate spending priorities and make sure everyone on your team spends the company’s money as if it is theirs. Regardless of how much money is in the company’s bank account, intelligent and thoughtful spending leads to a healthier and more productive company. Don’t let just anyone in on the spending, either. Keep the list of authorized money spenders to a minimum.
Find your niche. Focus on a segment of customers and build a product that is exceptionally valuable to them. Don’t get distracted by trying to be too big too fast. After you succeed in your initial market, you will be much better positioned to grow beyond that market.
Don’t try to grow your company with the same business plan you used to raise your startup money. It’s irresponsible to execute a plan that is outdated. Work with small business plan writers who understand your needs.