1. FOUNDING A STRONG TEAM
What is intrinsic in all succesful start ups is a passionate and answerable talent pool. You might get the first step right, which is to hire skilled personnels. However, more often that not, what most employers overlook is inculcating a sense of belonging in them. This loyalty to the company can be fostered via more company gatherings with a personal touch, be it BBQs or overseas trip together. When your team loves the company, this augments their dedication and accountability to the company.
2. NOT TO BE EMOTIONALLY BLINDED
Additionally, why many start ups tend to dissolve after a year or two is due to the lack of meticulous planning. Many entrepreneurs out there are too excited to fledge their wings in their field of expertise that they overestimated their own commercial worth. For all they know, they might just be a cookie cutter model out there in the playing field and lacks a distinguishable feature. Moreover, they failed to ask themselves whether the timing is right? Are they prepared? Are they too hasty that they are caught up in the vortex of market volatility – tricked by the bulls and bears of the market?
3. CARVING YOUR NICHE
This also brings me to my next point – the importance of carving your comparative advantage among your fellow counterparts. Look at the cafehopping craze that infected Singapore’s youth in recent years. At the same time, look at the number of brick and mortar cafes that open up for business and close within the same year. You can’t simply be a run of the mill cafe that churns out photogenic waffles and coffee – like every other cafes! It could be done by making your own specialty dish. Or having a lovely ambience (distinguish yourself with your décor, not just a typical industrial wallpaper or vintage vibe). Or having impeccable service. It is up to you to make yourself stand up from the rest. Dare to be different.
4. MAKING YOUR BUSINESS RELEVANT IN THIS EPOCH
This is done via company branding. In today’s context, no one can survive without social media. This is particularly so in Singapore, where smartphone penetration is 85%, the highest in the world. All smartphones that we see around us most probably has a Youtube app or Instagram installed. No established companies that I know of does not have a Facebook business page. Be playful. Interact with your clients on social media. Make this social media age your era.
5. VALUE ADDING FOR YOUR COMPANY
One tried and tested way is to engage in social responsibilities. Why not donate a portion of the company earnings to charity and to do good? It is more than just making your company image look positive. It is about contributing to society when you are financially capable. Just put yourself in your prospective client’s shoes? Would your heart lean towards supporting a company that wants to do good for the community? I would.