5 tips start ups should know

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.

Managing Your Cash Flow

Cash is king when it comes to the financial management of a growing company. The lag between the time you have to pay your suppliers and employees and the time you collect from your customers is the problem, and the solution is cash flow management.

 

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4 Ways to Avoid Burnout as an Entrepreneur

Starting a business can be a roller coaster ride: one minute it is exhilarating and exciting; and in the next, frustrating and tiring. The process of turning a start-up into a successful business venture requires truckloads of energy, which you may not always have.

 

You may be shifting gears from marketing to customer service; fretting overbookkeeping and accounting that you know nothing about; or having sleepless nights thinking if this business will work or simply burn a deep hole in your bank account. The pressure can be daunting! More so if you have invested everything you own in the business, and are afraid that it may not work out as planned.

 

If you are too stressed out, you may be heading for burnout. “Burnout” is a stress condition brought on by being involved in an intense situation for a long period of time without adequate rest and recreation. Burnout may result when you ignore your physical and emotional needs during a period of constant or severe stress. It can be triggered by your inability to set boundaries, trying to do everything all at once.

 

Here are four steps to avoid burnout, relieve stress and help you get invigorated.

 

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10 Ways to Improve Your Business Operations

Every new day gives you a chance to move your business forward from your present situation. There will always be things that you can improve and do better, such as You can improve your business by increasing your profits, reducing losses, getting more customers, expanding the markets, becoming more visible in the community, going public or a number of other items deemed desirable. The key is to have a vision of what you want to achieve, where you want to go, and what you want the business to become.

 

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How to Grow Your Small Business

7 Ways Small Business Owners Take Their Businesses to the Next Level

Many successful small business owners have at least one thing in common — the ability to see the big picture and envision what their success will look like tomorrow. Here are some of the activities successful small business owners complete to place their focus on the future and keep moving forward.
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