Startup Survival Tips

Curated from Inc.com

Getting a business going isn’t easy. When things are starting out, it’s important to understand that there will be a few bumps in the road before success is reached. Here are some tips to keep in mind when going through the stages of launching a startup.

Delegate Tasks

Startup owners may want to do everything themselves to ensure tasks are done correctly. When owners hire employees to do specific tasks and don’t let them do their jobs, that will only lead to more stress. The owner’s job is to build the company and leave other tasks to the employees hired to do them.

“As a human, accept that you can only do so much. That means that if you have more tasks than you can actually achieve, you need to make sure to prioritize the ones that only you can do. If you're writing lines of code all day, that means you're not refining your long-term goals or your financial plan, and you're not building relationships with investors or stakeholders.”

Pay Attention to Every Department

Employees in sales and research departments are staffed first because they lead to business improvement. These employees are crucial, but don’t forget other departments. Administrative assistants, accountants and legal employees are there to aid in the inner-workings of the company. One oversight in a legal or payroll issue could be lead to more problems in the future.

“Everyone knows that adding staff and resources to R&D and sales is usually urgent, and it's absolutely fine to prioritize those two--for the short term. Don't forget the rest of your company though!”

Remember the Company’s Values

Taking advice from clients is a great way to learn how the company can improve. During this process, it’s important to note the core values the company was founded on and to stick with those. Feature creep happens when companies do everything the client requests while also adding value. Pleasing clients and customers is important, but note that businesses aren’t able to do it all.

“Even those of us who are aware of the dangers of feature creep, and have experienced it many times before can sometimes fall victim to it. However, once you realize the issue, it's critical that you refocus on your core value, or you'll risk your business spinning into chaos.”

Saying No Is Okay

Sometimes startups aren’t ready to take on certain clients and it’s okay to say no to them. When a big name client approaches asking for the company’s services, this can be both great and harmful to the company. Taking on these clients can build the company’s reputation, but can also lead to more pressure and overworked employees.

“If you have many small clients approaching you, the temptation is to accept another one every time they call because each individual one seems like an easy task. However, know when the final straw will break the metaphorical camel's back - usually in the form of your valuable employees starting to look elsewhere because they're overworked.”

Ways to Keep a Small Business Afloat During Slow Months

Curated from Entrepreneur.com

While some small businesses remain relatively steady throughout the year, others struggle to stay afloat during their slow months. Weather, economic and seasonal shifts can affect a number of businesses. Companies thriving on summer tourism struggle in the winter, just as restaurants can see slower numbers around the holiday season. Car manufacturing plants, some retail stores, and construction companies specializing in residential housing may also experience slow periods during winter. Here are a few tips on how to keep a small business or startup going during difficult seasons.

1. Do Economic Research

Keeping track of how an industry is faring economically is a major way to keep up with any seasonal issues. Researching how competitors are managing during slow periods and consulting companies that can help boost sales or performance can make a big impact. Keeping in touch with banks and investing partners can also be very beneficial in gaining insight into how the industry is performing overall.

“The best way to stay afloat at hard times is to have healthy, open relationships with your bank and your money partners, using clear communication during the good times and the bad.”

2. Consult Experienced Professionals

Don’t be afraid to seek advice of other industry professionals in well-developed businesses. Ask about their processes for handling slow seasons and what they do to if things start to feel hopeless. Develop a plan based on their suggestions that will be the most effective for the company during these times.

“When things are looking up, it’s easy to hope and plan for continued success. However, staying positive should never mean staying ignorant.”

3. Make a Plan

Making plans and setting goals for slow months is just as important as it is for well-performing months. Be financially conscious and set aside funds to keep on hand during difficult periods to account for different situations. It is also important to take time during slower months to evaluate the business, make some new marketing suggestions, review employees, and prepare for future projects.

“Take that extra free time to evaluate business performance, plan for the future or revisit your branding -- you know, the things you can barely find time for during those hectic busy seasons.”

4. Remain Calm

Slow times can lead to stress and overthinking ways to keep things positive. Remaining calm and taking time to breathe will help in alleviating any worries associated with difficult months. Overthinking quick ways to make money, such as big sales and downsizing could end up hurting the business in the long run.

“Stay the carefully crafted course, and the rough waters will seem less scary.”

Business Phone Do's and Don'ts

Curated from Entrepreneur.com

First impressions with new customers are key through in-person, email, and phone communication. The way phones are answered can have a positive or negative impact on a customer.

Interactive Voice Response (IVR) is a common phone system used by many businesses. These systems can complete tasks such as prompting  “yes” or “no” questions, directing callers to the correct department via a menu, taking payments, and more. This allows for customers to easily complete tasks without being transferred back and forth between departments . When used correctly, these systems can be beneficial in making things simpler for both customers and businesses. However, incorrect use or complicating the system can actually drive business away and cause customers to choose competitors due to poor experience.

Here are a few things to keep in mind when setting up an IVR system.

1. Phone Menus

Don’t make the menu too complicated or lengthy. Even if your menu is trying to be helpful by including details on every department, customers in a rush may hang up if they have to listen for too long.

“Try to keep your menu to no more than three to five items. Any more than that and callers will start to feel lost and confused.”

2. ‘Speak to a Person’ Option

Avoid making it difficult for a customer to speak to a human. Automated systems can be convenient, but if there’s a more complicated request or problem, the customer will want to speak to a live person to get assistance.

“Take that complaint off the table by offering a way to quickly and easily get in touch with a representative right away. Don’t make them wade through lists of options to find it.”

3. Represent Your Brand

Choosing a generic voice set up on the IVR won’t create a lasting impression on customers. These can sound dull and may not portray your brand to the caller.

“Remember the IVR is branding your company. Your IVR is your company’s -- and your brand’s -- first impression, so make it a good one. Avoid bland, boring, or confusing language, and make sure you’re using a voice that your customers can relate to and trust.”

4. Keep it Simple

Prompting callers to give too much information before speaking to the correct department can be deterring. This can lead customers to hang up if they are overwhelmed at the beginning of the call.

“Only get the most pertinent information as to not lose the caller, and when in doubt, go back to the first point -- keep it simple.”

5. Get Feedback

Be sure to ask customers for feedback after the call. This can be a simple survey at the end of of the call or a follow-up on another day.

“Devise a plan to have your team ask callers for feedback on your new IVR system. It can be a survey or a simple question -- “What did you think of our answering system?”

Using Data to Aid in Business Growth

Growing a business can be challenging, especially for businesses who are just starting out. One way that assists business owners in figuring out what’s working and what isn’t is looking at data. This can be data from website hits, marketing campaigns, sales, inventory, etc. Whatever you need can be available just by looking at data and understanding how it can affect the way your business is run.

(Curated from Inc.)

1.Set Business Objectives

Take a look at what your company is trying to accomplish and figure out what is working and what isn’t. Set realistic goals that can help in areas that need improvement or expansion and apply those to relevant data that can help in understanding the bigger picture.

“Spend time thinking about your company--what's your bottom line, what's influencing behaviors--and hone in on what information could help you make better decisions.”

2. Invest in the Proper Tools

In order to look at metrics based on data, the correct tools are needed to provide accurate information. Find programs that provide relevant data to the goals that were set. Keep sources and programs current so data can be stored properly to keep the business on the right path.

“It's likely you'll have data coming from multiple sources and programs, which can make analysis costly. So invest in tools and technology that will help you focus on quality collection, aggregation, and analysis.”

3. Share Information Internally

Make the data accessible to those who can assist in this process. Share the information with various departments through the data collecting software or other means that will allow everyone to communicate accordingly. This will keep everyone on the same page and ensure tasks are being completed properly.

“When you share data, like customer information, with the broader team, you communicate and coordinate with less friction and operate like a well-oiled machine. Your small business will run a lot smoother when your team is in sync.”

4. Develop a Routine

Data can be very telling. After looking through the information that was collected, make it a habit to frequently check in and see what’s going on. Use intuition to guide your business in the direction you think is right, but pull up data to make sure decisions are going to be beneficial or harmful.

“The best way to start applying data analysis is to use your intuition to guide the process, then use data to tell you whether your gut is true or false.”

5. Test Ideas

Look at what the data shows and formulate tests to make necessary changes. Experiment with new ideas, strengthen plans that are working and come up with the best way to improve what isn’t working. After the testing phase, apply the results to the bigger picture and execute plans that will lead to long-term improvement.

“Small businesses have the advantage of agility. Look at your data and formulate tests and hypotheses. Then apply those actions as tests.”

Essential Social Media Tips for Entrepreneurs

In today’s market, social media marketing is a must if you want to grow your business and your brand. It's also one of the least expensive ways to promote your business. When executed well, social media can go a long way toward putting a business on the map.

Mastering social media, overall, isn’t rocket science: A combination of common sense and fundamentals goes a long way. Here are four ways entrepreneurs can win at social media.

(Curated from Inc.)

1. Be an Active Listener

If you want to understand what consumers want, you have to listen to what they're saying. Monitor consumers' online opinions by simply “listening.” Your business can gain valuable marketing insights from this feedback.

"The goal is to listen for relevant conversations, discerning who the applicable influencers are in your specific field," says Shonali Burke, president and CEO of social public relations consulting firm Shonali Burke Consulting. "Once you know who the influencers are, you can influence them, which then spreads your message to others of the same ilk."

2. Make a Plan

Similarly to the way you do everything else in the world of business, you must make a plan before executing. Same goes for social media. An editorial calendar provides a smart way for entrepreneurial businesses to manage multiple social media marketing strategies, which can get complicated otherwise.

"An editorial calendar helps you thematically recognize the social media content you have planned over the next few weeks," Burke says. "It helps organize your schedule so the whole process is a lot less challenging."

3. Amplify

Rather than just churning out social media content and calling it a day, make sure you also help customers so that they amplify their positive experiences in their social media conversations. In order to do this, you must be sensitive to a customer's lifestyle and personal needs.

"You can't help the audience if you don't know their pain points, which means they don't have anything positive to amplify to others," says Andrew Moravick, a research analyst in Aberdeen Group's marketing and sales effectiveness practice. "The solution is not to ask questions of current customers such as, 'How do you like our brand?' but rather to engage in a personal relationship. Ask them what their struggles are. Social media is about life."

4. Understand Your Analytics

Resources like Facebook Page Insights and Twitter analytics provide you with all the information you need to see what is working and what isn’t. Check these daily and stay on top of your campaigns.

"You need objective-based benchmarks and clear measurements for success that you can track on a systematic basis to ensure the messaging is working and is repeatable," says Moravick. "This requires that you first define what it is you're looking to achieve, such as the number of people talking about your business in their social media conversations."

Have any great social media tips of your own? Share them in the comments below!