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?”