Whether yours is a bootstrapped start-up business or one with unlimited access to funds, there are a few things that you should and shouldn’t be doing. Managing a start-up business is all about putting common sense to work and sticking to established practices that are fail proof. This blog is intended to be a key guide on dos and don’t for start-ups; also it will definitely give you a fair glimpse of what it takes to see your start-up grow and succeed.
On Business Etiquette
The emphasize on etiquette is because it is not just about following a set of rules, but more about fostering a positive relationship with potential investors, your employees, customers and everyone with whom you come in contact with. If you are dealing only locally, you probably also know what is appropriate around but that is not always the case; most often a growing business will be dealing with others trained in an entirely different cultural context.
What is appropriate for you is not necessarily acceptable to many. For example, making a cold calling on a client may be acceptable in your area, but in the US or Europe, your target will frown it. As a start-up business, you are mostly in a disadvantaged position, which you must never forget.
Do’s of Etiquette
Send a “Thank you” note at the earliest possible after you have concluded a meeting with someone important. Saying thank you doesn’t cost you money and more importantly, it will show that your start-up business cares and is potentially a reliable partner to do business.
Remember names and learn to spell it properly. When you are able to do it, you project yourself positively as someone who cares and you can expect the person on the other side to reciprocate. This will consolidate your company’s reputation; a commodity that start-ups need badly.
Be diplomatic, clear, and honest. If you are a start-up business and hard-pressed to achieve sales targets, you are more likely to make a few impractical promises. Don’t cave in to pressures; simply try to be clear and honest. This is a reputation building exercise that start-up businesses cannot afford to put at risk.
Don’ts of Etiquette
Don’t boast. Never boast; boasting is a turn off especially if you are representing a start-up business whose products and services are yet to become household names. Boasting can work (though not recommended) if you are unique and have literally no competition around challenging your business. Humbleness pays.
Don’t Judge. We all know that we all react differently and come from different cultures and backgrounds. To judge negatively any individual is not only a disservice but also amounts to foregoing a potential opportunity in the future. Keep your mind open and receptive to situations that even appear to be alien.
It is normal to feel foolhardy and it is in many entrepreneurs, but as a business start-up, you must reign in this thought and open up to seeking help from management consulting firms. Management consulting firms are repositories of extensive experience that you can readily put to use. The small fee you pay them can take you miles ahead within a short period and stop you from wasting money and resources that you can invest elsewhere profitably.
Why Should You Reinvent the Wheel Anyway?
Start early in the formative years of your start-up. I will even recommend that you do it the moment you see an opportunity and think it is unique. The advantage is that the consulting company can validate your idea or make changes if necessary. What you think is unique after all isn’t; possibly there are many others into it already.
Get market research done to establish feasibility. Business is all about delivering services or products that solve a real problem that exists insufficient volume. To establish this is no cakewalk – it requires expertise and experience. In short, management consulting firms just do this. Be doubly sure about market potential.
Get training from experts who understand your business well. Training is all about preparing start-ups to face ground realities. It is not only for the entrepreneurs but also for everyone in the organization. Good training based on sound principles will save you tons of money. Nothing can be truer if you are a small business owner.
Don’t hire management consulting firms that don’t have a successful track record. Ask for references, the really great firms always have a good portfolio of work that they are into.
Don’t hire for the simple reason that they are cheap. It is the quality that matters and quality always has a price tag that is reasonable.
OurBusinessLadder is one of the highly reputed market research companies in Pune that focuses on guiding what is best do’s and don’ts for start-ups. More particularly they will tell you about small business don’ts that can make a big difference.