How to Evaluate my Business After the First Year?
I work with hundreds of Directors every year that ask themselves this same question. And not just directors of start-ups, but also large SMEs turning over millions every year in revenue. There are a number of reasons why directors feel this way, especially in the world of start-ups.
Goals and Targets
What is your company’s ultimate goal/target? And what ‘mini-goals’ do you have to hit along the way to reach it? The definition of being ‘lost’ is not knowing where you are or which direction you are going. How are you meant to know which way your business is heading if you don’t actually know what the finish line looks like? Are you managing your goals and targets through a CRM consultancy?
Changing Tack
Don’t be scared to try something new. If you are hitting your targets, but still not progressing, why don’t you try something different? Maybe look at selling to suppliers instead of the end user? Whatever you do make a change before you start to stagnate. Also, don’t be too hard on yourself. If you are hitting your targets, you might be doing better than you think!
Waiting for Investment
‘We can’t progress any further without investment’ = Excuse.
About 1 in every 10 companies I speak to can legitimately say they can’t proceed without capital investment; the other 9 in 10 use it as an excuse. If you want to attract investment, you need revenue and a working model. If you are waiting for investment, make sure you are earning revenue and proving your concept – then you might get investment quicker.
Sell
It is scary, sometimes unpleasant, and sometimes feels intrusive. However, if you want your business to work, you have to sell! This means jumping in at the deep end: picking up the phone, knocking on the doors, walking the streets, and selling your product/service. Yes, you can hire someone, or take on a non-exec or an equity partner who is good at selling. However, you still need to lead by example and sell yourself. You could consider staking on a sales strategy consultant?
Business Plan
An Entrepreneurs business plan is essentially the guide on how you are going to take over the world!
A business plan is not just to get investment. They are written so when we feel lost we can read it and remember our goals and where we are in the grand scheme of things. A good plan should include a detailed Timeline of how you plan to reach your business’s goal, by setting mini goals. And how you will achieve those goals by using your Marketing Plan and Sales Plans.
A business plan is a document that will ultimately stop you feeling lost. You don’t have to follow it like it is gospel, but as long as you believe what you have written in it and believe this is how your company will grow; you can ensure that consciously or subconsciously, you will follow it and your business will grow.
At Acceler8me we love to watch businesses and entrepreneurs grow. We help by giving you the support you need to make this a reality. We get you ready for investment and find you the money you need to start your start-up. .
If you ever feel stuck, don’t forget the team at Acceler8me will always be here to help you out.
Brad Channer,
Director