Driving a new business forward, to the next level can be one of the most challenging, satisfying and exciting projects. When business is good, you are in control. But if you are to continue moving forward, you must plan and learn how to anticipate and pass through some common roadblocks that lie in your wait. Don’t let any of the following thwart your progress:
1. Departure of key employee or business partner
Every business places reliance on either a business partner or employee – none more so than a startup or small business. When hiring an employee or going into business with someone you must ensure you have a shared vision and common values. If you do not have the same expectations then you will differ and as a result the venture may falter. Make sure that the concept and expectations marry at the outset. The key here is to tread carefully, understand who you are working with and seek necessary assurances. An unforeseen departure could set you back and impact your business negatively.
2. New competitor entering the market place
If you discover a new competitor in the marketplace this can change your plans and require you to reshape your product/service offering. Having launched with an idea, you may find another business now offering the same service for less, attempting to force you out of the market. Understand a competitors offering, be different and ensure your customers can clearly see your value. Persist, go the extra mile, and review your levels of service to ensure they exceed expectation and help you maintain happy customers and win new business via word of mouth.
3. Changes in technology
Technology is continually changing the way we work. It often brings efficiency, so ensure your business embraces such advancements. Streamline processes whereby possible and ensure you keep your ear to the ground and ahead of the curve, always!
4. Customers not buying in to your ideas
It is important that your ‘new business’ chain of supply continues at a steady pace. It is always challenging to enter a market, build a brand and win customers all at the same time. Be prepared to continuously refine your business during the early stage, improve, adapt and evolve. Don’t get distracted and always be willing to take your business to customers if they aren’t coming to you.