Starting a business is a very exciting experience. After years of dreaming and planning, it must feel amazing to finally see your efforts bearing fruit. However, according to the latest data obtained by the Small Businesses Association (SBA), up to one third of businesses fail within the first two years. These astonishing statistics bring to light the need to get started on the right foot if you want your business to succeed. Luckily for you, we are here to help by offering a guide on the most crucial goals you should achieve within your first year in order to pave the way for greater success in subsequent years. Starting a business is a very exciting experience. After years of dreaming and planning, it must feel amazing to finally see your efforts bearing fruit. However, according to the latest data obtained by the Small Businesses Association (SBA), up to one third of businesses fail within the first two years. These astonishing statistics bring to light the need to get started on the right foot if you want your business to succeed. Luckily for you, we are here to help by offering a guide on the most crucial goals you should achieve within your first year in order to pave the way for greater success in subsequent years.
1. Follow your business plan
Aside from using it as a tool to obtain capital and financing, a business plan will offer an excellent benchmark upon which you’ll be able to do regular evaluations. Within the first year, your goal should be to consistently follow the business plan and make any necessary minor amendments as soon as possible.
2. Be consistent in book keeping
Ensure that you identify and implement an effective bookkeeping method as soon as possible. Proper financial records are a must for any growing business as they will give you a good idea of where you are financially and what mistakes you need to rectify moving forward. Arrange for regular consultations with an expert small business bookkeeper who will provide excellent services that are tailored to meet your financial needs.
3. Get proper advertising
First impressions matter a lot, and if you want your business to become a recognizable brand, then you certainly need to invest in advertising right from the onset. Within the first year, your goal should be to implement an effective sales and marketing strategy that will give your business the necessary exposure it needs to flourish. Some creative ideas include coming up with appropriate discounts and offers which will attract clients and make them gain interest in your company.
4. Develop a budget and stick to it
When developing your business plan, you must’ve included a budget section where you projected what your income and expenses would be. However, once the business kicks off, you might soon realize that the financial projections you made are quite different from reality. For this reason, during the first year, your goal should be to develop an accurate budget which takes into account your average income and expenses as observed over several months of doing business. Once you have a running budget, be consistent in following it. This enables you to have financial freedom in your business.
5. Get a mentor
It is recommended that every business person should have a mentor who will guide you through the first year. A mentor should be someone who currently owns a business or has had experience in running a business. Whether it’s your parent or a seasoned financial consultant, ensure that you are receiving regular evaluations from your mentor as this will enable you to avoid some costly business mistakes.