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What are the keys to success in business?
Mon 16 December 2019 - 12:11 pmFeatured | Small Business
Although all businesses aim high at the beginning of their journey, the reality is that only a small proportion of companies will make it to their intended success. Most businesses founded today are destined to become another failure statistic.
At the Keys to Success event held by business management service Catapult, Mike Boorn Plener, the founder of Catapult and speaker of the event, spoke about the importance of managing mindset, revenue, getting a great team in and raising capital in order for business owners to succeed.
From the presentation that Dynamic Business attended, we have collected some useful tips on making sure that your business is on the right track for making profit, gaining capital and achieving success.
Thinking it over
Managing a business is a constant battle. With the never-ending cycle of devising, contemplating and revising business plans, the road to success is incredibly hard.
Early in the talk, Mike pointed out that it is worth taking plenty of quality time to think through your company’s potential. This will ensure a good start in the first year and make a significant difference for a business long term.
Getting into the right mindset and reflecting on the business idea is one of the trickiest tasks that entrepreneurs will encounter.
Mike advised that in the initial phase, it is crucial that owners are open to suggestions yet mindful of their own convictions.
Specifically, he suggested that entrepreneurs to ensure deep subject matter expertise around their businesses and unlimited passion for what they do; at the same time, don’t be afraid of being proactive and making mistakes — that is, within a reasonable scale, of course.
This is a great strategy for entrepreneurs to gain an insight into the pros and cons of their current business strategies and identify practical solutions to improve the situation.
Ensuring a sustainable access to revenue is one of the most important tasks for businesses if they wish to “make it” in the long term; there are many ways to establish a solid premise for this endeavour, ranging from figuring out the right business branding to acquiring relevant joint ventures and partnerships.
Once the business is established, Mike shared that owners could maximise their revenue through various hacks, including:
- Regularly fishing for leads
- Establishing an automated front-end and manual back-end
- Building up the recurring revenue
- Selling, innovating and improving the products according to the market demand
The right people
Having the right team is also an essential piece to the puzzle.
To ensure that their businesses are set out for success, entrepreneurs need to not only select the right team but also have a systematic arrangement of the personnel.
Mike emphasised that “a great team is the lifeblood of almost any business”. Leaders could ensure that the team stays at its top game by keeping relevant management tips in mind, such as:
- Establishing appropriate boundaries: clear position description before you start a new person, engage in the team chatter sometimes and follow-up with questions
- Encouraging freedom: allow free-thinking in the team, listen to thoughts and feelings from members and adding new challenges at the right time
- Making the right hire: look for individuals who pay attention to details and fit into the company’s culture and values
Raising the all important capital
Last but not least, learning the mechanism of raising capital is another crucial task for entrepreneurs to make sure that they are not cut out from the operations of their own companies (i.e. from accepting terms where investors take the majority share!)
Mike mentioned that in order to perform well in the capital-raising process, business owners should strive to build a comprehensive business model, reach the right kind of investors and build a relationship with them based on trust.
To get started on your first pitch, you can work with Mike’s recommended material down below to get organised:
- Sales growth, testimonials and market research that prove your point
- Information memorandum, teaser document, pitch deck, revenue model and financial model for pitches and follow-ups
- Industry knowledge, drop stories and presentation skills needed to deliver the most confident pitch
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