It’s important to spend time in the idea stage of your business startup.
It’s the time that play around with the business model, determine your offerings, set your big goals.
It’s the time to build your launch plan.
Upfront planning cannot be under-estimated in any type of business. However, too much planning and renumerating in the idea phase too long leads to… well it leads to a whole lot of nothing.
Here are 5 tips to get you from the Idea Phase of your Business to actually starting up. Startup to It is unfortunatley a time that many soon to be entrepreneurs spend too much time in. Dreaming, only gets you so far.
The list below are 5 tips to consider if you’re an operating business.
1. Create your Business Playbook
A business playbook is a strategy behind your business and why your business adds value to the market place. It details out how you will sell, distribute, market, and operate your business.
2. Develop your MVP
Is your value proposition still accurate and is it really a unique identifier that distinguishes your business from the saturated marketplace? Do your employees and manager know what the value proposition is? It is essential that all employees understand why the are working for you and what the Company offers.
3. Build your Customer List
4. Focus on Sales
5. Weekly Assessments
What is your Company’s mission and core values? Although it might seem like a theoretical discussion, without a mission statement and core values, how will you communicate with your customers, vendors, and employees? The Mission statement should be a Company’s guiding light.
Are your actual customers the same segment you defined in your business plan? Are the habits consistent with your initial hypotheses and assumptions? Should your sales and marketing strategy change?
Focus on your CASH FLOW
We are all in business to make money and cash flow can make or break your business. Cash Flow is how you pay your bills, how you invest in your business, paying yourself, investing, and saving for the rainy day fun. You should be forecasting your cash flow every week.