Tuesday, July 5, 2022

First Steps to Do after Launching Your Business

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The economy nowadays is incredibly volatile and raises surprises around every corner. With all of the recent political scandals and stock markets plummeting worldwide, entrepreneurs fight harder than ever before, firstly to make it on the market and secondly to be able to achieve all of their objectives. In the beginning it’s a bit more difficult and your knowledge is limited when it comes to specific domains such as regulatory, law or accounting. This is why you need to take a step back and take a look at what you’re confronted with:

Try Working with Expert Consultants

In the beginning you can’t afford to have a big number of employees, much less experts that need a considerably better salary in order to stick around, so best shot might be hiring consultants.

The reason why you’d need to have a team of consultants instead of no team, is because every market you would want to access has strict rules whether they are regulatory or functional, you need an expert that is familiar with law practices and up to date with the most recent changes in order not to fall into expensive mistakes made out of lack of knowledge. Same goes with finance and accounting. These should be the 3 pillars that you don’t need to miss in the beginning.

Know as much as You Can About Your Competitors

No matter how hard we try there’s always something that we’re missing, something that can make the thing we do even better, but out of different means that we lack (budget, understanding, tools etc.) we continue going on without changing anything. “Knowing your competitor’s strengths and weaknesses, allows you to better plan your short and long term objectives and allows you to build a better strategy”, say experts at FM Digital Group.

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Rule number one here is to not underestimate your opponents, especially in Red Ocean markets where you know that they have their eyes on you as well at all times. Keep your thoughts straight and watch your back. Monitor their stock actions in every quarter and try to establish a baseline of how their business goes throughout the year and what influenced that. This could not only help you predict their movements, but also gives you a pretty good idea of what to watch out for and what could help you grow.

Be Your Toughest Critic

The best way to do that is the way that Ron Shaich did it when he sat down and made up a plan of how he would compete with his own business if he were to launch a competitor brand on the market. This helps you really take a step back and get the big picture while diminishing the god complex that every entrepreneur seems to have in the beginning.

Don’t fall into that trap. You know all of your businesses’ weakness best so try to see how easily you’d be to bring down if a competitor spotted one and chose it to his advantage to lower your profits that month.

Don’t Forget

Don’t underestimate the amount of work that needs to be done and don’t think that you can do it all on your own. That’s what experts in their field and consulting firms are for, to make your life and job easier. And last, but not least, leave arrogance at the level of wanting to be the best but not at assuming that you are the best.

Keep that in mind and you should be fine. Can’t wait to see what your next move will be. So think big and impress the world and remember that the only thing standing in your way is usually you.

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Sara Revonia
Sara Revonia
Entrepreneur, Speaker, Author, and Mom. Sara Revonia’s articles are about business, life, and Entrepreneurship.
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