first year of business survival guide

FIRST YEAR OF BUSINESS SURVIVAL GUIDE

Get your new enterprise off to a strong start with clear, specific objectives for each part of your organization. Planning ahead allows

new businesses to avoid first year gaffs, protect their assets and take advantage of every growth opportunity. The 11 survival tips

below help you focus on the areas where you need to plan in order to successfully navigate your first year of business.

11 FIRST YEAR OF BUSINESS SURVIVAL TIPS

W W W. E X P R E S S T R A D E C A P I TA L . C O M

EXECUTIVE Consistently emphasize 1-3 clear, measurable, and exciting company goals.

Implement a system to track progress of your goals.

PRODUCT Insist on quality and direct your energy toward

perfecting the production and design of your product.

SALES Hire talent, teach them about your product, set clear goals, and hold sales

reps accountable for results. Set achievable goals within a reasonable time frame to give your sales staff the motivation and time to develop, and

provide guidance and support to give them the best chance at success.

MARKETING Get your name out there. Focus on lead and/or

e-commerce revenue generation.

CUSTOMER SERVICE Create a simple, powerful loyalty program and address any

customer concerns quickly and professionally. Be proactive about communicating with and listening to your customers.

F INANCE Secure enough cash and lines of credit to fund operations, support growth, and survive worst-case scenarios. Don’t wait until you are cash starved to obtain funding or you may be locked into a bad contract because you didn’t

have time to select the right lender or to shop for or negotiate the best terms.

HUMAN RESOURCES Developing a good staff and good culture requires balancing

discipline with patience. With people, the output often reflects the input so you get out of people what you put in to them. If you

train your employees effectively, they will work effectively. If you take care of your employees, they will often go beyond the

call of duty to take care of you and your business.

IT If your funds are limited, prioritize practical operational competency

over fancy workflow and CRM systems. Implement systems to prevent phone and internal computer problems. Make sure your website

looks good and operates smoothly.

OPERATIONS Increase efficiency without sacrificing quality and safety.

Keep your eye out for technology that can help streamline processes throughout your business.

PURCHASING Select vendors you can trust to deliver quality product on time. Reduce

costs without delaying payments or alienating vendors. Where possible, negotiate open terms to reduce potential cash flow gaps.

RESEARCH AND DEVELOPMENT Prepare one blockbuster product

and service for year two.