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The opinions of the employees of You are personal.
- Understand your target audience.
- Prepare a business plan.
- Prepare a business plan.
- Develop your web presence.
- Plan your response to a crisis.
The COVID-19 restriction impacted the business plans of thousands of entrepreneurs. Although there is still uncertainty in the SME and entrepreneurial segment, it has also created the opportunity to reinvent yourself through new business proposals and to respond to new market needs.
“Starting a business has never been an easy task,” says Julien Blaise. Marketing Manager by QuickBooks Mexico. “This phase includes elements that, if not prevented, can lead to the premature closure of the store. Because of this, in addition to defining the business, a number of financial and operational factors need to be considered before the doors are opened to the public. “If you are within your means and are not sure where to start, there are five things this management platform shares with us that you should keep in mind to ensure success in this new phase.
1. Understand your target audience
It is no longer enough to know the target groups for your product or service. To reach them and make them accept it depends on the ability to generate interaction and they feel that their needs and interests are identified with the proposal you are offering. Don’t forget your competitors in this segment. By identifying them and observing them closely, you can determine your differentiating factor against them.
Why should it be a priority?
The success of your company depends on the acceptance of your product or service in the market. In a context like the current one, where demand and demands are increasing, remember that users are more comfortable with the brands that understand and consider their needs in a personalized and specialized way. Use surveys, studies and the analysis of the behaviors and trends of your most important target group to better connect and specifically address their needs and interests.
2. Prepare a business plan
However, it seems obvious that about 75% of new businesses don’t survive the first two years of life due to poor planning. So you’re moving forward for no reason without first developing a business plan. It helps you know where you are going, who is part of your business, what each part is contributing, the stages of growth, and the details of the steps you need to follow on your path to success.
How it goes?
Determine what mission your company has in the ecosystem in which it operates. Define the visions and goals to be achieved in the short, medium and long term and take into account the financial expectations of your company. that is, the resources that will be needed and the profits that are forecast for the development of its business. The more realistic you are, the better the result.
3. Create a business plan. Prepare a business plan
The introduction of technologies has many competitive advantages. The most important ones include the automation of processes and the ability to collaborate remotely, which translates into greater capacity for analysis, ubiquity, and accessibility.
Image: William Iven via Unsplash
Which technologies have to be integrated?
Knowing which technology is right depends on your goal. That is, what aspect of your business will it be useful for. However, an essential point when starting a company is the integration of specialized management software. By using these platforms, among which QuickBooks stands out, you have the ability to stay in control of your business and manage it intelligently with just one click. Plus, get rid of payment information and improve relationships with your suppliers and customers by automating payments, collections, and billing.
4. Develop your web presence
Hand in hand with technology adoption, develop a strategy that is visible in today’s most consumed commercial channels and that is ideal for your business. Keep in mind that for now, a company without a web presence is like it doesn’t exist in the world.
What are the steps to achieve this?
It starts with defining a sales strategy through E-commerce and use various technology options to make and accept digital payments. Promote the creation of communities where the relationship with your product or service is not just commercial, but where your customers can share experiences and recommendations for optimization.
5. Plan your response to a crisis
Don’t let a situation like this surprise you badly. Be prepared for the natural challenges posed by the company and for contingencies outside the company. Make sure you have cash flow that will cover at least three months of your operations in the event of an unforeseen event.
Image: Alvaro Reyes via Unsplash
What does a contingency plan contain?
Do a thorough analysis of the possible threats to your product service. Include variables that, while unlikely, are possible in your organization. Plan routes of action for each of them and always keep the original route: the profitability and liquidity of your company.