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When you are running your own business, its first year is absolutely critical to its success. You know this and you are pouring everything you have into it. It can be difficult to know where the priorities lie, so today we wanted to share with you a few pointers and suggestions around 4 things to do in your first year of business.
Connect with your customers
Your customers should be central to everything that you do. This being the case, it makes sense to start by focusing on them.
Before you even launch your business you are likely to have carried out some market research to better understand your potential customers. You want to keep this kind of work going all throughout your first year, so that you are regularly touching base with your customers and getting feedback from them.
Take the time to build relationships with them, share your plans and products with them and help to make them feel involved in your journey. Thank them for their custom and seek to always be improving your service based on their experiences and feedback to you.
Invest in the resources that you need
You must invest in the resources that you need to be effective. Whilst keeping costs down might appeal, if you are doing so to the detriment of offering the best service that you possibly can, then it is probably false economy.
Cost up all that you need to run your business effectively and then look around to get the possible deals on those items. It might suit you to hire them rather than buy them in some cases.
Whether you need a privacy screen, a specialist printer or a stylish store front, do get those items that you believe to be core to your business’ success.
Get your name out there
When you are starting a business from scratch, you will need to work hard in order to get your name out there. As such, you should put together a marketing plan, detailing the current market, any threats and opportunities that you can see and your marketing objectives.
You can work on a wide array of marketing strategies and you might have to try a few different methods in order to work out what works best for you business, in your industry, in your area.
It is key to brand your business clearly and use this consistently throughout all marketing and communications, including across social media.
Formulate a plan for growth
Towards the end of your first year of business, if not sooner, it is time to sit down to formulate a plan for growth.
Take the time to think about all that you have learned during your first year, noting things that worked well and then those things that did not go the way that you had planned. Think about any potential opportunities that have presented themselves and be honest with yourself about how far you have come.
You might find that you are in a position to recruit staff, launch a new product line or perhaps move to larger premises.