How to Assess First 90 Days of Starting a Business

Setting up a successful business is very challenging. You need to regularly assess the business quarterly or yearly to evaluate the progress. To succeed the foundation of the business should be solid.
Things you need to start any venture are funding, business name, and company incorporation. Others are legal. Labor, purchase of equipment, marketing. Here is how to assess the first 90 days of starting a business


business
Secure your First Customer
The first challenge is to secure your first customer. Without regular patronage your business is bound to fail.
To reach customers you need a visible location, effective marketing strategy and quality products. Use referrals, encourage friends and family for patronage.
Sell the Product
Selling the product or services is half the challenge.  You need highly trained sales employees, competitive pricing.
Use regular staff training to provide better service and beat the competition. Closing the deal is the most important aspect of business.
Pricing
You need to constantly evaluate your pricing strategy. The prices should be at par with prevailing prices in your geographical location. The price should be competitive, affordable and reasonable.
The customer base and location determines the price offered. Other considerations are labor costs, rent, raw materials, marketing and cost of production.
You need to adjust your price strategy during the first ninety days to reflect real market expectations. Offering a lower price than your competitor is not a good strategy.
Profit
The sole purpose of opening a business outlet is profit making. This is not applicable if the business is a non-profit organization.
Once all financials, sales revenue and margins are calculated the rest is profit. It is important to hire an accountant for proper stocktaking, bookkeeping and tax.
Set Goals
It is important to set quarterly goals to assess your performance. The goal should have an objective and milestone. Make sure the business becomes a well-oiled money making machine.
Leverage on your Strengths
Every entrepreneur has his own strengths and business knowledge. Use your formal training, workplace experience and course to improve the business.
Common business skills are administration, accounting, bookkeeping, marketing, procurement and sales.
Reward your Achievement
Running a business is very challenging and time consuming. Many successful businessmen fail to enjoy the fruits of their labor because they are too busy. Learn to reward yourself periodically to recharge the engine.
How to Start a Business Plan Service 
How to write truck stop business-plan
How to write a Tea Room Business Plan  
How to Write a Bakery Business Plan

0 comments:

Post a Comment

Note: Only a member of this blog may post a comment.