THE BIG GRID 2: How to build and sustain a successful business
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Coming from the TechDay in New York and talking to start-ups about how you can not only build but sustain a successful business. Last time, we spoke about how to productively work our way through the BIG GRID (large companies who monopolize the markets). This time, we continue our discussion with HOW TO BUILD and SUSTAIN A SUCCESSFUL BUSINESS and use your expertise to compete and excel. Here are our top 30 key points for navigating the BIG GRID. For the full article please view ……. 

 

BUSINESS PHILOSOPHY

1: Clearly define your mission and values: 

Schedule a workshop with your team to determine your company’s mission and values.

 

2: Foster a customer-centric mindset and value creation:

Implement customer feedback loops and regularly review customer insights to improve your offerings. Focus on value creation: 

Identify areas where you can provide unique value to your customers and prioritize those in your product development and marketing efforts.

 

PEOPLE & CULTURE 

3: People are your most valuable asset. Build a well-rounded team: Review your team’s skills, experience and the most important motivation and areas of interests regularly and identify any gaps that need to be filled to achieve your team members and company’s goals.

 

4: Think out of the box. Customize jobs and positions for your existing and potential new employees based on their motivation, innovative ideas and business needs. You will be surprised on how much value they can add to your team.

 

5: Invest in employee development: Offer fair and equal compensation based on defined and reasonable deliverables. Implement a professional development program that includes training, mentorship, and career advancement opportunities.

 

6: Foster open communication: Encourage regular feedback and open dialogue by implementing tools like suggestion boxes, anonymous surveys, and team meetings.

 

7:  Promote work-life balance: 

Offer flexible work arrangements, with reasonable time off policies, and mental health resources to support employee well-being.

 

8: Foster a diverse and inclusive workplace: Implement policies and practices that promote diversity, equity, and inclusion in your hiring, promotion, and retention practices.

 

OFFERING & VALUE ADD

9: Identify your niche and unique value proposition: 

Conduct market research and analyze your competitors to determine your unique selling points.

 

10: Develop intellectual property: Consult with a legal professional to determine which aspects of your business can be protected through patents, trademarks, or copyrights.

 

11: Prioritize quality control: 

Establish clear quality standards and implement regular quality checks to ensure your offerings meet or exceed customer expectations.

 

12: Incorporate design thinking: 

Train your team on design thinking principles and incorporate them into your product development process.

 

SALES

13: Network within your industry: Attend at least one industry event per quarter and follow up with new connections within 48 hours. Develop strategic partnerships: Identify potential partners that can help you access new markets, resources, or expertise, and reach out to them to explore collaboration opportunities.

 

14: Build a strong online presence: Invest in a well-designed website and active social media channels to reach and engage your target audience.

 

15: Get value and respect for your offering:

Be selective on your clients and find those who need your services or products. Say NO to bad or poor business. Avoid dealing with clients who are not appreciating your services or products, no matter how large they are. 

 

MARKETING

16: Embrace data-driven decision-making: 

Implement marketing analytics tools to track the effectiveness of your campaigns and adjust your strategy accordingly.

 

17: Monitor industry trends: Subscribe to industry publications and follow thought leaders on social media to stay informed about emerging trends and best practices.

 

18: Implement automation: 

Identify repetitive tasks in your marketing processes and implement automation tools to streamline them.

 

COMPETITION ANALYSIS

19: Stay adaptable and resilient: Regularly review your company’s strengths, weaknesses, opportunities, and threats to ensure you remain competitive in a changing market.

 

20: Pursue continuous improvement: Establish a culture of continuous improvement by encouraging employees to identify areas for improvement and implementing their suggestions.

 

21: Cultivate resilience: 

Offer resilience training to your team and foster a growth mindset to overcome obstacles and persevere.

 

FINANCIAL & ACCOUNTING

22: Manage cash flow effectively: Monitor your cash flow regularly and implement strategies to improve cash flow management, such as optimizing payment terms with vendors and clients.

 

23:  Comply with financial regulations: Stay up to date with financial regulations and laws that apply to your business, and ensure compliance to avoid penalties and any damage to your reputation.

 

24: Maintain financial stability: 

Review your financial statements regularly and implement cost-saving measures to ensure the long-term financial health of your company.

 

25: Develop a sound financial strategy:

Create a financial plan that includes revenue projections, expense forecasts, and a break-even analysis.

 

26: Embrace sustainable practices: Implement environmentally and socially responsible practices to reduce your company’s carbon footprint and support local communities. Stay adaptable and resilient: Regularly review and adjust your financial strategy to ensure you remain resilient in the face of economic fluctuations.

 

27:  Implement efficient processes: Review your financial processes and identify areas where you can implement automation or outsourcing to reduce costs and improve efficiency.

 

RISK MANAGEMENT

28: Prioritize cybersecurity: Implement strong cybersecurity measures, such as firewalls, data encryption, and regular software updates, to protect your financial data from cyber threats.

 

29: Develop a crisis management plan: Create a crisis management plan that outlines the steps you will take to mitigate financial risks and recover from potential crises.

 

30: Appropriately support your team members and their contribution. Be patient in decision making both on hiring and restructuring, avoid and reduce turnover through mentorship and professional development.

 

by: Forood Malekzadeh

#Growth #Technology #VTRACTeam #VTRACAdvisory #Startups #Technology