Estimated reading time: 3 mins
Ask any entrepreneur when the most important time is in their business, and no doubt they will say every single day! But there is a specific period of time that is far more important, one that will set up the business for years to come. It’s the first 12 months. The business will go through lots of chopping and changing, but the most difficult part is to keep the momentum going. How can you do this?
If you’ve got a very distinct goal, you can plan every step of the way. Momentum is such a key part of the whole process that it is much easier to manage this momentum if you have a concrete plan in place. Your vision, in other words, your goal, needs to be shared with your colleagues and employees. You need to bring this vision to life, and this is what will make people believe in your vision. If you’re stuck for a business plan, or you feel it is incomplete, you should make the most of business plan examples, like on www.bplans.com/sample_business_plans to give you a head start. Planning everything down to the last detail is the best way to manage every step of the way.
Reward People Sufficiently
Part of inspiring staff members to keep working at a tireless speed requires you to pay them what they are worth. This can be difficult, especially in those first 12 months, but there are ways to supplement their income. There are various business loans of course, but there is also the various lines of credit businesses can access, depending on how long they been trading for, such as on www.unsecuredcapital.com.au/unsecured-line-of-credit. So if you need to pay your staff a decent wage to keep them on board in those difficult early days, you need to pay them sufficiently. Remember that good staff are hard to come by, and if you find someone who is a perfect fit, it’s unfair to pay them a paltry sum when they could get so much more somewhere else.
Keeping Morale High
If you expect your business to keep gaining momentum, you need to motivate them and inspire them. Everyone has good and bad days, but it’s your job to keep everyone inspired. You can do this by reminding them what it is that they are working towards, and by being specific in your goals, this is what will encourage your employees to be more productive. We’ve all worked in a job where we didn’t see the point in what we were doing, that we were just another person to fill a seat. So if you treat your employees in the same manner, why should they work for you in the first place? You need to keep this level of inspiration high, not just after the first year, but it should be a natural part of your leadership.
Keep Reviewing Your Progress
You will make mistakes in the first year of your business, but that’s why pencils have erasers! You can keep checking your progress as you go, this will make sure that you aren’t veering off course, and every time you hit those important milestones, why don’t you celebrate them? It may be a long road ahead, but by celebrating your achievements at an early stage, you are inspiring your staff to work towards more success.
Achieving momentum in the early days of a business is all about boosting every aspect, from your staff, to your business plan, to your marketing strategies, to you! It is difficult, but with the right can-do attitude, it is achievable.