Challenges of every new business and how to keep an eye out for
The challenges of growing a business are multifold. At first we've got to build a mindset of keeping up with the market and its trends.
1) Always keeping an eye out for category players even if you're just starting out or 5 years into the business....
2) Planning ahead while reviewing backwards. It is essential to do both looking ahead and tracking what was done. If we do not reflect we will not be able to create bigger impact.
3) Cash flow and financial management it absolutely crucial for your sustenance. Create simple expenses tracking systems and even track the smallest of the income you've made with the discounts you give. This will help you build for the long term.
4) Problem solving and not shying away from getting your hands dirty. There will come a time to hire people and do the things you're doing right now, but until then think smart, think on your feet and always always ask for help.
5) The right systems should be implemented over a period in your production pipeline, communications, branding and overall business processes.
6) Skills and attitudes. If you don't have the skills to do it all, you better make sure you have an attitude to "wing it", you can then eventually up-skill yourself as you go along this journey.
7) Change is the ONLY constant in life, and what better than the Pandemic as an example. People, businesses and political parties that were open to welcoming change were the ones that survived and were even able to thrive. As a business owner especially in this era, you need to be flexible and adaptive to change.
We hope that you've enjoyed reading this post as much as we've enjoyed discussing these among our Shepreneur community. Join ItsHerWay and extend your support system by at least X 1000. Sell with us today. Click here to know more