5 tips for an SME to survive the death zone

Discussion in 'General Business' started by the ceo, May 10, 2019.

  1. the ceo

    the ceo Member

    Consult with a lawyer. The most important thing when starting a project or company is to be clear about the requirements and legal obligations associated with its nature. We are talking about the tax issue, trademark registration, legal figure, hiring of professional services, tracking accounts receivable, among many other things that imply a necessary investment to not operate in the informal sector.

    Prioritize the planning process. It is essential to invest time in developing a strategic plan that includes the operational, commercial, financial and growth goals, aligned with the company's capacity. We must know where we are today and where we want to be in 5 years, and mark the way to achieve it, taking into account the resources we have and the speed at which we can do it. Questions like, how many new clients do I want to bring? How will I attract them? How can I keep them? They are basic and should be considered at the beginning, otherwise, we would enter a daily improvisation that undermines the effectiveness of the actions.

    Prepare in Relational Marketing. Every entrepreneur must relate, needs the ecosystem around him to grow. We not only talk about external alliances or potential clients but also about the relationships that a company needs internally to operate and the ability of its leader to delegate each area to an expert in the field. For example, invest in financial advisors and accountants, who administer correctly; or a team of technology experts, who develop the necessary platforms to compete in the market. Thus, we speak of a relationship in 360, with my peers, collaborators, superiors, clients, allies, partners, etc.

    Develop a digital strategy It is inevitable nowadays to have a digital presence and the more solid our strategy is from the beginning, the better chances we will have to survive and grow. This also includes determining the profitability of our company and its products, as well as working in intra-entrepreneurship, taking the business idea from the inside out, using cutting-edge tools.

    Determine the emotional strength to undertake. The entrepreneurial leader must have the energy, time and discipline to carry out his idea. This has a lot to do with the moment of life that we are going through, assessing if there is any situation that is consuming us time that we must resolve before launching our project.
  2. Charles T

    Charles T Administrator

    I like the point "Prioritize the planning process." Particularly the part that asks these critical questions: "How many new clients do I want to bring? How will I attract them? How can I keep them?"

    These really should be tackled thoroughly at the beginning of the venture to ensure that you're on the right path and have the right strategy to keep the business moving along it.
    the ceo likes this.

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