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Startup Planning: 5 Keys to Success
Posted 6.6.22
  1. Start with a solid plan. Every good company starts with a good plan. 

Every successful company starts with a well-thought-out plan. Writing a business plan for the first time can be daunting, but it’s about just writing down what was in your head to start with. It should include both your short-term and long-term ambitions.

The short-term part of your business plan should include details regarding what you are going to do and how you are planning to do it. The long-term plan for growing your startup quickly can be more flexible, but you should aim for it to be as accurate as possible. Take note that there’s no reason you can’t change the plan later. In fact, chances are you will change your plans going forward. Pivoting is what makes startups successful, and it’s what pivoting is about.

  1. Begin networking as soon as possible. Professional networking is the way forward. 

Professional networking is the way forward. Business is about the connections you have because your network will push your company to the next level. Word-of-mouth marketing has never been stronger. Right now, 88% of people trust reviews from online consumers just as they trust recommendations from family and friends. You need to start networking for all the right reasons.

Additionally, networking can help you discover a lot of great talent in the future. The big companies tend to have the highest quality talent because that talent never reaches the open market. They are there to headhunt this talent and claim it before anyone else can. So how do you begin networking?

Start by signing up for a LinkedIn account and joining groups there, join your local chamber of commerce, EDCs and attend dedicated networking events in-person, get a membership to the CIC or ECC and become a part of the community you need to help you succeed.

  1. Surround yourself with the right people. 

Running a business is hard and you need to make sure that you have all the right people around you. Mentors and strategic partners will become crucial during this initial growth phase. The right team can help you to accomplish far more than you can do alone.

If you want to transform your business, you need the right team. Part of that comes down to networking, but it’s also about hiring the right people in the first place.

Build up an environment in which everyone participates so you can form a positive corporate culture. Together, you can achieve a great deal.

  1. Stay ahead of everyone else. 

To be successful, you need to be able to pivot and keep up with the latest trends. There are so many companies that go extinct just because they couldn’t keep up with what was going on in their field. Make sure that you’re studying your competitors and the major trends in your industry.

You don’t have to react to every change, but when you come across the right change you must embrace it to be successful.

  1. Maintain a balance between work and life. 

Founders that want to succeed must be able to change with the times, maintain a healthy balance, and surround themselves with the right people. Even with these five strategies in place, there are never any guarantees of success. Startup failure is extremely common, with 90% of startups failing within five years, but by adopting these strategies, you increase your chances of success.