Diagnosis the Disaster-Syndrome in your Business from the beginning to keep it healthy through out the life period.Your business should be taken care so delicately in the first five years of its age.To make your business not to become a disaster prone the risk factor associated to the business from very beginning need to be abolished.In the words of Sreekanth Ravi, founder of telly labs,a newly started business should take care of certain risk factors to avoid various factorial disaster to that business. Product Risk, Market Risk, Financial Risk,Team Risk and Execution Risk.
The only suggestion to overcome the product risk is to have clarification what your producing and serving and what you are selling and most importantly how it is different from other products and services.Especially for an entrepreneur , all the answers to the above questions is select a different product having a separate position in the market having a limited financial risk but a good strengthen solution to this risk. Along with it an entrepreneur should have very versatile team with all essential ingredients to solve the problem of such a dynamic market of this digital era.Execution risk is always there with an entrepreneur that need to be handled in a efficient way to sustain the business during its few months after the birth.
Follow The Tips and Don’t Let Your Business Be Disaster Prone….
Have the clear cut idea and knowledge of the definition of growth means for you and your company.It should be an ideal one like a package that includes changes to your company in terms of operations, production, staffing and facilities.
A good and balanced relationship need to be maintained with your funding sources to continue with the business funding.As a regular cash-flow projections should be done to identify the credit amount you will need prior to your requirement.
Business world will give you a celeb life style in further way so make yourself to face camera,Get comfortable being in the spotlight and be media friendly.
For making a versatile team hire only the required employees based on where you want to be, not where you are.
Distributing the perfect people in the proper place in a company is mandatory thing because the right people in the right place normally give a productive business.
Taking and caring of your employees definitely make a huge difference in your growth of business care of your people.When they will be happy they will give their best.
Listening to the experts and taking suggestion from them will make your business ready to face every difficult situation in future.So Let them help smooth out your learning curves and keep you on your growth track.
Do Stay close to your customers.No company can do without customers, and if you don’t stay close to them, you’ll lose them. Know what they need, but more important, know what they want and do everything you can to give that to them.
Focus on your core business and don’t get distracted.Stick to the business your company knows best. Be sure any diversification or product line expansion you do makes sense. If it has nothing to do with your core business don’t get into it just because it seems like a good opportunity.
What about Yours ???
Live for your business to make it Safe and Secure