When growing your first business, there are many factors to consider, and juggling all the necessary startup tasks makes it hard to prioritize which elements of your business you should concentrate on or push to the back burner. Luckily, you don’t have to do it alone. Looking to local New York businesses and events can help you network, grow and find support from others in your local area and industry.
As your company grows, you need to maximize efficiency and minimize error in order to succeed; therefore it is important to know where your efforts would be best spent. So, what are the most overlooked factors small businesses need to keep in mind as they grow? We asked members of Forbes New York Business Council for their advice.
1. Company Culture And Clear Rules
When you start a company and you build your team out, it is very important to build a strong company culture and it is also very important to set clear rules about what everyone should do, especially when you start to grow. This includes the founding team and those first hires. Take the time to clearly define roles. – Henry Landau, First Health Pro
2. Marketing Strategies
As a small business, it’s incredibly important that you stay top of mind with your prospective customers. Too many small businesses think that marketing is only reserved for large established brands with marketing departments, but it’s all of the small marketing strategies that you can implement almost for free that over time add up to building awareness for your brand and paying customers. – Christopher White, The Sneakers Agency
3. Strong Security
The most overlooked factor in small business growth has to be establishing a strong basis of security. Today, it is tough to gain customers’ trust. Think of all the damage Facebook, a company that has been integrated into our lives for years, has lost in just a few short months of data scandal. If breaches can drag down a multibillion-dollar company, it will also drag down your small business. – Yana Zaidiner, Token Payments, Inc.
4. Relentless Focus On Customers
As an entrepreneur with a fast-growing business, there will always be more tasks to complete than you have time for. In dealing with the constant storm of reactionary problems, it is easy to lose focus on what matters most. Amazon grew into one of the biggest companies in the world with a relentless focus on customer and convenience. Solving your day with this in mind will drive long-term success. – Jonathan Amoia, Sandhill Investment Management
5. Clocking Out, Taxes, Opportunity Cost
What I think is often overlooked is the ability to clock in and out. As an entrepreneur, you are never done, and you have to manage your opportunity cost when you trade a work event for a family event. Last but not least, when growing a small business people forget to factor 20-50% on top of their salary for taxes, benefits, workers comp and miscellaneous costs directly related to that employee. – James Giacopelli, Giac Capital, Inc & Giacopelli Accounting and Tax Services, LLC
6. Full Focus On Generating Revenue
Small business owners need to ask themselves, “How much time do I spend on generating revenue?” If the answer is less than 75%, then you need to outsource whatever you are spending your time on. Because if the work you are doing isn’t directly related to generating revenue, why spend so much time on it? Do not be scared to let someone else do the work; generating revenue is more important. – Philip Smith, PJP Marketing, Inc