Advertisements

3 Key Signs Your Startup’s Business Plan Needs to Change

Pivoting is expensive, but so is making smaller changes to your business plan to address the present-day realities of your market, your customers and your company. Revising your plan and implementing those changes can be time-consuming and expensive, and it can result in considerable operational upheaval.

But sometimes that’s exactly what your small business must do to ensure future success. How will you know it’s time to re-write your small business’s playbook? Here, three key signs:

1. Your growth is stagnant.

In a startup, momentum is everything. Growth provides the resources to continue to expand, beat the competition, improve quality and service, and increase efficiency through economies of scale.

Unfortunately, most small businesses can’t afford to simply plow additional funds into advertising in order to grow. Keeping customer acquisition costs down — and churn rate down as well — is key in the early stages for any bootstrapped startup.

In that case, growth might require jettisoning — or at the very least de-emphasizing — some products to focus on more profitable products. (See Steve Jobs when he returned to Apple in 1997.) That may require you to shift employees into new seats: sales, service, operations, etc.

Do this and the result might be a ripple effect of positives: Shifting employees provides opportunities for them to learn new skills, demonstrate new talents and learn about other functional areas. Moving a few employees into different roles can help re-energize and re-engage a number of other people.

Growth could also require introducing new products or services, especially when they complement existing offerings. Complementary offerings are a great way to re-engage existing customers as well as to bring in new customers who may then purchase other products or services.

In short: If your growth has stalled, what you planned to offer may not be sufficient. So how will you know what changes to make?

Ask your customers. They’ll tell you.

2. The needs of your “ideal” customer have changed.

Every business plan includes information on the target market: Demographics, interests, needs, pain points, etc. Over time, those needs can change (or maybe they never actually existed, at least on a sufficiently broad scale).

If you’re a tech company, evolving technologies can change the way customers interact with your service. If you’re in the restaurant business, today’s hot trend can be tomorrow’s outdated fad.

More likely, as your business has grown, so too has your infrastructure — meaning the level of one-on-one service you planned to provide is no longer necessary. (Or even desired.)

A great business plan lays out a blueprint for meeting customer needs and solving customer pain points. A great business constantly evolves to ensure those needs are met and those pains are eliminated.

Stay on top of metrics like return, service calls, churn rate, etc. to keep up with changing customer needs. Talk to your customers to find out how their needs may have changed.

Then revise your plan to make sure you provide not just what your plan says, but what customers really want and will pay to get.

3. You need full-time people in freelancer seats

Early on you may not have needed — or maybe couldn’t afford — to hire full-time people to perform certain functions. Wisely, you turned to freelancers. Freelancers are great for completing specific tasks, especially when sufficient expertise or specialized knowledge is a necessity.

The problem with freelancers is that they can only perform specific tasks. They can’t step into other roles. They can’t step into other functions. Because they aren’t a part of your company, they can’t learn and grow and develop with your company.

At some point it makes sense to hire a full-time employee. While they might not currently possess every drop of skill and experience they need to succeed in the role, when you hire people who are adaptable and eager to learn, they soon will.

And then they will help create an outstanding foundation upon which your company can grow.

By: Craig Bloem Founder and CEO, FreeLogoServices.com

Source: 3 Key Signs Your Startup’s Business Plan Needs to Change

275K subscribers
Tutorial starts at 1:20 Whether you’re starting a new business or just trying to get your existing business a bit more organized, writing a business plan is the perfect way to clearly outline how your business operates, declare goals, and set out a strategy to reach those goals. In this video you’ll learn about the six essential pages every business plan should have, what to record on each of those pages, and also how to write your business plan as quickly and easily as possible — even if you’re a complete beginner! 🔹 Download the FREE Six-Step Business Success Plan: https://www.gillianperkins.com/downlo… // WHAT TO WATCH NEXT Six Ways to Earn Six Figures Working from Home https://www.youtube.com/watch?v=Y1i8x… How I (actually) Got My First Client Online https://www.youtube.com/watch?v=AST3P… How I Created Multiple Streams of Income for Myself https://www.youtube.com/watch?v=dfaH_… How to Decide What Business to Start https://www.youtube.com/watch?v=Mid_A… // LINKS Learn more about Gillian and find resources to build your online business: https://www.gillianperkins.com Join our private Facebook group! https://www.facebook.com/groups/start… Follow Gillian on Instagram to get a BTS look at what it’s like to be a digital entrepreneur: https://www.instagram.com/gillianzper… // MAIL Gillian Perkins International P.O. Box 13573 Salem, OR 97309 NOTE: This description may contains affiliate links to products we enjoy using ourselves. Should you choose to use these links, this channel may earn affiliate commissions at no additional cost to you. We appreciate your support! KEYWORDS how to write a business plan, free business plan, do i need a business plan, #entrepreneurship, #gillianperkins, business plan how-to guide, business plan step by step, business plan tips ,gillian perkins, gillianperkins, do you need a business plan, How To Write a Business Plan To Start Your Own Business, how to write a business plan step by step, business plan for beginners, simple business plan, business 101, business plan template, business plan example, how to write a business plan for beginners

Advertisements

How to Lower Business Costs Using VOIP Technology

Image result for How to Lower Business Costs using VOIP Technology

If you are looking for a way to lower your business costs it may be worthwhile to consider how much you may be able to save if you make the switch from standard telephone systems to VOIP service.

For many people they may have heard the term VOIP but may be unaware of what it means and how it can benefit them. Here is what you, and they, need to know

What is VOIP?

VOIP stands for Voice Over Internet Protocol. It sends the packets of digital information that make up what you are saying in your call through the Internet instead of through traditional phone lines.

Not only does it make it possible for a company to lower your rates there are many different additional functions that can be possible using VOIP technology. A VOIP setup may allow you to send and receive messages that would otherwise not be possible under a standard telephone set up.

How can VOIP save your business Money?

Employing Voip can save you money in a number of Ways:

  • Saving on Line Fees

There are several different ways that using a VOIP system can save you money. The first is that they can often allow users to get rid of using a cellular phone and a desk phone. Because calls can be sent to a cell phone quite easily with VOIP there may not be the need to use both of these communications devices. Because you are not paying for both lines your monthly billswill automatically go down.

  • Saving on call charges

Also there is the saving on your phone calls using VOIP. The rates for using VOIP are normally substantially cheaper than standard fixed telephone providers. You can obtain price packages that can include all local, national and even international calls for a fraction of the price.

Even without a price  package sometimes these national & international calls can be for free as they avoid using the normal phone network where the charges are incurred.

  • Saving on infrastructure costs

Another reason is that the cost of VOIP service is much lower than comparable services from a standard telecommunications provider. If you are just starting up you will not need to add the same wiring and infrastructure that can increase start up costs to the point where some companies are unable to afford them.

Part of the savings comes from the fact that there is no longer a need to establish wiring for data and telephone.

  • How it can Increase your Productivity

Using VOIP for your business can also increase your productivity. Not only can you access your telephone calls from your computer whether you are in the office or not you can also access things such as phone messages and faxes that you may receive at the same time as you are accessing your email.

This means that regardless of whether you are actually in the office or not you will be able to continue to deal with business decisions quickly and effectively. There are many reasons to choose VOIP for your business. Choosing the right provider is only the first step in getting the flexible and affordable telecommunications system that your business needs.

%d bloggers like this:
Skip to toolbar