You will likely need employees that can help you turn your business vision and plan into reality. As such, you should hire people with the relevant skills and education qualifications. Moreover, candidates for senior positions should have a reasonable level of work experience. For instance, most businesses require chief operating officers (COOs) to have an MBA because it equips one with the skills required to run an organization professionally.
Nevertheless, some companies prefer experience rather than educational qualifications when hiring staff to fill certain positions. A good example is Facebook, which hired George Hotz alias geohot in 2011 – an American hacker renowned for unlocking the iPhone – because he has unique IT skills that few people in the IT community possess.
You should be well versed in organizational management best practices including data driven decision making and six sigma principles. The beauty of these practices is they have been market-tested by both big and small businesses and proven to work. In addition, they enable businesses to reduce wastage of resources, enhance supply chain cycles, and improve business-consumer relationships. At the same time, you should keep abreast of new developments related to such practices and implement them where necessary.
When developing marketing strategies, you must consider your target audience, message, marketing timeline, marketing channels, and marketing message format. For instance, most businesses develop marketing strategies that include a social media angle because social networking sites including Facebook, Twitter, and LinkedIn attract more than a billion visitors every day. What’s more, marketing on these sites is cheaper compared to advertising on traditional platforms such as TV, newspapers and radio.
Budget & Tracking
Lack of proper financial planning is one of the leading causes of business failure according to the US Small Business Administration (SBA). As such, it is wise to follow acceptable budgeting practices such as separating business and personal finances. At the same time, track and keep records of all financial transactions to make preparation of tax returns easier and error free.
Entrepreneurs typically face numerous challenges when starting and running businesses. Luckily, you can make this process much easier by turning your entrepreneurship vision into a detailed plan, building the “Right” team, adopting solid organizational management best practices, developing well thought-out marketing strategies, as well as following acceptable financial budgeting and tracking principles.