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5 essential aspects for a winning venture

Although there is still uncertainty in the segment of SMEs and entrepreneurs, it has also created the opportunity to reinvent itself and respond to new market needs, through new business proposals.

October 30, 2020 6 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

The COVID-19 lockdown impacted the business plans of thousands of entrepreneurs. Although there is still uncertainty in the segment of SMEs and entrepreneurs, it has also created the opportunity to reinvent itself and respond to new market needs, through new business proposals.

“Starting a startup has never been an easy task,” says Julien Blaise, Marketing Head of QuickBooks Mexico . “This stage involves elements that, if not prevented, could result in the premature closure of the business. For this reason, in addition to defining the business, there are a number of financial and operational factors to consider, prior to opening the doors to the public. " If you are within your means and you are still not sure where to start, do not lose sight of these five points that this administration platform shares with us, in order to help guarantee success in this new stage.

1. Understand your target audiences

It is no longer enough to know what the target audiences are for your product or service. Reaching them and they accept you will depend on the ability you have to generate interaction and they feel that their needs and interests are identified with the proposal you offer. Don't forget your competitors within this segment. Identifying them and keeping a close observation will allow you to establish your differentiating factor against them.

Why consider it a priority?

The success of your business will depend on the acceptance that your products or services have in the market. In a context like the current one, where demand and demands are increasing, remember that users feel more comfortable with brands that understand and attend to their needs in a personalized and specialized way. Use surveys, studies and the analysis of the behaviors and trends of your key audience, to be able to better connect and specifically address their needs and interests.

2. Prepare a business plan

It seems obvious, however, about 75% of new businesses do not survive the first two years of life, due to poor planning. So, for no reason do you move forward without first developing a business plan. It will help you to know where you are going, who is part of your business, what each part contributes, the growth phases and the details of the steps to follow on your path to success.

How to do it?

Establish what the mission of your business is in the ecosystem in which it operates. Define the vision and objectives to be achieved in the short, medium and long term, and include the financial expectations of your venture; that is, the resources that will be required and the profits that are projected in the development of its operations. The more realistic you are, the better the result.

3. Prepare a business plan Prepare a business plan

Technology adoption has many competitive advantages. Among the main ones are the automation of processes and the capacity for remote collaboration, which translate into a greater capacity for analysis, ubiquity and accessibility.

Image: William Iven via Unsplash

What technologies to incorporate?

Knowing which technology is appropriate will depend on your objective. That is, for what aspect of your business it will be useful. However, an essential point in the creation of any business is the incorporation of specialized management software. With the use of these platforms, among which QuickBooks stands out, you will have the ease of maintaining control of your business and having an intelligent management of it, within the reach of a click. In addition, you get rid of payment dates and you will improve the relationship with your suppliers and customers, by automating payments, collections and billing.

4. Develop your web presence

Hand in hand with technology adoption, develop a strategy to be visible in the commercial channels most consumed today and that are ideal for your business. Consider that, at the moment, a business without a web presence is as if it did not exist in the world.

What are the steps to follow to achieve it?

Start by establishing a sales strategy through ecommerce and take advantage of the different technological options to make and accept digital payments. Promote the creation of communities where the relationship with your product or service is not only commercial, but where your customers can exchange experiences and recommendations about its optimization.

5. Plan your reaction to a crisis

Do not allow a situation like the current one to surprise you in a bad way. Be prepared for the natural challenges of the business and for contingencies outside of it. Make sure you have cash flow to cover at least three months of your operations in case of an unforeseen event.

Image: Alvaro Reyes via Unsplash

What does a crisis plan entail?

Do a deep analysis of what the threats to your product service could be. Include variables that, although they seem unlikely, are possible in your business. Plan routes of action for each of them and always keep the initial route: the profitability and liquidity of your business.

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