It takes only a few Google searches to become overwhelmed by the abundance of information available about entrepreneurial start-ups: Many, many stories exist about how this or that start-up transitioned into a successful, established business. But, in many cases, you’ll be left trying to fill in the blanks or still searching for case studies relevant to your industry or business model.
In fact, there’s only one reliable way to take your business to the next level: And that involves putting your trust in tried-and-true methods that other entrepreneurs have used to make the leap.
Focus on productivity – not activity
It’s all too easy to get caught up in a flurry of urgent tasks that demand your attention. Unfortunately, that can take your focus away from what matters most. So, avoid the busyness trap and ask yourself what you need to focus on today, or over the next two weeks, the next month, 90 days – even the next year or five years. Plan ahead so you know exactly what your next steps are.
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Leadership expert and coach Leah Wultschik has noted in a blog post that when leaders engage in all manner of busyness – emails, meeting requests and so on – employees feel pressured to follow suit. At that point, the never-ending focus to get things done can result in decreased creativity. You’ll be constantly in a reactionary state, leaving you unable to make strategic decisions.
Hire the best talent possible
You are whom you hang around with. Wouldn’t you rather be around world-class workers who bring valuable ideas to the table than to try to squeeze what you can out of second-rate employees?
Aislinn Malszecki, who oversees content strategy and community at MaRS, suggests the following steps to attract the best talent possible:
- Avoid reactionary hiring: Founders often find themselves desperately in need of help and may hire without looking for fit and the right skill set.
- Create a buzz for your company: Utilize your reputation and personal network to attract the right kind of people to your business.
- Tap into your network: In addition to posting jobs on your website and LinkedIn, leverage your network as well as the networks of your employees to find like-minded candidates.
Building your team is not a matter to be taken lightly. Surrounding yourself with the right people can mean the difference between breaking through and remaining stagnant as a business. Work with people who inspire you.
Partner with an agency
The opportunity cost of doing everything yourself can add up fast. So, work with an agency. The up-front cost of outsourced work will ultimately be less expensive than trying to do it all yourself.
Patrick Woods, director of customer success at Keen IO, notes certain challenges of working with an agency. To overcome these hurdles, he suggests:
- Build a relationship with the agency: Set aside time to get to know the people you’ll be working with. Determine fit as well as expectations.
- Communicate: Since startups tend to move fast, communicate regularly and clearly with the agency to ensure you’re on the same page.
- Understand what the agency can do for you: Clarify its staffers’ core strengths and competencies. Determine what tasks you’d like them to take over, and which you’re looking to handle in-house.
Beware of negativity
Negativity can poison the waters of your entire company. Before long, you may find your whole team expressing doubt or disbelief. Conversely, being confident will instill a sense of confidence in your employees. They’ll also follow you more willingly.
Best-selling author and keynote speaker Jon Gordon has pointed out that negativity can affect the morale, performance, and productivity of your team. Negativity can also lead to decreased energy and increased stress.
When it comes to creating a positive work environment, the responsibility lies with the leader. You need to set the tone for your team, to draw the best out of them.
When you’re first getting started, and you’re excited about your business, you’re willing to do whatever it takes to get it up and running. Unfortunately, those 16-hour days will take their toll on you, and if you keep up that pace, you will burn out. Learn to rely on your team while growing your business.
James Schramko of SuperFastBusiness is an advocate for getting more rest and sleep. This flies in the face of what many aggressive entrepreneurs are saying today, but Schramko points out that proper rest can help you boost your performance. The costs of losing sleep can be significant, and include: Depression, a weaker immune system, memory issues, obesity and more.
The costs of burnout can be especially high if you render yourself incapable of working for a prolonged period of time. Consider the costs before letting yourself get to that point.
You can’t do it all. No one has more than 24 hours in his or her day, and we’re all busy. Beware of saying “yes” to everything, as you will eventually find it impossible to follow through on it all. If something doesn’t make you excited, don’t do it.
Derek Sivers, founder of CD Baby, has said he lives by the “Hell, yeah!” or “no” philosophy. He explains that saying no to most things leaves room in your life for the few things that get you truly excited. If you find yourself wavering between a “yes” and a “no,” he suggests choosing “no.” Only say “yes” to opportunities that you can’t pass up.
Transitioning from startup to established business can take time. So, don’t rush the process unnecessarily. When all the right pieces are in place, you’ll be able to shift smoothly from one stage to another. If you try to force the issue, you may end up with more problems than you bargained for.
If you have any doubts, go back to the basics. Take some time to determine what your priorities are. Start pruning any tasks or activities that don’t contribute to your ultimate success. If you have too much on your plate, ask for help or delegate. And above all, avoid taking on too much.
This article was originally posted here on Entrepreneur.com.
Business Model Design – Picking The Business Model That Works For You
You have the need to make money. That’s where a business model design comes in.
So, you’ve picked your lane. You’ve decided what you want to do and why you want to do it. You’ve picked something you’re good at. You’re convinced the world needs and values it. You now need to decide how to make money. That’s where business model design comes in.
There are plenty of business model options for the same idea. For example, let’s say your idea is to offer historic tours of Cape Town. You could either do it yourself or hire professional guides to do it. Or you could use mobile technology to provide DIY walking tours. You could charge per tour or you could charge a membership fee. There are so many options. How do you pick the model that works for you?
The Lean Canvas is a great tool for entrepreneurs who are faced with this question. Adapted from The Business Model Canvas, it provides a simple, one page framework for brainstorming possible business models, prioritising where to start, and tracking ongoing learning. It walks the entrepreneur through the business model process logically and ensures the key elements of a successful business are considered.
The Lean Canvas
My co-founders and I have used the Canvas extensively at Simply – for designing our business model, and for communicating it to partners and investors. The only thing you know with certainty when you start a business is that it’s not going to turn out as you expect it to. The Canvas evolves as you go – it was, and continues to be, a very useful guide in our journey.
We figured there was an opportunity to do something disruptive in the SA life insurance space. It was clear to us that lots of people were either not covered or getting a rough deal. Guided by the Canvas, we defined our first Customer Segment as adult South Africans, aged between 25 and 45 and earning between R5k and R30k monthly.
We then identified the 3 big Problems – specific to that segment – that needed solving:
- Most of the people in our segment have some form of funeral cover, but very few have life or disability cover.
- The cover they do have is often expensive relative to the benefits provided (i.e. a very small % of the premium goes towards the risk costs).
- There is no simple, intuitive way to buy good value life, disability and funeral cover online.
Next came the Value Proposition. We believed we could use technology, digital marketing and human-centred product design to deliver simple, online life, disability and funeral insurance at a great price. We felt we could be for life insurance in South Africa what Takealot has been for retail. We thought the world was moving far faster than incumbents realised; that millennials were ready to buy life insurance online; that we could build for the digital world and be in the right place at the right time.
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And the rest flowed from there. I don’t have the time or the space to walk you through the other elements of the Canvas here, but you can probably fill in the blanks. Suffice to say, the process was invaluable and enabled us to build our business around a clearly considered business model. It’s early days, but the signs are good – we’re making a positive impact, having fun and keeping our investors happy.
So, how should you go about sketching your own Lean Canvas? The team at www.leanstack.com and suggest the following approach:
- Sketch a canvas in one sitting. While a business plan can take weeks or months to write, your initial canvas should be sketched quickly.
- It’s okay to leave sections blank. Rather than trying to research or debate the “right” answers, put something down quickly or leave it blank and come back to it later.
- Think in the present. Business plans try too hard to predict the future which is impossible. Instead, write your canvas with a ‘getting things done’ attitude.
- Use a customer-centric approach. You may need to sketch one Canvas per customer segment. Start with the Customer Segment and go in sequence.
In summary, the Canvas has brought clarity and a common language to our business model design process. It’s enabled us to agree upon and communicate our business model effectively – both internally and externally. It’s also allowed us to tune and adjust our model as our story has unfolded – an inevitability for entrepreneurs. I highly recommend the Lean Canvas as a tool for designing your business model. Give it a try – I think you’ll like it.
Alan Knott-Craig’s Answers On Selling Internationally And Researching Your Idea
There is no ‘one size fits all’ secret to start-up success. But there is a recipe that can be followed. It starts with being willing to go the extra mile: To know more about your business, customers and their needs than anyone else.
What is the secret to success? — Anonymous
Success is not about winning. It’s about not losing. In other words, being successful is not about increasing the odds of winning. It’s about reducing the odds of losing. There is one simple way to reduce the probability of failure. Go the extra mile.
In everything you do, do a little more than expected. Need to prepare a proposal? Format it, add page numbers, spellcheck, PDF. Need to instal a router? Arrive early. Finish early. Dress neatly. Smile. Need to refund a customer? Be polite. Don’t delay. Apologise. Follow up. Need to provide 5MBs? Provide 10MBs. Need to be at work at 6am? Be at work at 5.30am.
Go the extra mile. Over-deliver. Blow away everyone in every little thing you do. If you do that, from the littlest things to the biggest things, you will have the lowest odds of failure.
In other words, you will not lose. As an entrepreneur, not losing is winning. Go the extra mile. It’s less crowded.
I’m a virtual business on Johannesburg’s East Rand and I want to expand my target market to the US. I unfortunately don’t have any international network that I can tap into.
I’m investigating Fiverr, Reddit and Upwork as potential avenues of work and market research tools. I have also made contact with an international VA agency. What else do you recommend I do to break into the international market? — Jade
Selling internationally is no different to selling locally. It’s all about growing your network, sweating your network, and putting yourself out there.
Everything you’re doing is right. Chase all potential channels to market. Tell family and friends. Ask clients for references or leads. Don’t forget the magic of Google AdWords. And a LinkedIn Premium subscription.
Make it easy for your potential customer to find you. If you’re going to use an agency, remember this: Make the agency rich. Don’t begrudge your ‘sales arm’ making money off your sweat. The more money the agency makes, the more business it will send your way.
I’m based in a small town where people are accustomed to what they know as opposed to adapting to something new. I’ve advertised in the newspaper, sent out fliers and have a Facebook page with over 500 likes. So far, the response to my tutoring service business has been slow. How can I improve? — Stephanie
You’ve made a big assumption: That there is demand for paid-for tutoring. Generally speaking, you should sell your product before you start your business. Sell it, then build it. It’s safer.
But maybe you’re on the right track. In addition to paid-for marketing, consider channel partner and referral programmes. Go to your local high school, meet the maths teacher, offer a commission for every student she sends to you for tutoring. The maths teacher becomes a channel partner, allowing you to put up posters at the school, and referring clients.
Even better than channel partners is a referral programme: For every new client referred by a client, give the client a 10% discount, or a month free.
At the end of the day there is no shortcut to getting more customers. Start with one. Make her happy. Let her tell a friend. Tutor the friend. Rinse, repeat. Over time your service reputation will grow and word of mouth will bring customers to your door.
I have an idea to build a mobile platform to connect all informal artisans in SA to potential customers. Uber for artisans. Will you invest? — Neo
Great idea. Some questions: How do you displace the other informal platforms in SA, such as Gumtree? How do you de-risk your business before raising capital? Can you secure funding without selling equity?
Before you give theoretical answers, remember this: The questions are not theoretical. No one should back you unless you have the above solved in reality, not just in theory.
In other words, raising capital is only realistic once the risk is so low you almost don’t need to raise capital.
Listen to this
Alan’s audible book Be a Hero: Make Life an Adventure is now available on amazon.com and Audible.com
Read by Alan himself, Be a Hero is a collection of stories on how to make your life an adventure by changing your mindset and tackling adversity.
Go to amazon.com or audible.com to download your copy. Be a Hero is also available in Kindle and paperback through Amazon.com.
Read ‘Be A Hero’ today
How To Successfully Open An International Office
Moving into new markets can be a strong growth plan, but the foundation of international growth requires the business to maintain the same company culture across different regions.
As a South African expat, I always wanted to expand my digital marketing business from London to Cape Town. After eight years of hard work in the UK and European markets, TopLine Comms was ready and we opened our South African office in 2015. The usual logistics, like setting up local bank accounts, finding office space and hiring staff, were time-consuming tasks but by no means unfamiliar and they were soon sorted.
A far bigger challenge awaited us, which was figuring out how to integrate our new South African colleagues and maintain the company’s culture between two teams across two continents.
Business growth is exciting but you have to put your people first and make sure everyone feels united as a team — regardless of geography.
The following principles are universal for anyone thinking of opening up a second office, wherever it may be.
Why open an office overseas?
Expanding TopLine abroad into South Africa made both personal and professional sense, but I knew that for the move to be successful, it needed a solid business case.
An undeniable benefit of opening an office abroad is that it gives you access to a whole new pool of talent. This boosts your business with a broader range of skills, experience, ideas, languages, culture and networks. It also adds an attractive employment proposition, offering employees the opportunity to gain overseas work experience.
Opening a new office anywhere in the world is primarily driven by the need to scale and tap into lucrative new markets. Our office in Cape Town is more than just a resource hub that supports our London team and services our UK and European client base. It also gives us the opportunity to target the local market.
How do you open an office overseas?
Connection is the word and without today’s technology, TopLine would have stayed put in London. A good, fast, reliable Internet connection is essential to doing business across borders — and to keeping our teams in Cape Town and London working together seamlessly. Skype is an amazing tool but a call can quickly become awkward between colleagues or with a client, if the connection is bad and neither person can hear the other properly.
Regular check-ins, meetings and calls are important for bringing people together across offices. They help forge stronger ties between colleagues and bring the whole team closer to the business. A poor connection can therefore be incredibly frustrating and ineffective, ultimately wasting everyone’s time with limited results.
The right technology is a non-negotiable in our modern working world — offices need to have great Internet to stay connected to one another, especially if they’re using cloud-based services.
The cloud makes it easier than ever before to set up an office overseas, and South African businesses are increasingly starting to embrace it. Cloud-based services are cost effective, efficient and they make it easy for employees to access all the information they need from anywhere in the world at any time. The best way to facilitate easy working between offices is without a doubt to keep your company data in the cloud. Collaboration is simple; everyone can work together from the same page and all documents are updated in real-time so there’s no confusion around which version of what is latest.
Some well-known cloud-based services include Google Drive for sharing and storing documents, Asana for task management, Trello for communication and Xero for accounting and financial management. These are just a few of many — whatever your business need, the cloud can help you do it better.
A lot of communication is non-verbal and relies on facial expressions, hand gestures, posture and attitude. Long distance communication doesn’t have any of these elements which makes it very easy for misunderstandings to happen. A simple misunderstanding can be swiftly fixed when you’re in the same room. If you’re miles apart though, it can fester into something enormous and cause unnecessary issues.
With two or more offices in different countries, there will inevitably be cultural differences — even if everyone speaks the same language. These differences are interesting and important to the personality of your company but they can cause some communication issues that you might not be initially aware of. The South African ‘just now’ for example, is a lot looser than its literal meaning and in the UK, business communication can be quite direct and to the point. If you’ve never met the person behind the emails, you might take their words the wrong way.
The best way to avoid this is with regular phone calls, emails and Skype sessions. We’ve found that sending an internal email out each Friday with positive updates from the week has been good for staff morale. Communication doesn’t always have to be work related so encourage your employees across the different offices to get in touch from time to time to just ‘shoot the breeze’ and get to know each other.
A consistent on-boarding process is key to instilling your company culture across multiple offices. It’s so easy to forget that what is second nature to you is completely unknown to your new employees and colleagues in an overseas office. Starting a new job always involves taking in a lot of information in the first few months which is made doubly overwhelming when the new employee is latitude lines away from most of their colleagues. A comprehensive manual that outlines everything they need to know is critical. It needs to be a completely user-friendly welcome pack that covers all the essentials like where to find certain documents, usernames, passwords and file naming conventions.
At TopLine we give our new-starters an action-packed schedule for their first two weeks — or longer depending on their level of skill and experience. In that time, they get to ‘meet’ the whole team, are introduced to all the accounts we work on and specifically the business that pertains to their role. We make sure that the whole process is managed by a senior employee who checks in every few days to ensure that the new employee is coping and getting to grips with everything and everyone okay. It also gives them a chance to voice any concerns or ask questions.
As amazing as technology is, real relationships are made in person. If you’ve hired new people to staff your new office abroad, then you need to get on a plane as soon as possible to go out and meet them. It’s good to make a few trips a year but it doesn’t always have to be you. Give other senior colleagues a chance to meet the new team and experience their working day in their office environment.
I’ve personally spent many months at a stretch working from the Cape Town office and other UK team members have visited for a few weeks at a time. It immediately strengthens the connection between our two offices and puts a face to a name, avatar or screen image.
The benefits of successfully expanding your business into new territories can be significant. Of course, to do this well, you need to have the right people working together with as little frustration as possible. Make sure your employees are sharing, talking and interacting as much as possible — the greater the collaboration, the stronger and more successful your business will be.
A consistent on-boarding process is key to instilling your company culture across multiple offices. It’s so easy to forget that what is second nature to you is completely unknown to your new employees and colleagues in an overseas office.
Understand why you are scaling your business
A Cape Town office is a valuable resource hub that services a UK and European client base, with lower fixed overheads. It also provides the opportunity to target the local market.
Make use of smart tools in the cloud to collaborate across continents
Having offices across multiple geographic locations is possible because of cloud technology — not only because it facilitates communication, but because it allows for seamless collaboration. If all company documents are securely stored in the cloud, it doesn’t matter where team members are based.
On-boarding is essential to maintain company culture
A consistent on-boarding process is an essential element of creating and maintaining your company culture across multiple offices. Take the time to create a successful and consistent on-boarding system.
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