4. Create a Sales Process
Every business needs a way of systematically raising their visibility, generating leads and converting them to customers.
Create a Marketing Plan: (Basic) Define branding, target audience, and promotional tactics.
Improve visibility: (Basic) Google Business Profile, Website with SEO, social media profiles
Develop Sales Techniques: (Intermediate) Build a sales funnel and refine customer experience
Optimise Customer Service: Basic) Set response times, support channels, and feedback collection. (Intermediate) Systematic Customer Experience improvement.
Plan for Scalability: (Intermediate) Identify resources needed for business growth.
5. Business Strategy & Planning
Every business will benefit from having a plan, even if it is a one pager setting out a direction, some objectives and tactics for achieving them.
Key elements
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Define Your Vision & Mission: (Basic) Clarify your business purpose and goals.
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Conduct Market Research: (Basic) Identify target customers and competitors.
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Develop a Unique Value Proposition: (Basic) What sets your business apart? Without this you will struggle to set your business apart.
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Set SMART Goals: (Basic) Specific, Measurable, Achievable, Relevant, Time-bound.
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Create an Action Plan: (Basic) Outline steps needed to achieve business milestones.
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Establish Key Performance Indicators (KPIs): (Intermediate) Measure progress and adjust strategy.
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Plan for Risks: (Intermediate) Identify potential challenges and mitigation strategies.
6. Funding: Grants and Loans
There are always opportunities for startups to access grants and loans to help them get established.
Key Elements
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Assess Financial Needs: (Basic) Determine startup and operational costs.
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Research Grant Opportunities: (Basic) Look for government and industry-specific funding using one of the funding information platforms, local authorities or Chamber of Commerce etc.
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Understand Loan Options: (Basic) Compare bank loans, start-up loans, and crowdfunding.
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Develop a Business Plan: (Basic) Essential for securing grants or loans.
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Improve Creditworthiness (Basic) Ensure personal, and business credit is strong.
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Prepare Financial Statements: (Basic requirement for most grants) Show cash flow projections and potential revenue.