WWW.USVETERANSMAGAZINE.COM U.S. VETERANS MAGAZINE 33
VOBs & SUPPLIER DIVERSITY
Ideas Are Good, But Execution Is All That Matters
Take the time to create a plan of action to achieve your business objectives. Set realistic goals and measure the progress at every stage. You must also be open to changing ineffective strategies. But most of all, stay resilient to meet your objectives one way or another.
Secure Proper Investment
Increasing competition has made it extremely difficult for SMBs to thrive without adequate funding. And this is also one of the main reasons why companies fail in the initial years. So, explore the funding options for your startups. These may include: Angel Financing - investment in exchange for equity in the company Crowdfunding - funding acquired from a group of investors Small business credit cards - credit cards provided for business expenses Venture Capitals - private equity financing for startups Small business loans - types of loans granted by lenders to fund startups However, if you are not comfortable with the idea of getting external funding for your business, you can search for the best business to start with little money.
Focus on Customer Service
Research shows that 93 percent of customers prefer a brand due to its exceptional customer service. Therefore, as you scale your business, it is crucial to focus on enhancing customer experience. You can: Take regular feedback from customers and clients Respond to messages and queries promptly Track performance of your customer service representatives Use customer service management software to streamline operations
Find Good Supporters
A business mentor can provide guidance and counseling and help you lay down long and short-term objectives for your business. They can be someone you know, an expert in your industry or someone who provides a mentorship service to entrepreneurs. Ninety-two percent of entrepreneurs state that mentors have a direct impact on their businesss growth and survival.
Conclusion
The first few years of the business are critical to its growth. To make sure your business grows into an
92%
of entrepreneurs state that mentors have a direct impact on their business's growth and survival.
established firm, study and compare the characteristics of successful companies and integrate them into your business plan. Then, you can use the tips mentioned above and implement them to introduce stability to your startup.
BUSINESS BEYOND BARRIERS.
Inspiringeach other. Empoweringeach other. Buildingon each other's success. This
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