Start Up

START UP: A Quick Guide on Your New Business 50 For startups, it must be kept in mind that rapid growth is not necessary. Secured smaller steps is much preferred because it veers the company away from failure. Usually, those who take high-risk and unrealistic decisions are more likely to be unsuccessful. While there is no single effective advice that will suit all forms of businesses, here are some proven tips to grow a startup business: 1. Learn Your Business’ Niche There will be numerous instances while managing a business where the market needs will have to be adjusted. These adjustments are usually noticeable in the changes involved in business trends that emerge every now and then. Unless startup owners can notice how most companies, especially the mid-class companies, follow the same trend that competitors follow as a comeback strategy from being left out, their business’ success will spiral out of their control. Locating a business’ niche means figuring out what is the suitable position for your company to win in the business race. It is the perfect spot where businesses can grow and be successful in their venture. More often than not, inventing new products is not the secret to business success. Rather, it is knowing what products and services meet the market needs and being able to provide a solution for each. Having plenty of fresh innovative ideas is also a good entrepreneur’s attribute, but having no demand for it can be stressful and will cost more for a startup. Better yet, startup owners must be able to anticipate future demands to be prepared for future changes along with following present business trends and

START UP: A Quick Guide on Your New Business 51 market needs. The goal is for the startup to emerge and be recognized as one of the new leaders in its respective industry. 2. Keep Growth Plans Aggressive But Realistic Not to be pessimistic, but in reality, not all startups reach the top in the same triumphant manner that their owners imagined them to be. Startups are very delicate firms. The various challenges that they encounter can either drive the business into its vulnerable corner or aid in its resiliency and growth. Reducing impulsive decisions may help the business survive its early years in the industry and lead to more possible growth. Slow and steady steps is the winning action in a startup. Growth can be slower, but it is relatively more secure. It distances the enterprise from probable misfortune. It is a common act among many startups to try to chase their target market too much that it costs them to exhaust a big portion of their resources. Keeping up with unrealistic plans will surely cost businesses to: ● Acquire big expenditure which the startup’s small capital cannot sustain ● Drain the company’s resources ● Anticipate an unguaranteed return of capital Focusing on smaller and more defined decisions, investments and target market. Doing so will be the winning shot to success. Being aggressive is always needed but owners must make sure that they stay realistic when setting their goals.

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START UP: A Quick Guide on Your New Business 53 3. Maintaining Quality Product As a business enterprise, their products and services should be one of the finest factors that define their company. Unfortunately, some startups cut their services and product quality to aim for a higher profit. Surely it will return a higher profit at first but it will also be the reason why the business will fail eventually. Reducing product quality also cuts off a large chunk of a startup’s loyal customer base. Thus their consumers will more likely not become a repeat customer because of dismay, frustration. Worse, existing customers will seek companies that offer better products and services. Such a situation will also lead to a decrease in profit in the long run. It will just take whatever additional profit the company had during its honeymoon stage. It is better to create and sustain a quality product or service for the target market. It guarantees assured and sturdier business. Building a reputation as a startup through products and services that customers can positively testify for will help small businesses to grow and be successful. There is really no secret recipe in a successful business. As the owner, they should be the ones who are mainly in-the-know when it comes to defining what their business is all about and who their market is. It is always healthy to find a specific niche be aggressive and realistic, and focus on boosting the quality of products to make sure that they do not lose the road towards growth and success.

START UP: A Quick Guide on Your New Business 54 6 Factors Towards A Successful Startup “The road to success and the road to failure are almost exactly the same.” – Colin R. Davis Some people start their own business to fulfill a dream or to realize their vision for success. While startups or new businesses may have quite a lot of room for improvement, it also nestles within it more opportunities to encounter different perspectives and innovative ideas. Startups also provide a thrill and a challenge, something that may not be as enticing for people who are used to the more automated and highly demanding atmosphere of the corporate world. It is not a secret that running a startup also entails different strategies and tons of risks. At times, new businesses encounter hurdles that are simply too much to handle with limited resources, preparation and background on how to navigate through large-scale challenges.

START UP: A Quick Guide on Your New Business 55 On the brighter side, there are certain qualities that new entrepreneurs can develop in order to gear themselves better for their goal. These are action-oriented qualities that, regardless of startup owners’ experience, can aid them in boosting their business and be closer to success. 1. Be realistic Everyone who starts a business has probably fantasized about making it big, achieving high amount of sales for their products and gaining an equally ROI. It is to be expected that startup owners aim highly for their company. But, too much optimism can sometimes be unpleasant and even crippling for a startup. Business owners may have foreseen their enterprises reaching the top of its sales, however, that is not always the case. Unfortunately, most startups do not actually reach the level of success that was originally expected or aimed for. In other cases, success was a long, winding journey full of ups and downs. Some also just end up as another typical mid-level company. In fact, there are only a small number of startups that actually undergoes full development and blossoms into a successful company that can join the ranks of today’s biggest brands. To avoid this circumstance, owners and startup workers must be able recognize fantasy from reality. Focusing on more achievable ideas is a healthier habit. Setting realistic goals should not be mistaken for possessing a negative outlook.

START UP: A Quick Guide on Your New Business 56 Rather, it is about ensuring that goals can be broken down into practical steps and a clear game plan. 2. Work extra harder Multitasking is a common sight among startups. People in startups are required to do extra work to achieve sustenance and growth for the company. One of the realistic yet unsavory truths about startups is that an employee can take on more than 2 or 3 roles all at the same time. Compared to a corporate work setup, employees usually have their job descriptions and roles clearly defined. Employees are also made to concentrate on the role or job assigned to them. They have a superior that shows them the ropes and most importantly, the boundaries of each employee’s duties are usually defined in a clear and concise manner. In startups, the job description is often blurry and indistinct because members are the first persons to handle the job in that particular company. They are yet to define and set boundaries depending on their capabilities and preferences. Also, given that manpower is often limited, some employees are asked to go beyond their respective roles and take on tasks that exceed the position that they originally applied for. This aspect is sometimes branded as the “Roll-up-your-sleeves mentality” because of the extra effort it requires. As a member of a small team, employees must also be passionate about the product of the company. Everyone’s contribution is crucial for the company’s success. Since there is only a number of workers, one weak member may lead to the fall of the business.

START UP: A Quick Guide on Your New Business 57 “That’s not my job mentality” should never be present inside new and small enterprises. Everyone starting from the owners down to their employees need to exert extra effort in fulfilling their job. Others may see this as a sign of disorganization or lack of proper authority and direction. However, this also shows how teamwork can help achieve big milestones. In other words, the success of the startup depends heavily on the cooperation and flexibility of the owner and their respective staff. 3. Be consistent Maintaining a healthy work-life balance is very hard and sometimes unattainable especially for startup owners. Startups have little resources to hire additional workers, which implies that current workers will be working beyond their supposed job. Luckily, there are cheaper yet efficient alternatives available that help startups double their workforce without having to spend much. Remote hiring, or more commonly known as hiring virtual assistants leverages the scarcity of resources and manpower in startups. Virtual assistant services are all over the internet nowadays, and there are also those that offer their services at a lower price range. 4. Take risks There is a big risk of failure for startups; therefore, owners and workers must be ready to face terrible circumstances. Not to be pessimistic, but the unpredictability of market trends and customer demands can put the stability of startups and its workforce at risk.

START UP: A Quick Guide on Your New Business 58 Without proper strategizing and careful decision making, every step done in a business may result in more failures than success. Taking risks still remains to be essential despite the bigger consequences that it poses for new businesses. Staying within one’s comfort zone will leave startups more vulnerable to external pressures from the industry and from customers. By challenging the hurdles that are often avoided by most startups, business owners are also able to learn more about the market and equip their business for long-term survival. 5. Anticipate ups and downs Startups are often chaotic in nature. There will always be changes in the company’s structure and branding, products, benefits and even in the employees’ salary rates. It all depends on the firm’s present condition. If resources and funds run dry, members need to accept setbacks along with the possibility of being cut off until such time that the company finally recovers. Extra privileges, such as free snacks, insurance and employee benefits may not also be given or shouldered consistently in a startup setting. Job descriptions may also change often depending on the needs of the company. Since small and new businesses are just starting, stability is not yet established and thus solid countermeasures must be prepared in case of possible threats and risks to the startup’s longevity. 6. Realizing one’s calling and vocation

START UP: A Quick Guide on Your New Business 59 For some businessmen, all of the trials, challenges and ups and downs are worth it because they are passionate about what they do. It is important and crucial for a business venturer to believe in their craft to keep them going. When a person decides to open a business, it is a pivotal move to concentrate on a venture or industry that they really want and care about. Without passion and genuine interest in the products and services that a business owner sells, it is impossible to immerse and commit oneself fully to the development of the startup. It is also vital for employees to care for the company, its products and the roles that they hold in order to help bring the business closer to success. Building a startup does not really require a person to be well-experienced in business. In fact, even young and aspiring entrepreneurs can start their own company. As long as they are willing to go the extra mile for their chosen venture, have set clear objectives for their business and are well-prepped with the must-have attitude and marketing strategies, then they’re all set. Money may take the bulk of what makes a startup successful, but attitude will take a startup to new heights. By exuding the right perspective and attitude, those who are currently running their own small business, along with those who are still planning to do so can create a foolproof roadmap towards success.

START UP: A Quick Guide on Your New Business 60 The Top 6 Crucial Roles of a Customer’s Voice in Startups’ Content Marketing Strategy What does the term customer’s voice refer to? How can startup businesses benefit from it? A customer’s voice is a terminology that refers to the positive and negative feedback that a customer has regarding the products and services a company is offering. There are three different types of customer feedback: Direct, Indirect and Inferred. ● Direct feedback is used to describe a scenario where a customer gives their opinion about a company via the company’s customer service, Net Promoter Score(NPS) and other online surveys. The

START UP: A Quick Guide on Your New Business 61 form of communication could be through phone call, chat, or email. ● Indirect feedback is the term used when a company does not have direct access to a customer’s complaints or favorable responses because they were posted through social media and other platforms. ● Inferred feedback is based on the frequency and quantity of a customer’s purchase. If only every customer feedback is analyzed and responded to, the possibility for a startup business to flourish is limitless. Below are the main reasons why startup businesses can benefit from the ‘voice’ or feedback of their customers: 1. Feedback Enhances Products and Services New products and services may seem to have every unique feature that a customer has been desiring, yet garnering error-free results are still not fully guaranteed. Thus, unsatisfied customers would express their disappointment either through blogs, social media, forums, or customer service. It is disheartening to receive negative reviews but if the reviews are taken into consideration, business owners will realize that constructive feedback from customers is a treasure worth dedicating their time and attention to. It is the act of using customer feedback to learn the weak points of the products and services being offered by determining the bad points, it helps

START UP: A Quick Guide on Your New Business 62 startup owners and their staff have a better understanding of what should be improved or changed. While people often think of customer feedback as negative, it is not always the case. If a customer is satisfied, more often than not, they will give a commendation and mention the attributes of products and services that they like the most. This kind of feedback should not be disregarded, for it leaves an idea regarding features that are widely accepted by customers. As a result, those features should remain as part of the products and services. 2. Feedback Allows a Company to Stay Ahead of Competitors Customers are smart buyers who customarily compare prices and qualities of a company’s products and services with another. For subscribers, it is easier to gather their reason for leaving when they call or send an email to cancel their subscription. Hence, this method makes it manageable for businesses to adjust to the needs and demands of existing customers. Customers who leave normally divulge their reason for canceling their subscription. The most common reasons given by customers would always involve the cost, quality, or location (e.g. moving to a different state or country). There are times when customers directly mention that another company’s offer is better; thus, questions should be elicited properly in order to gain a better understanding of what another business is offering. In this manner, ideas that enhance customer retention will be created.

START UP: A Quick Guide on Your New Business 63 On the other hand, businesses that don’t have subscribers can find the reasons customers prefer another product and services by collating indirect feedback. It is deemed important to check forums, social media posts, and blogs as these platforms have active customers who inform their readers regarding the advantages and disadvantages of products and services offered by specific brands or companies. 3. Feedback Identifies Customers Interest and Perception When starting a business, the needs and wants of customers should always weigh over the needs and wants of the entrepreneur. There are cases wherein in-depth surveys were administered at various locations yet later on, business owners discover that the information gathered is still not sufficient to determine what a customer’s interests are. Customer interests vary over time as trends change. One method to identify what buyers want is to solicit comments through a one-on-one interview. It is more effective to interview buyers who have purchased products from different businesses. This approach may be costly, for the right prospects have to be identified and they have to be persuaded to agree for an interview. In addition, researchers have to brainstorm suitable questions, and the location of the business and the customers that will be interviewed has to be considered. Regardless of how tedious and challenging it may be to solicit valuable feedback from customers, startup owners must remember that uncovering the truth will ultimately play a huge impact in learning the desires of buyers.

START UP: A Quick Guide on Your New Business 64 As a consequence, a company’s marketing department will have the capability to innovate ideas that will surely capture their buyers’ attention. 4. Feedback Gives Ideas About the Startup’s Future Content or Strategy As mentioned previously, the customers’ interests and perceptions are vital to the growth of startups. Item number three likewise proposes conducting a face-to-face interview to obtain the wants and needs of buyers. This method also gives useful insights in relation to the next strategy that has to be executed to entice more customers to purchase products and services. Even if a product is already widely accepted by many buyers, it is unwise to be complacent. There are risks coupled with staying too relaxed especially when several other startups are growing rapidly. What should be done is to motivate innovators in a company to invariably break new ground to remain relevant in the competitive market. Before doing so, customer feedback has to be analyzed and grouped into the following categories: product and brand health, customer satisfaction, brand loyalty, sales, and customer preference. It is fundamental to incorporate customer feedback in every fresh or new content that will be introduced to the free market as this implies that business owners are listening and receptive to what customers demand. For this reason, customers will be impressed and they will likely continue to be loyal. 5. Feedback Allows Companies to Acquire Customer Testimonials

START UP: A Quick Guide on Your New Business 65 TechValidate disclosed that customer testimonials was evaluated by 94 percent of B2B marketing and sales specialists as extremely effective. Positive customer testimonials strengthen a startup’s public reputation. It will also help persuade new buyers to purchase from a particular startup with a considerable number of positive customer reviews. What they have in mind is that a company’s products and services have been proven to be effective, and thus they feel ensured that their money will not be wasted. Every constructive feedback has to be collected and be posted by a company’s representative either on their social media page or on the section of the website where customer stories or testimonials are featured. Constructive feedback is not the typical, short positive or negative comment. Instead, it includes detailed and useful information about the products and services, which, in turn, compels other customers to hit the purchase button. The useful information should include the benefits, help boost the brand’s credibility, list concrete and objective comparisons between the startup’s product/service and the ones offered by competitors, and most of all, support a company’s claims. 6. Feedback Gives Tips On How To Win Previous Customers Customers leave if they are dissatisfied and there are many reasons that can make them feel frustrated with a company’s products and services. By using tools and software designed to analyze customer feedback, all the information that customers have posted on different channels will be collated. This information will give an insight to people in-charge of customer retention

START UP: A Quick Guide on Your New Business 66 regarding the various reasons behind why customers have seized to purchase from a particular brand. At the same time, company representatives can systematize each reason and strategize how to recover lost clients. If the reason is about pricing, offer discount coupons (ex. one month free subscription for new customers). If the reason involves one or more of the product’s features, solve the problem and send an email marketing explaining the process of fixing the issue. If the reason is about customer service, train customer service representatives to handle calls professionally and ensure that every customer concern is resolved efficiently. The bottom line: Ignoring customer’s feedback may hinder a company from maximizing its sales. “A customer talking about their experience with you is worth ten times that which you write or say about yourself.” ― David J. Greer, Wind In Your Sails Billions of funds are spent to market a company’s products and services. This, in turn, increases brand visibility and boosts conversion rates. The customers’ voice is very crucial to the growth of a business as it helps lessen the chance of failure. Moreover, it is an effective tool for marketing strategy. Truly, it is not the companies’ claims over their products and services that matter, but rather it is the voice and words of their customers that holds the weight of truth and validity for how effective and wonderful their products and services are.

START UP: A Quick Guide on Your New Business 67 8 Common Problems of Startup Business “What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” –Dave Thomas, Founder, Wendy’s Every business faces many challenges as they continue venturing into their chosen industries. Anticipated or not, companies should always formulate the answer to every question and the solution to every problem that their business encounters. Regardless of how big or small the obstacle is, every startup must have the capacity to overcome these hurdles. Every enterprise encounters problems and that includes startups. Startups struggle for many reasons. In some cases, these struggles can be highly difficult that it could even lead to the closure of some businesses.

START UP: A Quick Guide on Your New Business 68 Starting and running a business entails a level of preparedness and endurance that can thrive in a cut-throat industry where “survival of the fittest” is the general norm. While the belief and notion that only the toughest survive, and the smartest succeed, it would be unfair to deem startup businesses as the least competent in surpassing the big and small challenges of managing a business. In order to help business owners of startups gain a better analysis of how they can keep their business failure-proof, identifying the most common problems faced by new ventures is a good start. Below are the 8 common problems that startups come across as they continue to develop and strive for bigger success: 1. INSUFFICIENT AND INAPPROPRIATELY ALLOCATED FINANCES As Richard Harroch, a venture capitalist and author would say it: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” Funding will be a headache in the early years of a business and during the expansion stage. Financial management will be crucial to business owners. Startups should always keep in mind that being a new name in the industry, an imbalance of cost, capital, and profit will be normal during their business’

START UP: A Quick Guide on Your New Business 69 initial stages. In other words, they must imagine and expect having to release capital without the expectation of gaining profit, yet. During this phase, cash flows can possibly be continuous. It is best that businesses prepare for such a situation in order to avoid failure. To be specific, here are some of the things that may acquire a portion of every startup’s funds: 1. Hiring staff 2. Building a physical store and adding new offices 3. Purchase relevant software for the service or spend for product development 4. Invest in marketing strategies When one or more of the above are left unanticipated, it can cause delays in rolling out products and even lead to the removal of a huge chunk of the company’s employees. During startup, owners need to exert all efforts to minimize their cost to prevent these unfortunate events from taking place. 2. UNPLANNED BUSINESS EXPANSION Every business owner’s dream is for their company to grow. Thus, expansion is not really a problem but rather an accomplishment and a challenge. Expansion is a sign of growth and development for a startup. Every accomplishment has a responsibility and challenge coupled with it. During expansion, owners should expect that additional capital will be needed because companies will be needing new employees, new office/s, more supervisors (for their HR and admin departments, for instance), and some may also consider putting up other offices abroad or in other cities.

START UP: A Quick Guide on Your New Business 70 Unfortunately, problems emerge when some startups cannot cope with growth. Planning and financing is crucial for businesses to be able to expand properly. 3. LACK OF CONCRETE MARKETING STRATEGIES The problem with startups and marketing is that there is a tendency of failing to understand the true importance of a well-defined marketing strategy to the company’s long-term success. At times, owners exhaust energy on aspects that are unnecessary to the business’ development and branding. Without effective marketing tactics that will help boost the brand and entice customers, introducing the startup’s services and enhancing its features will be useless if there are no customers to patronize and support the business. Some startups fail because they neglect the significance of marketing. Often, businessmen fall under unrealistic expectations that their startup will grow eventually and naturally. Worst, some rely only on word of mouth and the idea that their business will eventually grow as the years go by. The best way to get started with a marketing strategy that befits the startup’s goals and progress is to locate a specific target market, provide opportunities for customers to gain higher familiarity with the brand’s products or services, gather valuable feedback from new customers and use it as a reference to improve the product or service and devise ads that will speak more personally to customer needs. In this manner, not only will onlookers be transformed into actual customers, it is also more possible to earn their loyalty. Winning the trust of customers is the goal of every business—a feat that becomes harder to attain without the help of a suitable marketing approach.

START UP: A Quick Guide on Your New Business 71 4. INEFFECTIVE BUSINESS PLANNING Forgetting to establish a concrete business plan is a rare occurrence for business owners. Even so, there are budding entrepreneurs who commit the mistake of skipping this vital step, thinking that they can simply craft a plan as they go along managing their newly opened business. A business plan serves as the backbone of every company. It will be the guiding platform towards achieving the company’s goals and targets. Another possible scenario is that some owners have indeed created a plan but failed to consider all the important factors of sustaining the business and keeping the products up-to-date with changing customer demands and industry trends. A good business plan must anticipate all positive and negative possibilities that the enterprise might encounter. Among the crucial factors that should be included in a business plan are: ● Sales ● Development ● Staffing ● Skills shortage ● Funding Business owners, as the leader of a company, must refrain from unrealistic expectations. Optimism alone does not always imply positive results. Instead, business owners should practice smart optimism. In addition, startups will most probably succeed if can handle challenges well.

START UP: A Quick Guide on Your New Business 72 During planning, business owners and their team should make sure that the plan will be ready and flexible enough should there be any unanticipated problems. 5. HIRING SUITABLE VS UNSUITABLE EMPLOYEES The workforce will be the key to business’ growth. Hiring people to help business owners attain their objectives is a critical decision to be made. They should be able to find suitable candidates for each and every position to be filled. Reviewing the business plan and locating the skills needed in operating the business is a must. It is likewise vital to know where to locate or find candidates bearing the skills and qualifications that the startup needs. Every business requires a particular set of skills that will aid in its success and progress. That said, owners must avoid hiring people not fitted for the job. A tip for startups: Don’t hire people with the same skills. Rather, create a group composed of a variety of talents to complement each other. In addition to fostering diversity in the workplace, supervisors and team leaders should also be able to create a company culture that will allow staff to work together harmoniously in attaining the company’s objectives. Delays should be avoided at all costs because ideally, startups must have no room for delays. Hiring the wrong people may cost the company more. It will be a wasted investment and will ultimately lead to the startup’s downfall.

START UP: A Quick Guide on Your New Business 73 6. CHOOSING THE WRONG PARTNERS TO DO BUSINESS WITH Before considering working hand-in-hand with a fellow business owner, owners of startups should reflect on whether a partnership is an immediate requirement for the business or not. If it is, then it must be secured that the partnership that will be established benefits both parties. Not all business partners are helpful. At times, there are business partners that become the source of delays in carrying out campaigns and strategies. This is often the scenario for when the partnering business lacks the skills and resources needed to make the partnership symbiotic. Every business or business owner has their own share of selling points. However, business partnerships should only last for a specific duration in order to maximize what the collaboration aims to achieve. More specifically, a business partner may have helped in developing the company’s main lineup of products but may not be the best fit for providing resources and references to enhance leadership in the partner company’s work environment. 7. POOR MANAGEMENT Several of the successes behind the most sought after brands of today are the result of hard work and not of status, fame and/or existing wealth. Budding entrepreneurs should be knowledgeable that leading a company does not end in conceptualizing alone. It also requires them to act outside of their comfort zone.

START UP: A Quick Guide on Your New Business 74 At first, it may seem as though preparation alone will help them make the cut, but the harsh reality of opening up a business is that sadly, not everyone simply has what it takes to emerge and make a name for themselves in their chosen industry, Startup owners must ask themselves first how far they are willing to push themselves to attain their vision and goals. They must also reflect on whether they are capable of actually going out to approach and entice clients and present themselves and their business to potential leads. Some startups also fail because of ineffective management. Knowledge, skillset, and passion is not enough for a startup to thrive. Sometimes, the assistance and input of experienced mentors are needed in operating the business. Business mentors help entrepreneurs with great ideas devise better marketing campaigns and learn more about the trends in their industry of choice. Their wisdom enables startup owners to see the bigger picture and enforce management approaches that highlight the unique culture and branding that they want for their business. 8. FAILURE TO KEEP UP WITH COMPETITORS The reality that established and new competitors are present everywhere is perhaps the most crucial challenge that every startup has to face. As a starting business, businesses are yet to establish their name within the pool or many other better-known firms in the industry. When competing against a well-established business, startups often focus on how to prove their relevance especially if they share the same target market with their big-time competitors.

START UP: A Quick Guide on Your New Business 75 After all, why should customers try a new brand when they clearly already have a business or company that they patronize? During tight and tricky situations like this one, startup owners are advised to be assertive in obtaining recognition for their brand. Customers may have brand loyalty, but it is also undeniable that some will not be afraid to try something new. In fact, there are customers who wish to go against the norm and go for something that none of them has ever tried before. At the end of the day, customers are more impressed by brands that exude authenticity, perseverance and ingenuity—qualities that are usually more likely to be exhibited by new and humble companies. Startups should always take note that there is not enough time in business to sit back, relax and wait for things to fall into place. They must learn how to manage their resources well and seize a good opportunity when they see one. More importantly, startup owners must always be on the lookout for changing business trends, as it will help them make more viable decisions for their company. Try to minimize all factors that could possibly delay any progress, and above all, set clear, realistic priorities.

START UP: A Quick Guide on Your New Business 76 8 Reasons Why Creating a Growth Roadmap is Essential for Startups A growth roadmap is a visual record that provides specific and significant milestones of young companies. It acts as a marketable profile to powerful investors, performing employees, and loyal customers. Think of it as the well-crafted resume or LinkedIn profile of the most sought after employee whom established companies aim to hire.

START UP: A Quick Guide on Your New Business 77 To have an in-depth knowledge about growth strategy, there is a helpful list of reasons for creating marketing tactics specially tailored for young entrepreneurs below. 1. Vision and Mission Builds Effective Branding As the business’ journey begins to set sail, having a clear set of goals helps startups by determining whether it is fulfilling its short and long-term aspirations or not. This leads a company to a straight path as long as its vision and mission is understood by its employees. During analysis, these questions should be asked: ● Is the service enough? ● Are the customers satisfied or do they need more? ● What beneficial innovation activities can be put to practice to retain customers? After the critical observation, the company can improve customer perception of the product and services which may lead to sales generation and purchases. 2. Builds an Astounding Business Profile If over a period of time, startups decide to expand with the absence of capital, approaching influential investors is the best option. However, marketing to a capitalist is excruciating without deliberate preparation. In this situation, a growth roadmap can be used in business presentations to attract potential investors. Financing is a gamble that not many businessmen

START UP: A Quick Guide on Your New Business 78 plan to take as some fear to lose their hard-earned money; therefore, it is imperative to build a name through business successes to easily close a deal. 3. Provides Opportunities for Highly Skilled Employees Business expansion requires workers who are socially competent, loyal, trustworthy, curious, analytical, problem solvers, leaders, and efficient. Finding the right person to appoint in a new business venture is daunting as one cannot afford losing. With the help of the roadmap, companies can keep a record of staff members who have been performing well from the very beginning. In due course, choosing the suitable person becomes effortless. 4. Effectively Measures Failures Managing a business is an experiment. A business plan may look perfect, but once it is executed it has the possibility to fail. Write down failures or ask reliable employees to do so. As the old adage goes, “Failure is a person’s perfect teacher.” Recording fiascos can help the company determine what failed to work during product launching, deals with investors and employee management, so it will be avoided in the future. In this manner, business owners and employees can recognize business aspects that should be improved. When addressing problems, it is highly recommended not to overlook small details. No matter how minor the issue is, there is a high probability that it will cause a major setback to the organization if it is not settled properly. Learn More: 8 USEFUL TIPS TO AVOID A FAILED STARTUP 5. Measures Successes

START UP: A Quick Guide on Your New Business 79 Successes are the results of failures and hard work on which every company values itself. Documenting achievements through infographics that are accessible to the public is another strategy to trigger customers to purchase products and services. Customers put more trust in companies that thrive despite adversities. It should also be noted that progress assesses the readiness of a business to open branches globally. If it is stable enough based on reviewing its roadmap, then it can start allocating its funds to a new enterprise. 6. Provides Skills Gap Analysis Skilled employees breathe life to a business. With their diverse knowledge, they can deliver results while working independently. On the other hand, inexperienced staff may not be able to communicate work-related concerns and ideas effectively; thus, the reputation of a company can be tarnished. Skills gap analysis paves the way to discovering whether the competencies that workforce possess is adequate to sustain business growth or if training or hiring is necessary to meet what employers need. 7. Encourages Employee Gratification It is not always about the company. There are times when employees feel less compensated in exchange for their work. As a result, some of the best employees demand for a raise while others leave. Before this happens, use the growth roadmap and other supporting or relevant documents to analyze if the business has enough funds to finance salary increase.

START UP: A Quick Guide on Your New Business 80 Other compensations such as reward and recognitions should always be awarded to exceptionally performing employees to keep them motivated at work. Motivated workers are happy, and happy workers exceed expectations. 8. Enforces Eco-Friendly Cost-cutting Practices Global problems continue to emerge due to improper use of inventions and resources. Several materials used in most companies are produced from plastic and paper. With the evolution of technology, human beings can limit the number of waste being contributed. Having said that, it is appropriate to use technology to cut company expenditures that only contribute to the degradation of the environment. Instead of buying paper for the office, computers can be used as a medium to communicate messages to employees and customers. After all, pen and paper will likely be obsolete by the time people belonging to Generation Z will be dominating the consumer population. Gen Z’ers will likely be more highly dependent on social media and search engines to find products and services that they need and learn more about the companies they support. Overall, growth roadmap is an important factor to consider when competing with businesses that are in the same industry. It will show the potholes that must be addressed and resolved along the road and it also helps pave the right path to take to attain success. Bear in mind that a growth roadmap is highly applicable to established companies as well. A thriving company that started from nothing should continue to monitor its growth to determine what marketing strategies it needs to adapt in order to keep up with the inevitable changes in the evolving business market.

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START UP: A Quick Guide on Your New Business 82 Workplace Friction in Startups: What Causes it and How to Solve it Starting a business means having a broad scope of knowledge and experience on how to handle people with distinct personalities and the possible circumstances commonly taking place in every work environment. A business owner can be likened to a shepherd while employees can be compared to the sheep that the business owner tends to on a daily basis. As the shepherd, they must be able to handle and organize each and every one of their “sheep” or subordinates to improve the productivity of their team. However, due to the distinct personalities that comprise every company or team, the rate of workplace conflict continues to remain at a noticeably high level. Workplace conflicts are negative outcomes brought by human reflexes that discourage or go against the flow of positive interactions. Conflict in the

START UP: A Quick Guide on Your New Business 83 workplace can either be work-related or it can also be the result of personal differences and misunderstandings. When left unresolved, among the most common outcomes of conflicts among co-workers include: ● Compromised productivity ● Long-term avoidance ● Loss of communication ● Unhealthy competition ● Unnecessary adjustments in socialization Resolving conflicts and misunderstandings among employees is necessary; otherwise, companies will not be able to reach its core goals and aspirations for success. For owners of newly established businesses, dealing with employee conflicts can be difficult and overwhelming. One of the best ways to minimize or deal with office disagreements is by knowing some of the common reasons behind why employees tend to clash and engage in altercations with each other. What are some of the most common causes of conflicts in the workplace? 1. CONTRADICTING BELIEFS AND PERSONALITIES This is perhaps one of the most common causes of conflicts in the workplace. At times, certain personalities tend to not blend well together, making it difficult for co-workers to harmonize and get along with each other. In other cases, co-workers may get along at first, but once they find out that they have opposing views on certain issues or topics that they are passionate about, they tend to avoid the workmate who contradicts their perspective.

START UP: A Quick Guide on Your New Business 84 What to do? As the boss, it is important to be all ears when tackling these issues and get to the bottom of the disagreement. It is best to implement events like team-building exercises and hold regular meetings where utilizing opposing views and different personalities becomes instrumental in reaching a common goal for the team. Meetings and team building activities serve as a great avenue where employees get the opportunity to get to know each and every team member better. Another way to solve contradicting beliefs and personalities is by giving employees the freedom to show their point of view in a particular situation, while ultimately encouraging a culture of respect and openness among the staff. 2. FAILURE TO GIVE PROPER RECOGNITION AND CREDIT Failing to recognize or credit employees for their hard work instantly triggers negative responses and conflicts. It is an unfortunate truth that some supervisors and even co-workers have the tendency to assume acknowledgement for work and effort that they did not contribute. When this happens, employees become less motivated to work due to the shaping mindset that their superior will not appreciate their work no matter how good they are in their given task. What to do?

START UP: A Quick Guide on Your New Business 85 Always ensure that proper credit is given where it is due. Recognizing each employee for the hard work that they put into their job shows that the company values them as an important part of its continuous growth. Otherwise, not being able to acknowledge their efforts reflects a lack of appreciation from the management and this can potentially lead to employee-boss conflict. It can likewise affect a company’s productivity on a long-term basis. 3. OVERWORKED AND UNDERCOMPENSATED STAFF Every company has its own “peak season”, wherein work, projects and deadlines come together in bulk. During these times, it can’t be helped that some employees get to receive double the work on their plate. However, on days where client demands are not that hectic, then the workload of employees should also be lessened. There are bosses and companies that tend to transform their employees into an all-around staff. In other words, employees are bombarded with several tasks that are not even included in their job description. The worse part is, these employees are strikingly underpaid for all the work and excess working hours they are asked to complete. What to do? The best way to resolve this is by creating a complete and detailed job description for every job title. The job description should enumerate all the tasks and responsibilities that each job title entails. This way, employees will have a concrete basis for what type of tasks and additional responsibilities are still aligned with their main role in the company. Should there be any changes in the job descriptions, it is the company’s responsibility to inform the employees.

START UP: A Quick Guide on Your New Business 86 If the boss or company wishes to make their staff more flexible and capable of fulfilling a wider range of tasks and responsibilities, then holding seminars concentrated on developing skills and expanding employee knowledge should be prioritized. Skill-building seminars enable business owners to be better at identifying their employees skill sets and limitations. After all, employees are not machines. They each have their own limits, strengths and weaknesses. 4. LACK OF CONSTRUCTIVE FEEDBACK AND COUNSELING Not providing feedback—whether positive or negative—on employees’ outputs greatly affects team performance. Constructive feedback is what helps employees learn and improve. Without it, employees will have no idea on whether they are doing their job properly or not. Failure to provide feedback on employees’ work performance often leads to misunderstandings. This is because the supervisor or person in-charge of managing the team chooses not to communicate what every team member’s strengths and weaknesses are. Feedback and counseling are great ways for the management to express what is expected of each employee as they complete the tasks assigned to them. When not communicated in a clear and concise manner, employees will find it difficult to assess the objective of every project or task that they are being made to handle. What to do?

START UP: A Quick Guide on Your New Business 87 Providing feedback to employees’ work is highly valuable. Feedback enables employees to identify which part of their work and performance need adjustments or improvements. Feedbacks likewise help resolve brooding conflicts related to the performance of each employee. For example, if an employee is habitually tardy, then supervisors or team leaders should tell this particular staff how their poor attendance is affecting the productivity in the workplace. There are instances where employees need someone to actively take notice of their imperfections and bad habits for them to start realizing that they need to change their unbecoming ways. As mentioned in the introduction, conflicts are natural. It can come in many forms. However, with the solutions depicted in this article, business owners and team supervisors in every company should be able to gain a better understanding of how and why conflicts in the office take place. More importantly, it provides a keener eye and wider perspective on how conflicts among employees can be resolved in a peaceful and healthy manner. Always make it a point to communicate, set realistic and rational goals for the team, assign workload at an acceptable amount and prioritize activities that promote the overall well-being of employees in order to nurture a positive and enjoyable work environment. To win the marketplace, you must first win in the workplace. – Doug Conant

START UP: A Quick Guide on Your New Business 88 8 Useful Tips To Avoid A Failed Startup Every entrepreneur’s fear is for their startup business to fail due to unanticipated circumstances. Usually, this happens after their newly established business reaches past the “honeymoon stage”. It’s been said that the most crucial time in a business takes place within its first five years. It determines whether the business will make it or not. The initial years of every startup are full of hope, drive, and learnings. For some, it may even seem as though all things are falling perfectly into place.

START UP: A Quick Guide on Your New Business 89 But there will be a time where profits will take a downward projection and customers will begin shifting their focus and look for something new. It is during this crucial turning point that some startup businesses fail during this period. During this period, there are important factors involving the structure of the startup business that need to be considered. It will eventually be helpful in sustaining the company and eventually reaching the core goals for starting the business. Listed below are the 8 factors that play a crucial role in the long-term success of a startup business: 1. Efforts Creating a feasible business plan will always be the key. It serves as a guide to know what the business’ priorities and objectives are. Entrepreneurs often get caught by the excitement of venturing into things that they tend to stray from their main goals. It is important to always focus on the business’ strategy! There will always come a time when new doors of opportunity will open. Having new ideas is always acceptable for as long as the business owner can determine the right time to implement these new strategies or assimilate additional ventures. As a new businessman running a startup business, it is helpful to avoid tasks that are heavy on time and effort but deliver little results. Instead, energy and resources must be concentrated on tasks that will help the business grow and sustain itself.

START UP: A Quick Guide on Your New Business 90 Focus on the business’ objectives. There will always be a time where the business will require additional innovations, and during that period, business owners should maximize all the time to give their startup the ‘metamorphosis’ or positive transition that it needs. 2. Churn Rate Churn Rate is defined as the yearly estimate or rate where employees leaving their jobs or customers putting a stop to the services and subscriptions they have signed up to, reaches its peak. This particular period is considered as a nightmare for every business or enterprise, most especially startups. It is the responsibility of the startup owner to hire and invest in the best and the most loyal employees. Many factors affect or influence the probability of a churn rate in a company. For startups, it may be the result of a personal choice of the employee. Their choice may be due to the kind of work environment provided for them. People tend to leave if they do not feel secure or valued or if they are not happy with the surroundings where they are supposed to work. When a startup has a high percentage of employees leaving the company on a regular basis, it reflects badly on the business. However, business owners have the power and capability to resolve the increasing rates of resigning employees. If business owners do not want the possibility of employees leaving, they must come up with an engaging and healthy work environment where their staff can perform aptly and provide positive feedback about it. Make them feel that their contributions matter and that they are part of every success that the company has.

START UP: A Quick Guide on Your New Business 91 Sometimes, an enterprise’ success is because of the management and employees’ unity. 3. Location The location of startup businesses is a big factor in determining whether it will attain big success or not. Proper location can merit additional revenue to a startup business. There are two considerations that need to be pondered when deciding on the startup’s location: 1. The business owner’s personal location 2. The target market’s location When it comes to finding the best location for a startup, visibility and accessibility are key. A strategically located office or establishment that sits near the business owner’s residence is convenient because it enables the owner to reach their office or store more easily should there be emergencies that arise. Taking note of how accessible the store’s location will be to the target customers is also vital. Initially, startups will have to decide on a specific market to target then determine certain areas or locations in town that they frequent. For instance, if a startup targets customers who belong to the working class, then it would be best to situate the business within or near economic centers or central business districts. If the target audience is comprised of students, find a location near schools or universities.

START UP: A Quick Guide on Your New Business 92 4. Business Persona Always keep this in mind: the startup’s persona will become the face or image of the business that will be imprinted in the customers’ mind. It is important to ensure that customers will recognize the startup in every endeavor or promotion that the business decides to take on. Establishing the most suitable persona for a startup can be achieved with the help of a proper marketing strategy. It will likewise be an advantage if startups know well who the target customers are. Take note of customer feedback as it will assist in formulating the startup’s persona. There are several methods where customer feedback can be collected. One of the most effective methods involves conducting a survey among the target customers. Startup owners can create a persona based on the responses of their customers. Doing so helps entice customers more and ensure that the branding or image created for the business will really respond well to the intended audience. A startup’s goal is to ensure customer retention and acquisition is constant that it eventually lead to the attainment of loyal customers. 5. Cost In every startup, beginnings will always be the hard part. It is a period where businesses have to pay for several costs but gain little profit. During this phase, some businesses are forced to close down because it can no longer handle the cost-profit imbalance. Some factors affecting cost are: Rent, bills and payroll.

START UP: A Quick Guide on Your New Business 93 Always remember that one of the goals of business is to make profit. Any business will have a hard time sustaining itself if the cost is higher than the profit. In that case, costs need to be reduced. Try applying money saving measures such as looking or negotiating for a store location with lower rent fees, using energy-saving appliances, or simply avoiding unnecessary expenditures. Sacrifices are needed in order for the company to survive during hard times. Allocate funds only for items and services that are needed. Avoid overspending at all costs. 6. Sudden Capital Increase A pleasant part of growing a business is when people start recognizing the brand. During this stage, businesses can expect an increase in the number of clients interested in availing the product. On the other hand, some businesses fail to survive this phase or stay long enough to get to this point. Businesses who were unable to anticipate this situation become unprepared and unable to meet the growing market demand. An increase in market demand will require startups to release more capital in order to meet what the client dictates. This also means making the necessary adjustments to give way for the company’s development. Some enterprises lacking extra funds to meet the sudden boost in market demand are unable to keep up with the continuous growth. 7. Market demand

START UP: A Quick Guide on Your New Business 94 There will always be a time when things reach a sudden decline and no one seems to be liking or responding well with the products offered by the startup. During this period, as the owner, it is helpful to gather customer feedback in order to be more knowledgeable of what the target market wants. The secret ingredient to a successful product or service is maintaining uniqueness while also following market trends. Stay updated with the latest trends in the industry and in the purchasing behavior of customers. Focus on consistently evolving and innovating the services and products. When sales drop down, take this as a chance to review the products. Check whether there are things that need to be changed with the appearance, construction or packaging. Better yet, be open to devising new versions of products that require total replacement. After all, remodelling and creating new products requires the constructive feedback of customers. 8. Leadership The final factor that can save a failing startup is proper leadership. Regardless of the size of the company, every business owner must be ready to lead and manage their team, especially when the business goes through challenging and tough times. The cooperation and efficiency of a group of employees usually depend on how the CEO or leader reacts to and handles varying levels of stressful and positive situations. It is better to work with optimistic and passionate people. The people and environment surrounding a startup or a team comprising a particular startup have the power to influence the team’s mood and perception of things. It may not always directly help in solving the company’s pressing problems, but still, the psychological and emotional support that it brings leads to better decision-making and performance.

START UP: A Quick Guide on Your New Business 95 Once everything is settled, construct a leadership structure that fits the startup. Business owners of emerging companies should avoid assuming an all-around role. This is an unhealthy habit that most business owners tend to practice a lot. The better alternative is to select the best people for the job needed and designate time and concentration on building the personal development of each and every employee. Train employees in a nurturing manner where they can exhibit their skills and knowledge. Learn how to communicate and motivate employees. A great percentage of their motivation for work depends on their leaders and the environment where they are working. More importantly, initiate an ideal company culture that employees will eagerly want to be a part of. A business plan will always save the day but there will also be several adjustments that will arise as the startup continues to develop. Things will not always go according to plan, and that is why taking note of all the eight crucial factors mentioned in this article will help prepare the business for any hurdle that it may face in the future.

START UP: A Quick Guide on Your New Business 96 5 Things To Consider Before Starting A Second Business Today There is nothing wrong with owning 2 or more businesses. It all just depends on how one handles and balances both. Having more than one business is usually a common goal for every businessman because it signifies expansion and achievement. It is not unusual as well to own a second company in a different industry because venturing into a new market is deemed as exciting and challenging for business owners. It will take a lot of extra effort to maintain two or more companies at the same time. There will always be risks present in every move or decision made that involves all the businesses owned.

START UP: A Quick Guide on Your New Business 97 The successes and failures of one business may significantly affect the growth and expansion of the other. In some ways, business owners should find a way to harmonize both businesses using a cohesive management style despite the two belonging in different industries. There are indeed several pointers that need to be considered when starting a second business, Listed below are the 5 most significant factors to consider before opening or launching a second business: 1. Proper management and Adjustment Every business owner should ask themselves if they have the capability to manage both of their businesses with much efficiency. Adjustment period is very crucial in starting a second business. The time spent by a business owner on one business is now divided compared to when a singular venture was the only main focus. In many cases, those who try to expand and create new companies unconsciously focus on the newer company, leaving less time and effort on the first company. Instances wherein there is a striking imbalance in terms of focus and attention on each business is something that must be avoided. It is important to balance one’s time. Running two businesses will sometimes require moving at a pace slower than usual in order to ensure that the right decisions are made and each venture is operated smoothly. Consider all possible results that could affect both businesses. Take note of the pros and cons of each business. Weigh options and always keep track of short and long-term goals without being biased and negligent. 2. Having a Business Partner

START UP: A Quick Guide on Your New Business 98 Some may think that having a partner will be helpful in maintaining their business and that it will also help lighten the responsibilities. But having a business partner is not always the best answer. Not all business partners may be the right fit for the company’s objectives. When this happens they tend to add more problems than solutions. Before choosing a company or entity to team up with, assess their compatibility with the business core objectives and structure by asking the following questions: ● Are they knowledgeable about the nature of the business? ● Do they have the necessary resources and manpower that will be very beneficial for the success of the business? ● Do they have visions and goals that are similar to that of the business’? ● Have they teamed up with other brands and companies before? If so, how successful were these past partnerships? Another factor to consider is the willingness of business owners to lessen their power or authority over the company. Some people like to be in control of everything in the business because this way, it eliminates disagreements and inconsistencies in decision making. However, this type of mentality will obviously not work in a partnership. Seeking the approval and opinion of the business partner will now be vital in carrying out crucial turning points and changes involved in operating and maintaining the businesses. It is likewise necessary to note that business partners need not be the same or universal for all the businesses owned by the entrepreneur. Choosing a business partner will ultimately depend on the kind of management and direction that the company requires.

START UP: A Quick Guide on Your New Business 99 3. Schedule Working on more than one business requires making necessary adjustments to the business owner’s schedule. Fixing a balanced schedule does not always mean rendering the same number of hours for each business. Time and effort should be divided according to what each business requires. At the same time, take time to sit back and observe the progress and challenges of each business. There are instances wherein one business may require a bigger chunk of time to attend to certain pressing circumstances. Such a situation is unavoidable but can be compromised by ensuring that there are trusted staff who can help handle business operations especially during critical periods. 4. Business Plan Starting a new business will always entail a clear vision for the brand, possessing the right skills, having extensive knowledge of the industry where the business belongs, choosing the best location, allocating the funds for the business and budgeting the money according to the business’ needs, implementing the most effective marketing strategies and hiring the most suitable and experienced workforce. There should be a clear vision and objective for starting a second business. Take time to build and work on the vision for the upcoming business. Once the vision is finalized and settled, that’s where creating a clear, detailed, and attainable business plan comes next. The business plan must be able to define the industry being planned to venture into and the logical steps on how to execute every step of the plan. The location of the businesses, along with the marketing plans for each should also be well-thought of. Location can be crucial especially for the business owner because it can affect how the businesses are simultaneously