Launching a startup, especially if it’s your first one, can be an overwhelming, and chaotic process. Scratch that, is IS an overwhelming and chaotic process. One of the first things you will need to learn, assuming you don’t yet have the resources for hiring managers, is to effectively plan and manage your startup.
In this article, we will cover three basic actions you need to make to increase the chances for your startup’s success.
Construct a clear mission and vision
When planning a business, it is a good practice to take some time to consider its mission and vision. Defining a startup’s mission and vision is important so you can communicate fundamentals about your company, to both internal and external environment, including stakeholders, employees, and customers.
Mission and vision statements need to describe three things about a business:
- Who are we?
- What does our organization value?
- Where is this organization going?
The mission statement is usually longer than the vision statement. It defines the business, its products or services, and its targeted customers.
“Mission statements build and identify the relationships between employees and the mission, the organization itself, the customer, suppliers, and co-workers” (Crans, Gaich & Hisscock, 2009, pp. 44-45).
For a mission statement to be successful, it needs to become some sort of a mantra that is always in the back of the head of the business’ key players, and something every step or action is weighed against.
The vision statement describes the desired future of an organization. For a vision statement to be pragmatic, it needs to be:
- concise
- realistic
- credible
- attractive
A vision statement needs to act as a sort of bridge between the company’s present, and its future, portraying the organization’s purpose and aspirations.
Create an intricate business plan
The business plan is a natural extension of a startup’s mission and vision. While mission and vision describe who we are, and where we want to be, the business plan describes the strategy designed to get us there.
The business plan needs to be clear and comprehensive. It needs to include:
- market assessment
- competitive analysis
- a marketing plan
- organizational details
- finances
The business plan provides essential strategic information about a business and the market in which it operates, which allows decision makers to effectively lead a company, in this case, a startup company.
Effectively manage people
One of the more challenging things about launching a startup is the lack of personnel. If your finances are tight, everyone will just have to do whatever is required, at any given time. In the early stages of a startup, there is rarely a clear division between positions and obligations. This can be a tricky thing to manage, and can threaten the team’s cohesion.
A good idea for a startup team of any size is to streamline their time management and wisely delegate tasks among employees. That can be done with a time card calculator, which can help with tracking time spent, and the progress made on projects.
Another important thing with managing people is providing clear communication. Smaller startups, in particular, have a tendency to use informal communication channels, which can prove dangerous. It is easy for the important information to be forgotten, or overlooked, if there isn’t a clear trace of it. This is the reason why the exchange of essential information for business operations must be transmitted via traceable channels, such as email, or instant communication tools, like Slack or Skype.
Conclusion
Chances for success for every new startup, or business, are pretty slim. Today’s economy is difficult, most markets are saturated, and the competition is fiercer, and more adjustable than ever. But, if you have a startup with a clear mission, an intricate business plan, and a cohesive team with effective communication, your chances for success will substantially increase.
